Hello, I want to know the details of the cash credit of the State Bank of India limit. Please provide me.

Hello, here I m providing you the details of the cash credit of the State Bank of India limit as under:

TRADE and SERVICES SECTOR
Transport Plus

Purpose
To finance new trucks/tankers/trailers/tippers/luxury buses and Car etc and WC finance against receivables.(Take over from other Banks/FIs not allowed).

Eligibility
Profit making Corporates/Non-corporates (surface transport operators) owning more than 10 well-maintained vehicles (including the proposed).

Type of Facility
(i) Term Loan and
(ii) Cash Credit limit to finance receivables.

Quantum of finance
Term Loan and CC combined : Minimum Rs. 10 lacs and maximum Rs. 10 crores for Corporates.

Repayment
Term Loan: Maximum 5 years.
Repayment will be in Equated Monthly Installments (EMI), starting two months after disbursement. Cash Credit: Repayable on demand, renewal every year.

EMI Calculator
Margin
Term Loan and C.C : 20%

Eligible amount of finance
Term Loan:Cost on Road i.e. Billing price of the vehicle + Cost of body building + Road Tax & Insurance
Cash Credit : 80% of receivables.

Prepayment
Term Loan: Maximum 1% p.a. on the pre-paid amount, for the residual period.

Rate of Interest
As per Card Rates.

Security
Primary :Hypothecation of vehicles financed as well as book debts.

Collateral :
Unencumbered vehicles/immovable properties for a value not less than 25% of loan amount.
Personal guarantee of promoters and two third-party guarantors.

Insurance
As per Banks guidelines.

Applicability
Metro/urban/semi-urban centers

Bill Finance
The bank's bill finance product helps you bridge the fund gap between the date of sale of products to the receipt of payments.

The bank purchases the bill of exchange your company receives against a product sale, at a discount, thus doing away with the delay in realizing the receivables.

The extent of discounting would amount to the interest calculated till the payments for the original sale are realized, and will be determined on the basis of market interest rates as well as the credit rating of the borrower.

Cash Credit for Traders
SBI cash credit can be in the form of a running account, similar to an overdraft secured by a charge on current assets, that meets the frequent cash requirements of your trading cycle.