A Line of credit is an arrangement between a financial institutions and a customer that establishes a maximum loan balance that the lender permits the borrower to access or maintain a customer may draw upon the available line of credit. Provided that the amount does not exceed the limit. Money Borrowed on the line of credit must be paid back within a Specified time frame at a specified interest rate. Unlike a loan however, Only the money actually drawn on a line of credit is charged
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| CRITERIA | REQUIREMENTS | ||
|---|---|---|---|
| Age | Application must be between 22 and 65 years of age (at loan maturity) | ||
| Business Vintage | Application must have a business of at least 2-3 years | ||
| Annual Turnover | The applicant's business must have a minimum annual turnover of as 9 lakhs | ||