How to apply for Credit Line
Advantages of Credit Line
- Pay interest on drawn funds only.
- Whenever needed, Capital is available.
- Convenient for a wide range of business ambition.
- Bad credit is also acceptable.
- Attractive way to frame your credit score.
Minimum Requirements for Credit Line
₹ 35 Lakhs
TIME IN BUSINESS
Documents required for Credit Line
VOIDED BUSINESS CHECK
PROFIT & LOSS STATEMENT
BUSINESS TAX RETURNS
PERSONAL TAX RETURNS
Frequently asked questions
Understand, a business Credit Line is pretty similar to a credit card. A bank or lender grants you access to a definitive amount of financing, which you can draw from whenever you want or need. Although, you don’t make payments or incur any interest until you actually tap into those funds. You pay for what you use, in other words.
Despite business lines of credit don’t really have term lengths you can withdraw and pay back those amount indefinitely,as long as your lender believes that you’re a reliable borrower these labels help you compare short-term loans with short-term lines of credit and traditional term (or “medium-term”) loans with medium-term lines of credit. The variance are commonly in their minimum qualifications, maximum fund amounts, and interest rates.
- Credit cards normally have higher interest rates.
- Credit cards charge extra fees for cash advances and, quite often, balance transfers.
- Credit cards literally require payments on a monthly basis while business lines of credit normally don’t.
Younger, less established businesses might be able to qualify for short-term lines of credit, while medium-term lines of credit are more for businesses with good credit and a solid financial history. The maximum sum of funding available, introductory time of the credit line, and repayment terms rely upon your business’s revenues, credit rating, history, and other factors.
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