26 November 2011
Your firend can approach the bank for Cash credit limit of Rs.6/-lacs if the money is needed for working capital to run the businness activity. The interest is applied on the no. of days the amount is utilised. A personal loan is a term loan required for the purpose of prchase of Car, Furniure etc.The personal loan is sanctioned on the basis of average income of last three years. IN case of purchase of item mixxmum amount is restricted to 75% of the item value.
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