Cash Credits Loan (CC)
Kanaka Mahalakshmi Co-Operative Bank offers Cash Credit Loans. This type of loan provides a revolving credit facility, allowing you to withdraw funds as needed, up to a pre-approved limit.
Key Features of Cash Credit Loans:
- Flexible Usage: You can withdraw funds as needed, up to the approved limit.
- Interest Calculation: Interest is typically calculated on a daily basis on the utilized amount.
- Repayment Flexibility: You can repay the loan amount at your convenience, either in full or in part.
Eligibility Criteria:
- Existing Account Holder: You must be an existing customer of the bank with a good credit history.
- Income: You should have a stable source of income to meet the repayment obligations.
- Collateral Security: The bank may require collateral security, such as fixed deposits or property, to secure the cash credit facility.
Interest Rates:
The interest rate on cash credit loans is typically higher than fixed deposit interest rates. The exact rate may vary based on the bank’s prevailing rates and your creditworthiness.
IMPORTANT NOTE:
To apply for a Cash Credit Loan, you can visit the nearest branch of Kanaka Mahalakshmi Cooperative Bank.