Dropline Overdraft Limit
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Dropline Overdraft Limit Features & Benefits
Dropline Overdraft Limit are sanctioned for an existing business and industrial house which has been in action for at least 5 years and has made profits for at least the last 2 years. In addition to that, the organisation will also be required to have a good credit rating and should have a good track record in terms of being a successful business. In case the organisation had loans in the past, the records in regard to the repayment of the credit are also taken into consideration.
Documents Required to apply for Dropline Overdraft Limit
- PAN card.
- Proof of identity such as Aadhaar Card, Driving License, Election Commission Card, Passport, etc.
- Proof of address such as Aadhaar Card, Voter’s ID Card, Passport, etc.
- Bank statement for past 6 months.
- Continuation proof such as ITR, Establishment Certificate, Trade License, or Sales Tax Certificate.
- The latest Income Tax Returns (ITR) in addition to total computed income, profit and loss account, and balance sheet for the past 2 years (to be certified by a CA).
- Other documents – Board resolution, certified copy of MOA (Memorandum of Association), certified copy of AOA (Articles of Association), and declaration of sole proprietorship (or partnership deed).