Over Draft/Cash Credit is a limit facility mainly given by all leading banks. In which a bank open a OD/CC account against security offered by customer and give this facility for operating the day by day. The maximum overdraft limit is sanctioned by the bank depends upon the actual working capital gap and security pledged by the customer. Interest is charged on the basis of daily usages of the money from OD/CC account. The concerned bank can monitor the usages and limit of the facility.
The difference in both of these CC and OD limit bank accounts is very subtle and relates to the operation of the account. In the case of Cash Credit, a proper limit is sanctioned which normally is a certain percentage of the value of the commodities/debts pledged by the account holder with the Bank. Overdraft, on the other hand, is allowed against a host of other securities including financial instruments like shares, units of mutual funds, surrender value of LIC policy and debentures etc. Some overdrafts are even granted against the perceived "worth" of an individual. Such overdrafts are called clean overdrafts.
We arrange to obtain both CC and OD limits based on the criteria set down by the paying Banks and Financial Institutions. We deal with all major Banks and Financial Institutions which include Punjab National Bank, ICICI Bank, HDFC Bank, Axis Bank (formerly UTI Bank), HSBC, Citibank, ABN Amro, Kotak, IDBI and many others.
All these Banks compete to give their Best Rates and you get the advantage of getting our services of managing and negotiating all for your benefits. We do it fast as well. We do it for you in just three steps:
- Analyze Your Loan Requirement by just discussing with you
- Get & Compare offers from all Banks and Financial Institutions by just getting best interest rates and negotiating the terms beneficial to you.
- Go with the Lowest Bidder.
- You must be at least 21 years of age when the loan is sanctioned.
- The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.
- You must be employed or self-employed with a regular source of income.