Line Of Credit
A line of credit, abbreviated as LOC, is an arrangement between a financial institution, usually a bank, and a customer that establishes a maximum loan balance that the lender permits the borrower to access or maintain.
The borrower can access funds from the line of credit at any time, as long as he does not exceed the maximum amount set in the agreement and as long as he meets any other requirements set by the financial institution, such as making timely minimum payments.
The main advantage of a line of credit is its built-in flexibility. Borrowers can request a certain amount, but they do not have to use it all. Rather, borrowers can tailor what they spend to their needs, and they only have to pay interest on the amount they spend, not on the entire credit line.
In addition, consumers can also adjust their repayment amounts as needed, based on their budget or cash flow. For example, borrowers can repay the entire outstanding balance at once, or they can opt to just make the minimum monthly payments.
- Loan Application Fee (Depends on Type and Amount)
- Origination Fee (Depends on Type and Amount)
- File Management Fee and Project Designing Cost (Depends on Type and Amount)
- Consulting Commission and Closing Cost. (Depends on Type and Amount)
Type Of Loans In Category
- Identification Proof : Driving License or Passport
- Residence Address Proof : Utility Bill(Gas Bill,Electric Bill or Phone Bill)
- Income Proof : Last 6 months Bank Statement,check stubs or pay stubs
- Company Profile
- Management Profile
- Last Three Years’ Audited Financial Statements
- Certificate of Incorporation of the Company.
- Copies of MOA & AOA.
- Copy of Business Bank Statement.
- Detail of Existing Loans from Other Banks
- Project Feasibility Report.
Guranteed Loan Processing Time
Apply for quick funding
Premium Loan Officer,Maximum Duration 12 to 15 Business Days
Basic Application Procedure
Processing Time maximum takes 35 to 40 business Days