Working Capital loan can be used for your daily business operations so it cannot be used for the long term, while the overdraft facility where you can withdraw the money from your account even if your account balance is zero or have insufficient balance. You can opt this facility is an emergency when you don’t have a fund.
Business Loan
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
By accepting our "Terms and Conditions" you authorize WIshfin and its associated Partner Banks to run a CIBIL/Experian check for your profile
To,TransUnion CIBIL Limited[Formerly known as Credit Information Bureau (India) Limited]One Indiabulls building ,Unit No 1901 – 1905,19th Floor, Tower 2A-2B, Jupiter Mill compound,Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Sub: Grant of Consent
Dear Sirs,
In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Wishfin and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:
- The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.
- I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: (a) I have carefully read the terms and conditions of the Agreement entered into between the Company and TUCL understood the same; or (b) the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.
- I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.
- I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL.
- I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company
- I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Wishfin authorizing Wishfin to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Wishfin to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Wishfin to obtain my Consumer Credit Information .
- I understand that in order to deliver the product to me, I hereby authorize Wishfin, to obtain my Consumer Credit Information from TUCL.
- By submitting this registration form, I understand that I am providing express written instructions for Wishfin to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Wishfin account. I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy.
- I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
- I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Wishfin . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.
- I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.
Yours faithfully,
Name :____________________________Address : ____________________________Date : ____________________________
Know About Overdraft and Working Capital Loan?
Overdraft Facility
Overdraft facility is that facility which can be taken at the time of quick financial needs for the shorter tenure period. Basically, the overdraft facility is available by the borrower who is operating a current account.
Features and Benefits of Overdraft
- You can use this overdraft facility personally and business purposes.
- It does not require any kind of security, guarantor and collateral to avail overdraft.
- You can only pay interest on the money you withdraw.
- You can avail the overdraft facility to cover short term cash flow issues.
- Do not have to pay interest rate monthly, It is calculated on a daily basis.
- You can use the amount when you need the fund.
- The current account holder withdraws money even when the account balance reaches zero.
How to Calculate the Overdraft Facility
- This is the way to calculate the overdraft facility.
- Current Annual Percentage Rate (APR) by 365 days but in the leap year, it will be divided by 365 days.
Working Capital Loan
A working capital loan is a short-term finance that represents the operating liquidity available to your business. The main purpose of working capital is to finance the day to day operation of the company which includes many many types of expenses such as daily wages of the employees, buying raw material and more.
How to Calculate Working Capital Loan
Working capital can be calculated on their current assets and current liabilities. So below the formula to calculate working capital.
Working Capital = Current Assets – Current Liabilities
Eligibility Criteria of Working Capital
- The applicant minimum age starts from 21 years and the maximum age at the time of loan maturity is 65 years.
- Nature of business must be positive and it should not be blacklisted.
Features and Benefits of Working Capital Loan
- Working Capital Loan is used for the daily working capital and short term expenses of the business.
- It requires minimum documents with a quick disbursal process.
- The loan amount can be used day to day operation of the business.
- Financial institutions offer attractive interest rates and flexible tenure options as per your requirement.
- You do not have any restriction on the use of funds.
Different Types of Working Capital Loan
It offers different types for working Capital Loan to meet your day to day operation of your business.
- Short Term Loan
- Line of Credit
- Trade Creditor
- Account Receivable
- Bank Guarantee
- Factoring or Advances
When you need money to grow your business, it shows that your business is short of funds or you want to expand your business. So with the help of overdraft and working capital you can solve this problem. So take advantage of both accordingly which is suitable for you.
Comments are closed.