Question

What are cash credits ?​

Answer 1

Explanation:

Cash credit is a type of short-term working capital loan extended by financial institutions, which allows the borrowers to utilise money without holding a credit balance in an account. Here, a borrower can withdraw funds up to a limit predetermined by the financial institution as per prior agreements

Answer 2

Answer:

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Explanation:

Cash credit is a type of short-term working capital loan extended by financial institutions, which allows the borrowers to utilise money without holding a credit balance in an account. Here, a borrower can withdraw funds up to a limit predetermined by the financial institution as per prior agreements.

The applicant must be within 24 to 70 years* of age (*Age should be 70 years at loan maturity.). Additionally, the primary borrower should possess a CIBIL score of 685 or higher. To avail of a cash credit loan, applicants must own a business with a minimum vintage of 3 years.