Working Capital Loans FAQs
How long does it take for the loan to be sanctioned?
Loans are normally sanctioned within four business days on submission of all pre-sanction documents. After the submission of pre-disbursement documents, it takes a further four business days for the loan to be disbursed or the OD limit to be set up.
How do I ensure repayment of my OD account?
To ensure repayment, you must ensure the following:
- That service interest is debited to your account on a monthly basis.
- Interest is levied only for the period for which the amount has been utilised.
- That your limit never reflects overdrawn status.
- That you maintain the requisite credit summation norms.
What are the benefits of routing transactions in my OD account regularly?
- Increased inflow in your account reduces daily outstanding and thus also your monthly interest payments.
- Adjustment of credits in the account towards debit of interest payments would save you the effort of making timely interest payments, thus reducing penal interest to nil.
- Ensures that the account is not overdrawn.
- Enhances your credit rating, thus facilitating easy renewal as well as increasing your limit.