Lakshmi Business Credit

ELIGIBILITY-
Well established business enterprise engaged in trading, manufacturing or services sector activity and also Commission Agents as the business unit should have been in existence preferably for 2 years but at least for one year and should be earning Net Profit after depreciation, taxes, etc.s The business enterprise may be in the form of individual, HUF, Proprietorship, Partnership firm (both registered & unregistered), Private and Public Limited Companies and other legally permissible entities.

TYPE OF FACILITY (OR) PURPOSE-
For all working capital requirements (i.e. build-up of stocks, book debts & other current assets such as advances to payment made to suppliers, farmers, goods-in-transit, etc.,)
Either Secured Overdraft (OR) Demand Loan repayable in 36 / 24 EMIs max. (OR) both, depending upon nature of business

ASSESSMENT-
For manufacturing unit, 35% of previous year’s actual turnover or 4 times of capital, whichever is lower, subject to the condition that limit should be collateralized to the extent of 100% (125% in the case of credit limits above Rs.200 lakhs)

For Trading Units or any other type of units like service sector, etc., 25% of the previous year’s actual turnover or 4 times of capital, whichever is lower, subject to 100% collateral coverage (125 % in the case of credit limits above Rs.200 lakhs)

UNIQUE NATURE-
Very simplified and attractive scheme norms for hassle free off-take and regular operations both under running facility and demand loan.

Source: https://www.lvbank.com/Lakshmi_Business_Credit.aspx