Loans
Facility Against Credit Card Receivables

Facility Against Credit Card Receivables

Avail upto Rs. 3 crores as a Business Loan

Kotak Mahindra Bank introduces a unique new product, Facility against Credit Card Receivables whereunder you can avail upto Rs. 3 crores as a Business Loan or have the flexibility to have some portion of the facility as an Overdraft.

It is a finance option for merchant establishments that use credit card Point of Sales (POS) machines for their daily business transactions. With this product, a merchant with a POS machine can avail of either a Business Loan or an Overdraft Facility on the basis of the yearly sales that takes place on his credit card POS machine.

  1. 12 month audited credit-card sales statement
  2. Basic financial documentation

Key Features

  • Higher eligibility for Self Employed
  • Loan amounts upto Rs. 3 crores
  • Flexibility of combining Loan and Overdraft
  • Lower Processing Fees
  • Easy repayment option
  • Collateral free

Features & Benefits

  • Loan amounts upto Rs. 3 crores
  • Flexibility of combining Loan and Overdraft
  • Easy repayment option
  • Competitive interest rates
  • Quick disbursement

Who Can Apply

  • You should be Sole Proprietorship | Partnership | Private Limited Company | Public Limited Company
  • Credit Card sales > INR 60 Lakhs
  • Positive Profit Before Tax for the last 2 years
  • Business should be in existence for 3 years
  • Ownership of premises from which the business is being conducted

Documentation

  • Application form and request for loan letter on the Merchant's letterhead duly stamped and signed.
  • Partnership Deed in case of a partnership firm, Memorandum and Articles of Association with Certificate of Incorporation in case of a Company.
  • Latest Annual Returns, which confirms the list of directors in case of Private and Public Limited companies. Audited credit card sales statement giving monthly break-up for a 12 month period on the Chartered Accountant's (CA) letterhead. The CA auditing this statement should be the statutory auditor of the firm and needs to be the same as that on the latest financials as performed enclosed
  • Audited financials of the business for last two financial years. For small merchant establishments that are not required to prepare audited financial statements, Income Tax Returns will be accepted instead.
  • Net worth Statement and 6 months Business Statement.
  • Individual Income Tax Returns of proprietor / partners / directors (promoters) for the last year.
  • Copy of proof of identification and proof of address details

 

For loans: *Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.