OasGroupsWorking Capital
Working Capital Loan: Features and benefits
Working Capital loans are usually taken to finance the shorten term financial burden of the organization. Some unique benefits of taking a Working Capital Loan from Banks are:
Loans up to ? 30 lakh – Banks offers working capital loans of up to ? 30 lakh to help companies continue running their business with minimum any financial roadblocks.
Unsecured Working Capital Loan – Need for a one guarantor or any collateral to avail a Working Capital Loan from Banks.
Transparent policies with no hidden clauses.
Line of Credit – A unique and innovative offering that allows you to manage your cash flows in a smarter and more effective manner.
Benefits of a Line of Credit:
Pay interest-only as monthly installment as compared to a term loan.
Instant online facility to part prepay and withdraw (drawdown) through customer portal (Experia)
No limit on number of part pre-payments. No charges for part pre-payment
No charges for withdrawal (drawdown)
Flexibility to convert to term loan as per convenience
Bullet repayment option
No collateral/security required
Pre-approved offers – On a regular basis, we keep coming up with pre-approved working capital loan schemes which may include a top-up loan or discount in interest rates.
We will keep you informed about the same.
Online access -On availing a loan for working capital from Banks, you will get online account access to all your loan related information.
Interest rate and Fees
We have an in-house business loan calculator to help you check your loan interest rate. The other charges are:
Processing fees – 2% of the loan amount will be deducted at the time of disbursal of approved loan amount
EMI bounce charges – Rs.1000 will be charged in the subsequent month for every bounce
Penal interest – 2.00% p.m. overdue charges will be levied basis 360 days per year
Foreclosure Charges – 4% plus applicable taxes on the current principal outstanding
Part prepayment charges – 2% plus applicable taxes on part payment amount paid.
The part payment made should be more than 1 EMI. There are no part payment charges for flexi accounts.
Eligibility and documents required
The following entities are eligible for an unsecured working capital loan from Banks:
Limited or Private Limited Company
Partnership or Proprietorship Firm
Chartered Accountant / Self Employed Professional
Here’s a list of the customer profiles that we consider:
Self Employed Professionals (SEP) – Allopathic doctors, chartered accountants, company secretaries and architects who are practicing their profession. Proof of qualification to be documented.
Self Employed Non Professionals (SENP) – Traders and manufacturers
Entities – Partnerships, Limited Liability Partnership, Private Limited and closely held Limited companies.
Other constitution types depending on their profile on a case to case basis.
Documents required
KYC Documents
Business Vintage of 3 Years
Business proof: Certificate of practice
Bank Account statement of last month
How to Apply:
If you’re looking for some working capital to finance your business or for business expansion, apply now for a Working Capital Loan online with Banks.
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