Card Swipe

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Product Overview

A merchant outlet with a POS machine, can avail a Business loan or an overdraft facility on the basis of the swipes/sales that takes place through these machines.

 

  • Maximum loan available upto Rs.3crs

  • Options of loans and overdraft available

  • Loan facility for a maximum period of 36 months

  • Limit assessment based on card swipes

  • Rate of interest is comparable with working capital facility

  • Few banks insist on collateral for this facility, while it is unsecured with other banks

  • Any proprietorship, partnership, private and public limited companies are eligible for this facility

  • Minimum 2 years into same line of business, and 3 years business vintage is required.

  • Age criteria - Minimum age of 18 years and maximum age of 65 years criteria to be met.

  • Two years of profitable business track is required

  • Application form duly filled

  • Latest photo

  • KYC documents – ID and address proofs & signature proof

  • Bank Statements for 6 months

  • Proforma Invoice

  • Company profile

  • Twelve month audited credit card statement

  • Audited balancesheet & P&L for last 3 years.

  • IT filed copy for the last 3 years.

  • Networth statement of the promoters for the last year

  • Business proof/ MOA/AOA

  • Post sanction documentation

Documents