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Business Loan

Business loan is available as working capital against registered mortgage of residential, office, shop, godown, shed building as a prime security.

Trading/Manufacturing units, Traders, Business community can avail credit facility for development of business.

Applicant Details

  • Last three years balance sheet, copy of income tax return, copy of Partner's personal return in case of firm, Memorandum and Article of Association in case of limited company, resolution for loan application.
  • Passport size Photographs of Applicant.
  • Business proof of Applicant.
  • Applicant Pan Card / Partner's Pan Card / Limited Company's Pan Card.
  • Bank statement of last 2 years.
  • Applicant has to show all original documents to the bank for verification with Xerox copy. Original documents will be returned to applicant after verification.
  • Address proof - electric bill /telephone bill (any one)
  • Photo proof - Pan card / Voter card / Driving license (Any one)

Guarantor Details

  • Passport size photographs
  • Last tax bill
  • Last income tax return copy
  • Address proof - electric bill /telephone bill (any one) As per KYC norms
  • Photo proof - Pan card / Voter card / Driving license (Any one) As per KYC norms

Conditions

  • Original documents of property Such as share certificate, sale deed, tax receipt, allotment letter are to be submitted to the bank. Registered mortgage of property to be done in favour of bank. Banks charge will be noted in Association / society's book.
  • Bank will give loan if property is having N.A.N.O.C and BU permission.
  • Applicant will have to take insurance of the building in favour of bank.
  • Title clearance and valuation report will be done by approved lawyer and valuer of the bank. Applicant has to pay their fees.
  • Applicant has to provide two guarantors.
  • Business-mortgage loan is to be repaid with interest within 108 equal monthly installments. Whereas business mortgage overdraft facility is subject to renewal after 12 months.
  • Limit will be decided on turn over basis i.e. 20% of the turnover or 70% of the value of the property, whichever is less.
  • Applicant has to take share @2.50% of the limit.