Credit limit Loan

Frequently referred to as a credit limit loan, credit limit loans give borrowers access to a predetermined amount of money, also known as a credit limit. They can also be called credit lines or revolving credit facilities. When taking out a credit limit loan, the borrower can take money as needed up to the predetermined maximum, unlike standard term loans where the borrower receives a single sum upfront. The salient features of credit limit loans are outlined below in detail

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1
Complete Your Basic Details
2
Check Your Soft Eligibilty
3
Complete Your Details
4
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Benefit of Credit Limit Loan

The following are some advantages of Credit Limit Loan

Flexibility

Loans with credit limits allow for flexibility in how the funds are used. It is appropriate for a range of financial needs because borrowers can withdraw money as needed.

Interest only on Utilized Amount

Borrowers usually only pay interest on the money they have taken out of their account, not the whole credit limit. Comparing this to typical loans may result in cost savings.

Revolving Structure

Borrowers establish a revolving line of credit that they can use at a later time by repaying the amount borrowed, which replenishes the credit limit.

Emergency Access

By offering a ready supply of money, credit limit loans are helpful in handling unanticipated costs or crises.

Eligibility Criteria For Credit Limit Loan

You have to meet the following requirements in order to be eligible for a Credit Limit Loan

  • Repayment capacity and a good credit score
  • The borrower's respectable creditworthiness
  • Significant length of time and expertise in the business
  • Genuine and legitimate certifications and company paperwork
  • Consistent income and a solid credit history
  • Operating a profitable business

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Documents Required for Credit Limit Loan

You must have these documents in order to start the Credit Limit Loan

Identity Proof

Documents granted by the government, like a driver's license or passport.

Address Proof

Rental agreements, utility bills, and other records attesting to the borrower's address serve as address proof.

Income Proof

Pay stubs from recent pays, tax returns, or bank statements that show a consistent and steady income are examples of income proof.

Credit History

An all-inclusive account of the borrower's credit activity, including past loan repayment patterns and balances owed.

Business Documents (for business credit limit loans)

Financial statements and other pertinent business records, along with business registration paperwork, are the business documents needed for business credit limit loans.

How to Apply for Credit Limit Loan

  • Visit the official website Fincrif.com .
  • Firstly , login with your name and number .
  • Then fill your employment type.
  • Verify OTP.
  • Upload all the documents and submit .
  • Last , you will get a call from the Fincrif team and help you to proceed next.