Cash credit:- Cash Credit is the loan account taken by the customers from the bank. Cash credit is also called CC limit. In this account the bank gives loan to the customers and the limit amount will be credited to their account. For example if A company has the limit of 10 lakh rupees of CC account, the bank will be credited 10 lakh rupees in A company as soon as the limit is approved. The benefit of this account is that the interest will be charged on the withdrawal amount and not the limit amount. Interest will be charged every month and by the product basis method.
But it’s very hard to calculate the interest amount of Cash credit account as it is very complex calculation. Cash credit account is an account in which the businessman transact many entries in a day of debit and credit. So it becomes hard and complex to calculate the interest amount on Cash credit accounts
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