Bank Finance


This query is : Resolved 

Quick Summary
This discussion clarifies that a Current Account is mandatory to avail a Cash Credit (CC) loan, as these loans are intended for business purposes. Savings accounts are not suitable for business transactions, hence CC loans cannot be granted to holders of savings accounts.

03 August 2020 Sir,
Whether CC Loan is allowed to savings Bank account holder.
Whether it is manadatory to have current account , to avail CC Loan

03 August 2020 Yes, it is manadatory to have current account , to avail CC Loan.
CC not allowed in SB account.


04 August 2020 Why is it mandatory to have current account to avail CC loan ? What is the purpose or rationale ?

04 August 2020 CC loans are granted for business purposes, for business transaction SB account can't be used.


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