Money Multiplier Credit Underwriting Report (CUR)
2:00:00
BBorrower
1Cleaning
2Revenue R
3Debt
4Outflow
5EBITDA
6WC
7Deploy
8Base Limit
9Residual
10Guardrail
11Final CUR
Limit Maximiser
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Enter inputs to compute
INTAKE

Borrower Profile & Pre-Underwriting Eligibility

§1.4.2 + §1.4.3
Borrower Name
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Product
A=Revolving | B=Bill Disc | C=Raw Material
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Industry Segment
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Business Vintage (years)
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Borrower Type
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Underwriting Track
Surrogate = bank statements | Normal = audited financials
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L2+ Surrogate Authorization
§1.5.4.1 — Officer name | Date | CAN ref (before proceeding)
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Load Case (optional)
case_id from audit log
CIBIL Score
Commercial or Individual
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DPDs on CIC?
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Banking Profile Consistency
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Pre-UW Eligibility §1.4.4 - Negative List Check
ANN-A

Annexure A: Industry Benchmarks

§A-2 Read only
Select industry above to load benchmarks.
STEP 1

Bank Statement Cleaning, Borrower Class & Concentration

§1.5.4.3 Step 1
Gross inflow must be cleaned to exclude ALL non-operational credits. Every exclusion must be individually documented below. Omission of loan receipts or inter-account transfers = policy breach.
Avg Gross Monthly Inflow (12M)
Before any exclusions - from bank statements
Enter
Stripped Credits (monthly avg)
Loans received, OD credits, inter-account, one-off
Enter
Cleaned Inflow = Gross − Stripped
Auto
Borrower Classification
Cash Component Level
High cash lower deployment visibility
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Analyst-Assigned Borrower Class
Conservative: score <700, DPDs, or erratic = 0.75 | Base: 700-750, clean, stable = 0.85 | Aggressive: >750, zero DPDs, consistent = 1.00
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Borrower Multiplier Override
Leave blank to use class default. Enter specific value to override.
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Concentration Assessment §A-3
Largest Single Source % of Cleaned Inflow
Platform / buyer / counterparty concentration
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STEP 2

Revenue Normalisation (R)

§1.5.4.3 Step 2
R is the primary input for Steps 3-10. Do not substitute borrower-declared figures. Cash% mid-point is default - high/low end requires Level 2 written concurrence.
Cleaned Inflow (Step 1)
Auto
Cash % Used
Ann A mid-point is default. Override = L2 concurrence required + documented basis
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R = Cleaned Inflow x (1 + Cash%)
PRIMARY INPUT
STEP 3

Debt Normalisation & Debt Multiplier

§1.5.4.3 Step 3
All off-statement EMIs from CIC must be added without exception. Omission is a policy breach. If EMI% is below debt norm, run enhanced CIC cross-check before proceeding. Do not accept self-declared debt figures.
Bank-Statement EMI (₹/mo)
Recurring outflows to banks/NBFCs visible in statements
Enter
Off-statement EMI from CIC (₹/mo)
ALL liabilities NOT visible in bank statements - from CIC report
Enter
Total Monthly EMI
Steps 9,10
EMI as % of R
Auto
Debt Norm % (Ann A mid)
Ann A
EMI% / Debt Norm Ratio
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Debt Classification & Multiplier
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STEP 4

Operating Layer Extraction

§1.5.4.3 Step 4 - Validation Only, NOT limit input
Step 4 extracts operating outflows for EBITDA validation in Step 5 only. It is NOT used for limit sizing. Cash costs not visible in bank statements are handled by Ann A industry benchmarks.
Avg Monthly Gross Bank Outflow
Business outflows - EXCLUDE: loan repayments, financial transfers, inter-account, one-off
Enter
Total Monthly EMI (Step 3)
Auto
Operating Outflow = Gross Out − EMI
Partial operating cost only - cash costs excluded
Step 5
STEP 5

EBITDA Derivation & Structural Validation

§1.5.4.3 Step 5 - Validation ONLY
EBITDA is a validation layer only and is not used for limit sizing. Deviation above or below 25% of the Ann A benchmark requires mandatory rejection.
R (Step 2)
Auto
Operating Outflow (Step 4)
Auto
EBITDA (Proxy) = R − Op Outflow
Steps 9,10
EBITDA % = EBITDA / R
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Ann A Benchmark (Borrower Class)
Conservative: low | Base: base | Aggressive: high
Ann A
EBITDA Deviation %
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STEP 6

Working Capital Calculation

§1.5.4.3 Step 6
Use lower end of Ann A WC Cycle range by default for conservative assessment. MAX(lower bound, 1) applied to avoid zero WC. Analyst may use higher end only with documented justification and Level 2 concurrence.
WC Cycle Days Used
Lower end of Ann A range = default
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R (Step 2)
Auto
WC = R x (WCC Days / 30)
Step 8

WC cycle sensitivity

Lower bound (Ann A default)WC =-
Upper bound (Ann A, L2 required)WC =-
Impact on base limit (low to high)Range-
STEP 7

Deployment Ratio Assessment

§1.5.4.3 Step 7 + §A-4
Deployment % cannot fall below the Ann A floor for the segment. Above the Ann A ceiling requires Level 2 written concurrence with fully documented basis in CAN.
Visibility Level
High: >80% digital/aggregator payouts | Moderate: B2B/mixed | Low: high cash/erratic
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Ann A Deployment % Floor
Ann A
Ann A Deployment % Ceiling
Ann A
Analyst-Assigned Deployment %
Must be >= Ann A floor. Above ceiling: L2 concurrence required.
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Deployment sensitivity

At Ann A floorLimit:-
At Ann A ceiling (L2 required)Limit:-
STEP 8

Base limit computation

§1.5.4.3 Step 8
All four inputs are multiplicative. A single adverse input significantly compresses the limit. Review all levers before declining.
WC (Step 6)
Auto
Deployment % (Step 7)
Auto
Final Borrower Multiplier (Step 5)
Auto
Debt Multiplier (Step 3)
Auto
BASE LIMIT = WC x Deploy% x Borrow Mult x Debt Mult
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Lever sensitivity matrix

Each row shows base limit if that lever is set to its policy maximum.
If class upgraded to Aggressive (1.00x)-
If deployment at Ann A ceiling-
If WCC at Ann A upper bound-
If Cash% at Ann A high end (L2 req.)-
Best case (all levers at max, L2 required)-
Current computed Base Limit-
STEP 9

Residual Capacity Check

§1.5.4.3 Step 9: mandatory rejection if <40%
Residual below 40% requires rejection for unsecured exposure. If residual is 40-50%, reduce the proposed limit before rejecting.
EBITDA proxy (Step 5)
Auto
Total monthly EMI (Step 3)
Auto
Residual Ratio = (EBITDA − EMI) / EBITDA
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Residual Classification & Multiplier
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Final Limit Pre-Guardrail = Base x Residual Mult
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STEP 10

Final guardrail: debt service coverage

§1.5.4.3 Step 10 - HARD THRESHOLD 70% EBITDA
70% EBITDA threshold is fixed. If the guardrail fails, reduce the limit to the guardrail maximum. If the guardrail maximum is zero or less, reject the case.
Pre-Guardrail Limit (Step 9)
Auto
Monthly Rate (Product)
Auto
Monthly WC Interest Cost = Limit x Rate
Auto
Total Monthly Debt Obligation = EMI + WC Interest
Auto
70% of EBITDA guardrail threshold
Hard Cap
Guardrail Status
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Guardrail Maximum Limit
If guardrail fails: reduce limit to this figure
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Step 10 output: guardrail-adjusted limit
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FINAL

Final Sanctioned Limit & CUR Verdict

§1.5.4.7 + §1.5.3.8
Sanctioned Limit Build-Up
Step 10 Output
Auto
Tier 3 multiplier (surrogate, mandatory)
70%
Surrogate Cap (Borrower Type)
Auto
Tier 3 Cap
₹25,00,000
Pre-Rounding Limit
Auto
Final sanctioned limit (rounded down to ₹50K)
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Analyst Sign-Off & Conditions
Special Conditions / Covenants
Analyst Name & Date/Time
L2 Concurrence (if required)
NBFC Credit Officer Sign-Off
Live Calculation Summary
Borrower-
Product-
Monthly Rate-
Cleaned Inflow-
R (Normalised)-
EBITDA (Proxy)-
Total EMI-
WC-
Base Limit-
Residual Ratio-
Guardrail-
Final limit-
Mandatory Rejection Checklist §1.5.4.5
EBITDA >25% above benchmark
EBITDA >25% below benchmark
EMI >200% of Debt Norm
Residual <40% (unsecured)
Guardrail irrecoverable
Concentration >60%
Deploy below Ann A floor
Approval Flags Required
NTC Mandatory Tier 3
FTB Surrogate Cap ₹25L
Deploy% above visibility avg or ceiling — L2 required
Residual mult 0.85 — L2 required
EBITDA dev 15-25%
EMI below norm verify
WCC above Ann A lower bound
Cash% above Ann A mid
Class revised in Step 5
Limit Ceiling Tracker
Policy ceiling: --
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Binding constraint: --
Ann A Quick Reference
Select industry to view.