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  • Cash Credit Loan is Rated as "Great!" by 92205 Users

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    rated 4.0/5.0 by 92205 users

    Cash Credit Loan

    Cash credit is a cash loan given to a company. The bank provides the funding only after they acquire the required security to secure the loan. When the security has been provided, the company can continuously draw money from the bank to the specified limit set by the bank.

    In India, cash credit is offered to businesses to finance their working capital requirements. The businesses can buy raw materials, machinery or buildings. The cash credit account is very much similar to the current account. But current account allows overdraft facility occasionally whereas cash credit account is supposed to be overdrawn continuously. The overdrawing limit will be set by the bank and the limit is sanctioned based on the working capital requirement of the company minus the margin.

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    Features and benefits of cash credit loans

    • Cash credit is provided to a business so that it can take care of its working capital needs.
    • This loan is offered as a short-term loan with a fixed repayment schedule. It can be a monthly or quarterly repayment schedule.
    • The loan applicant will be required to provide a collateral or a security. The borrower can apply for the loan by getting certain assets such as raw materials, finished goods, or stock hypothecated.
    • You will be required to pay interest only on the amount that you utilise and not on the loan that is approved.
    • You can withdraw how much ever you want from the cash credit account depending on your requirements.
    • One can apply for a cash credit loan against his or her fixed deposit in order to save on interest.
    • Cash credit loans can be utilised by firms and companies to take care of their daily financial needs.
    • The credit limit provided for cash credit loans is usually a proportion of the value of the security provided by the borrower.
    • When the cash credit facility is offered, the applicant is entitled to draw funds with the help of a running account, by using a cheque book, which has to be provided by the lender in the name of the business entity or the firm.

    Security for cash credit loans

    A business entity can procure a cash credit loan only when it furnishes a security to secure the loan. This security can be submitted in the form of finished goods, work-in-progress goods, raw materials, stock-in-trade, spare products, and store products.

    Differences between cash credit loans and overdrafts

    Cash credits and overdrafts are kinds of secured lines of credit. However, there are certain differences between both cash credits and overdrafts. Under cash credit loans, the borrower has to provide a collateral to get the necessary cash. The borrower will be required to pay interest only on the amount that is used by him or her. Cash credit loans are typically offered to business entities.

    On the other hand, overdrafts can be of 2 types and they include regular overdrafts and secured overdrafts. When you choose a regular overdraft, you will be allowed to take out more funds from your account than your actual balance would allow you to. When you select a secured overdraft account, you can use a collateral such as life insurance policies, bonds, mutual funds, debentures, etc. to secure your credit.

    • A cash credit loan can be procured by a loan applicant when he or she has a cash credit account with the lender. On the other hand, one can obtain an overdraft facility only if the applicant has a current account.
    • To get a cash credit facility loan, the loan applicant will be required to submit a collateral security or hypothecate a stock or security. On the other hand, for an overdraft facility, one will be allowed to furnish only a fixed asset as a collateral.

    The following banks offer Cash Credit Loans

    ICICI Bank Cash Credit Loan

    Working Capital Finance is offered by ICICI Bank. It is an innovative way to finance the working capital requirement for your business. The bank offers the following facilities:

    Cash credit limit or overdraft facility to meet your daily requirements.

    Working capital limits to meet your export requirements.

    Working capital limits in the form of Letters of Credit and Buyers Credit to ensure the goods are delivered on time.

    Bank Guarantees to meet performance and financial obligations.

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    HDFC Bank Cash Credit Loan

    HDFC Bank offers Commodity Pledge Loan and Cash Credit or Overdraft facility to meet the working capital requirement of your business. The overdraft facility is provided after assessing working capital requirements. The borrower will have to provide 3 years financial statement to the bank.

    IDBI Bank Cash Credit Loan

    IDBI offers working capital finance- IDBI Bank Working Capital. The working capital funds are finances to purchase raw materials, stores, fuel, paying the labour, power charges, storing goods, etc. The credit is granted against hypothecation of stock. You will have to open a running account and drawings are regulated within the permissible drawing limits.

    Axis Bank Cash Credit Loan

    Cash credit is offered to meet the day to day working capital requirement needs. The credit is provided against the primary security of stock, debtors, current assets and collateral security of movable and immovable assets. The interest is sanction on the amount utilised.

    Oriental Bank of Commerce (OBC) Cash Credit Loan

    Loan for traders is offered buy Oriental Bank of Commerce to meet the day-to-day working capital requirements. Term loan is offered to acquire premises or land or to construct a building to run the business. The loan is also provided to repair, furnish or renovate and to purchase brand new equipments, software, business tools, computer or UPS.

    Cash Credit Loan Reviews

    • ICICI Bank Personal Loan
      "Need to reduce charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI bank and the experience was good, the loan amount was for Rs 2 lakhs with high interest rate of 15.5%. The process was quick and i received my loan amount on time. I paid Rs 12000 for insurance and the tenure period for this loan is 48 months.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a very good experience with them and the process in getting the loan has been very good. The security with them had been good and i am satisfied with the loan amount which they had provided. The interest rate has been good with them and the whole process had been good. It has been almost two to three months since i have taken the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good process in getting this loan and i am satisfied with the loan amount which have been provided by them, The interest rate with them had been good as well as the process has taken less time and there has not been any issues so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • ICICI Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with this loan and the loan amount which they had provided had been satisfactory as well. The interest rate with them has been quite good compared with the market rate. The whole process had been pretty smooth and easy where it has taken very less time in getting the loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have a good experience dealing with this on line tool. I received good customer service and response as when I applied for the product on their website. They have an user website where we can navigate through everything hence it was easy to choose. I am very much satisfied with their services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Tata capital Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Tata Capital, it was a good choice that I have made, the processing my loan amount at the earliest it was not delayed, the customer service was also good, they assisted me well. The rate of interest they have charged is also quite OK as compared to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The services I received from this on line tool was good, they have many options to choose the financial product from their website, it was good and hassle free, I received good customer service who helped me and assisted me in processing my application and documents, I was quite happy with the services they have provided.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from IndusInd bank, the services were quite good, I got good assistance in processing my loan application, but however the loan process was delayed a bit with documentation other than that there is no issue. Even the rate of interest was good enough.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      My experience that I had with this on line portal has been good n terms of services and the processing they did. I received proper communication for the product I have chosen and it went smoothly. But my only complain is that I get repeated calls in same day for same queries, if they could do some proper management for that and improve on that aspect it would be great.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from IndusInd bank, everything was OK, except the rate of interest they have charged which I believe is a bit high as compared to others. They have charged me around 15.5 % for loan amount of Rs. 5,00,000 for 4 years. Rest assured I received the amount on time everything was smooth I am happy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have a good experience with this on line tool, the services I have got has been good. The good part about their services is reaching out to customer service is very easy, you don't have to go through any IVR and they are directly approachable for your quick queries. I am quite satisfied.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Tata capital Personal Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      My experience of personal loan with Tata Capital has been some what OK as I received the loan amount on time and I was aware about the rate of interest they have charged, however there was no annual fees but there was an insurance fee that they have charged which I came to know in mid process I was not quite happy about that.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Standard Chartered Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11.49% for the personal loan with the Standard Chartered bank. Customer service is good too with the Standard Chartered bank. Everything is better one with them till now. All of the aspects are better one with the Standard chartered bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the February onward. I would like to say that the customer service is good one and the response is also good too. I am happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Interest rate is around 17.5% for the personal loan with the HDFC bank. I would like to say that the response is good one for me with them and the processing charges are on higher end like its around 7000 Rupees.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Wonderful"
      0.5 4.5/5 "Excellent!"
      I am using Bankbazaar.com from the last three years of time. All of the financial products, I used to get it through them. Everything is an excellent one for me with them as such. I have never faced any such issues with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11% for the personal loan with the HDFC bank. I would like to say that the processing charges are on higher end. Apart from that everything is good one with the HDFC bank for the personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the last two months of time. I would like to say that the customer service is good one with the Bankbazaar.com. I am really happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • ICICI Bank Personal Loan
      "Okay"
      0.5 4.0/5 "Great!"
      10.99% is the rate of interest for the personal loan with the ICICI bank. I would like to say that the response is good one with the ICICI bank. Everything is better one for me with the ICICI bank, also am really happy with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaar.com from the last one year of time. I would like to say that the customer service is good one with them and the online portal is easy to access. Everything is better one for me with the Bankbazaar.com.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
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