Cc & od
This query is : Resolved
Shweta Parekh
(Querist)
31 October 2012
Dear Members,
Can we Say that Cash Credit or Bank Over Draft is a Secured Loan for ROC Forms...
Urgent Reply is Required..
Thanks in advance Sir...
Can we Say that Cash Credit or Bank Over Draft is a Secured Loan for ROC Forms...
Urgent Reply is Required..
Thanks in advance Sir...
Anwar Khan
(Expert)
01 November 2012
before giving answer I want tell the meaning of secured & unsecued loan .
Secured loan. A secured loan is a loan that's guaranteed with collateral, such as a home or car or assets . If you default and fail to make payments on time, the lender can take possession of your collateral and sell it to recover the loan amount.
Unsecured Loan:A loan without collateral.
1.Cash Credit may be secured / Unsecured loan. which are provide by bank.
2.Bank O/d facility is classifed as Current Liabilities. OD can be temporary in nature and also unsecured
Secured loan. A secured loan is a loan that's guaranteed with collateral, such as a home or car or assets . If you default and fail to make payments on time, the lender can take possession of your collateral and sell it to recover the loan amount.
Unsecured Loan:A loan without collateral.
1.Cash Credit may be secured / Unsecured loan. which are provide by bank.
2.Bank O/d facility is classifed as Current Liabilities. OD can be temporary in nature and also unsecured
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01 November 2012
In continuation to Mr Anwar Khan:
The simple notion is that if Bank has been provided some SURETY GUARANTEE etc. for OD and Cash Credit then it is SECURED otherwise UNSECURED.
Seems there is no chance of UNSECURED.
The simple notion is that if Bank has been provided some SURETY GUARANTEE etc. for OD and Cash Credit then it is SECURED otherwise UNSECURED.
Seems there is no chance of UNSECURED.
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CA Ganpat Naik
(Expert)
01 November 2012
For ROC, it will come under Secured
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