Both “overdraft” and “cash credit” can refer to a type of secured line of credit with a lender. Both overdraft and cash credit are really forms of borrowing.
DOCUMENTS REQUIRED FOR CC/ OD Limit
| Documents | Details |
|---|---|
| Self-attested copy of KYC Documents | Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate Copy of PAN Card of Entity, Proprietors/Partners/Directors, Security providers and guarantors Address Proof of Entity, Proprietors/Partners/Directors, Security providers and guarantors |
| Financials | Last 3 years Audited/Provisional Financials (Audited financials to include Balance Sheet, Profit and Loss Account along with schedules and Notes to Accounts, Tax audit reports, Statutory Audit report). In case of Provisional financials, VAT returns are also required. Current year performance and projected turnover on letterhead of the entity Last 1 year Income Tax returns of the borrowing entity (along with Computation of Income and copy of acknowledgement), if filed online, acknowledgement number is required |
| Bank Statements (not more than 45 days old) | Latest Bank Statements for last 6 months (in case of First Time Borrower) and 12 months (in case of Takeover proposals). In case of multiple banking, statements covering minimum 75% of banking turnover is to be provided. |