Cash Credit Account is the primary method in which Banks lend money against the security of commodities and debt. It runs like a current account except that the money that can be withdrawn from this account is not restricted to the amount deposited in the account. Instead, the account holder is permitted to withdraw a certain sum called “limit” or “credit facility” in excess of the amount deposited in the account. Cash Credits are, in theory, payable on demand. These are, therefore, counter part of demand deposits of the Bank.
A. It takes 7 working days once documentations are completed
A. No in CC Limit loan generally bank don’t allow joint application.
A. No need of giving any security apart from security cheques.
A. Processing fee in personal loan varies bank to bank, normally it’s start from 1.00% to 2.50% of loan amount.
A. EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
A. In personal loan bank do offer loan for 1 year to 5 year depending upon net salary, company you are working & age
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