A line of credit is a facility where a customer secures a fixed credit amount and is then allowed to use the funds when they are needed. The amount utilized is repaid within a maximum of one hundred and eighty days of usage. It is usually used for operating purposes, fluctuating depending on current cash flow needs. This facility is reviewed on a yearly basis.
Application Requirements
National Identification Card, Valid Passport or Valid Driver’s License of all Directors
TIN Certificate of Company
Certificate of Incorporation or Business Registration
Memorandum of Association or Articles of Association
Annual Return (Previous two years)
Audited Financial Statements (Previous three years)
Business Plan / Application indicating purpose of financing
Bank Statement from Current Bank (Minimum one year)
Copy of Transport / Title of property offered as collateral
Valuation of Property (To be done by an approved valuator by the Bank)
