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)