Indusind bank is one of the fastest growing banks in the country, with a rapidly growing network of over 850 branches and more than 1500 ATMs. it is our constant endeavour to offer you products and services that cater to all your financial needs, and take your banking experience to a whole new level of convenience.
We understand that as a business owner, there could be times when an immediate financial need arises to fulfill a certain requirement. if not attended to immediately, it doesn’t take much time for a payment obligation to disrupt the smooth running of a business, or for a business opportunity to become a lost opportunity. For this very reason, Indusind bank introduces Loan Against Card Receivables (LACR) -the power to cater to the day to day financial demands of your business.
Loan Against Card Receivables (LACR) is a facility especially for retail businesses that receive payments through customers via Debit / Credit Cards, Such as Restaurants, Hotels, Garment Merchants, Jewellers, Petrol Pumps, Automobile workshops & Spare Dealers, Dealers of Electronics & Consumer Durables, Diagnostic & Medical Services.
The Facility is offered as an unsecured overdraft (OD) or Dropline Overdraft (DLOD) to fulfill immediate financial needs for:
- Working Capital
- Short-term Cash
- Business Expansion
- Acquiring Another Business
- Purchasing New Inventory
- Salary Commitment
- Vendor Payments
- Buying New Equipment
Advantages of Loan Against Card Receivables (LACR)
- Unsecured Loan amount raning from Rs. 5 Lakhs to Rs. 10 Lakhs.
- Loan amount can be extended upto Rs. 300 Lakh if backed by security.
- Attractive interest rates
- Interest applicable only on amount utilised.
- Net banking facility available.
- Free cash deposit facility.
Eligibility for Loan Against Card Receivables (LACR)
Any of the following Indian business entities
- Private Ltd.
- Closely Held Public Ltd.
Documentation for Loan Against Card Receivables (LACR)
- Busines Vintage: Minimum 3 years in the same line of business and operating since 3 years or more in the same city.
- Ownership: Proof of ownership of business/residential premises.
- Financials: Last 3 years audited financial statements
- Turnover: Minimum Turnover Rs. 1 Crore in the last financial year.
- Personal Guarantee: All Partners / Main Directors and Shareholders to be required to stand as co-applicants / Guarantors to the loan.
- Business Undertaking: Break-up of last 12 months sales / 12-month card sales done, machine wise or store wise on the letterhead of the company, self-attested by management.