# Caspian Investments business loans > Caspian Investments is on Recur Club's lender panel, writing dropline overdraft, overdraft / cash credit, purchase invoice discounting and 4 other products. Observed tickets run ₹5 cr to ₹5 cr, priced between 15% and 16%. Median turnaround from application to disbursal is about 43 days. Source: https://www.recurclub.com/lenders/caspian-investments Last updated: 2026-09-29 ## Products and indicative terms Observed on live transactions. Not an offer or a quote. | Product | Ticket | Rate | Tenure | |---|---|---|---| | Purchase Invoice Discounting | ₹5 cr | 15% | 12 mo | | Secured Term Loan | ₹5 cr | 15–16% | 18–24 mo | Also offered, with no terms observed yet: Dropline Overdraft, Overdraft / Cash Credit, Sales Invoice Discounting, Venture Debt, Working Capital Demand Loan. ## Eligibility ### Will not fund - Won't finance activities/materials illegal under host country law or international conventions (ozone-depleting substances, CITES species, hazardous chemicals) - Won't finance cross-border trade in waste unless Basel Convention compliant - Won't finance projects involving pornography and/or prostitution - Won't finance racist and/or anti-democratic media - Won't finance businesses where alcohol (except beer/wine), tobacco, weapons/munitions, or gambling/casinos form a substantial part (>10%) of activities - Won't finance projects causing destruction of Critical Forest Areas or High Conservation Value areas - Won't finance dam projects that significantly/irreversibly disrupt ecosystems, alter hydrology, or displace 5,000+ people - Won't finance projects requiring resettlement of 5,000 or more persons - Won't finance projects using forced labor or harmful child labor - Won't finance production/trade in radioactive materials or unbonded asbestos fibers - Won't finance large-scale industrial plants, refineries, major GHG-emitting projects (>100,000 tons CO2eq/yr), or large cement/steel/chemical manufacturing - Won't finance projects in or impacting World Heritage Sites, National Parks, or IUCN protected areas without demonstrated non-degradation and net positive impact - Declining to proceed with the loan facility for the company operating under Cultfit and Dr. Paws brands - Not comfortable with the OTS history — will not fly - Credit committee will not accept a termsheet issued without charge, given the company's recent secured loans from Perfectus/Arka - Not comfortable moving forward with Credflow given its supply chain-related business line, despite the NBFC license - Won't do given Blacksoil is there - Passed due to insufficient runway of company - Caspian will not sanction loans without a pari passu charge on TNA - No longer provide on-demand working capital limits - Decision to not pursue given directors disqualified on MCA portal, multiple related entities with same directors, past NCLT proceedings, rating downgrades, disqualified directorships, and ongoing legal cases - Will not be proceeding with the deal due to high revenue dependence on Abbott and a declining revenue trend - Don't lend to FIs dealing in personal loan, gold loan and housing finance - Won't fund (stated policy): Tobacco Products · Explosives, Arms and Ammunitions · Gambling and Betting · Cement · Metals and Mining · +1 more (playbook) ### Prefers - Not very keen on unsecured lending above small amounts (used to do unsecured up to 3cr); prefer registering a second charge even if it means a smaller facility - Negative view on WCDL for early-stage loss-making companies - Usually prefer to start with a term loan and extend WCDL later - Preferred structure is term loan - Focus sectors include food & agri, cleantech, financial inclusion, and solar EPC - …more in playbook - Blacksoil Mumbai prefers larger ticket sizes; Caspian is tasked with 5-15cr range - For NBFCs, typically cap managed leverage at 5.5-6x - Prefer minimum ticket size of 4-5cr; tickets smaller than 3cr are not a priority due to bandwidth - Company operates under Blacksoil umbrella as 'Udhyam' for loans up to 10-15cr, with Caspian/Udhyam team handling underwriting, disbursement and portfolio management - Poor CIBIL score and related-party transactions are viewed negatively in underwriting - SID with escrow arrangements with Amazon/Flipkart allows cash flows to be routed through the facility - Preferred tenor of 18-24 months ### Screening gates and observed behaviour - Borrower: age ≥2y · CIBIL ≥650 · avoid: Tobacco Products, Gambling and Betting, Lottery Business · Andhra Pradesh, Chandigarh, Delhi, Gujarat, Goa, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, West Bengal (varies by product) · Private Limited, Public - Financials: runway ≥9mo · rev ≥₹30cr (cohort ≈119.1) (secured term loan) · rev ≥₹7cr (purchase invoice discounting, sales invoice discounting) · TOL/adjusted tangible net worth ≤5 · debt/EBITDA ≤4 (cohort ≈1.1×) · maximum annualrevenue: 500 (varies by product) · networth ≥₹10cr (cohort ≈233.2) (varies by product) · debt/networth ≤4 (cohort ≈0.2×) · DSCR ≥1 - Deal: rate 13–18% (range across products — see matrix) · ticket ₹1–20cr (range across products — see matrix) · tenure 12–30mo (range across products — see matrix) · no PEP - Security (observed): Personal Guarantee Of Promoters / Directors / Property Owner (100%) · 1st/pari-passu charge on current assets (67%) - Security asked in : Personal Guarantee Of Promoters/Directors (×2), 1st/pari-passu charge on current assets (×1), Fixed Deposit <5% (×1), FD margin 5–10% (×1) - Security asked in : Personal Guarantee Of Promoters/Directors (×31), 1st/pari-passu charge on current assets (×28), FD margin 10–15% (×15), FD margin 5–10% (×10) - Security asked in 2026: Personal Guarantee Of Promoters / Directors / Property Owner (×9), 1st/pari-passu charge on current assets (×6), FD margin 5–10% (×4), FD margin 15–20% (×2) - share → in-principle approval (initial interest): ≈24d ## Sanctioned terms (from 2 real sanction letters) ### Sanctioned amount: median ₹1 cr - median ₹1 cr ### Typical security: Demand Promissory Note ×2, Current assets (floating charge / hypothecation) ×1, Cheques ×1, Payment cheque ×1, Current assets (hypothecation) ×1, auto-debit mandate ×1 - Demand Promissory Note ×2, Current assets (floating charge / hypothecation) ×1, Cheques ×1, Payment cheque ×1, Current assets (hypothecation) ×1, auto-debit mandate ×1 ### Typical covenants: - No further borrowing without lender consent — 100% of letters (e.g. "The Borrower shall not without prior written consent of the Lender take any new loan; the Borrower shall promptly share information about new borrowings from th…") - No further borrowing without lender consent — 100% of letters (e.g. "The Borrower shall not without prior written consent of the Lender take any new loan; the Borrower shall promptly share information about new borrowings from th…") ### Term sheet by ticket size: (facilities, largest first) - (facilities, largest first) ## Common questions ### What does Caspian Investments lend? Caspian Investments writes dropline overdraft, overdraft / cash credit, purchase invoice discounting, sales invoice discounting, secured term loan, venture debt and 1 further products. Across those, observed facilities run ₹5 cr to ₹5 cr. ### What ticket size does Caspian Investments offer? Facilities observed on live transactions run from ₹5 cr to ₹5 cr. The band differs by product, so the figure that applies to you depends on which facility you are asking for. ### What rate does Caspian Investments charge? Rates observed on live transactions fall between 15% and 16% a year. Tenures run 12 to 24 months. These are observed figures, not a quote, and the rate you are offered depends on your file. ### How long does Caspian Investments take to disburse? About 43 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it. ### What are Caspian Investments's eligibility criteria? The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page. --- Check which lenders fund a business like yours: https://www.recurclub.com/recur-market All lenders: https://www.recurclub.com/lenders Lender intelligence dossier - screening gates, per-product terms and sanction observations, derived from lender policy documents and observed transactions. Figures are observed from a sample and are not an offer, a commitment, or a statement of Caspian Investments's current policy.