Line Of Credit
MyLoanBazar.Com provides financial solutions through a single window to meet your overdraft protection, demand loan, special purpose, export packing credit, term loan, discounting, purchase of commercial bills, etc through line of credit, which is a credit facility extended to your business through a bank or financial institution. Interest is paid only on money utilized and It is secured by collateral.
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Line Of Credit→Eligibility
In order to avail a line of credit, a company or individual has to meet some eligibility criteria set by banks or financial institutions. Eligibility norms will be different for individuals and business entities as this is a complex kind of loan.
Eligibility criteria for line of credit include:
The credit is available to meet only working capital needs
The business should be running for the last 3 years
The business should be in profit for at least last 1 year
The business should have an audited financial statements
Credit rating of the business should not be negative
One should have relevant asset to use as a collateral for the credit
Banks or financial institutions may require businesses or individuals to meet more eligibility norms and this list is not inclusive. Visit MyLoanBazar.com to know more about line of credit and its eligibility norms.
Line Of Credit →Process
A line of credit is a complex credit or loan that is offered by banks or financial institutions to companies or individuals for their working capital requirements. It’s a revolving basis of credit which means businesses can tap into it over and again. The process involved with a line of credit remains more or less similar with all banks or financial institutions.
The process involved with a line of credit includes:
The business has to submit a formal application with the bank
All the documents need to be submitted
Banks will ask for a processing fee and documentation charges, which is often a small percentage of the total loan
Banks will do an assessment of credit worthiness or analyze credit history of the business
Valuation of the collateral will take place
Once the bank finds everything in order, it will extend the line of credit to the business
Visit MyLoanBazar.com to know more about line of credit.