Loans Vs Cash Cover
These are type of loans which are secured by Lien over Fixed Deposits Receipts (FDR) and Savings Bank Balances. Lien is a right to retain property belonging to a debtor until a debt is paid. In this case the borrower is still the owner of the deposit, while the bank remains in actual possession of the property until the debt is repaid in full.
The bank may grant a loan of up to 90% of the amount of cash held in Fixed Deposit and Savings account.
- Board Resolution to Borrow
- Application Form
- Memorandum and Articles of Association of the company
- Business licence
- Certificate of TIN
- Certificate of Incorporation/Certificate of Registration
- Audited accounts for past 3 years
- Business plan
- Cash flow projections covering loan period
- Identity of the company owners
- A copy of Fixed Deposit Receipt (FDR)
- Letters of Lien & Set Off
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