NEWS & ANNOUNCEMENTS
Welcome to The Saurashtra Co-Operative Bank Ltd. |
“આપણી બેંક સૌરાષ્ટ્ર બેંક”

Hypothecation Loan

Hypothecation is available as a working capital for development of business against prime security of stock or book debts. Trading / Manufacturing units, Traders, Business community can avail the credit facility.

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.
  • Tax bill of Property
  • Passport size Photographs.
  • Business proof of Applicant
  • Applicant’s Pan card / Partner’s Pan Card / Limited Company’s Pan card
  • Bank account statement of last 2 years
  • Stock statement of the business
  • Applicant has to show all original documents to the bank for verification with zero copy. Original documents will be returned to applicant after verification.

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

  • The limit will be decided on the basis of turnover (sales) / projected sales i.e. 20% of turnover (sales) or projected sales.
  • Applicant has to provide collateral security to the tune of 70% to 80% of the limit by way registered mortgage of residential premises, office, shop, godown, shed etc.
  • Insurance of stock and mortgage property to be taken in favour of bank by the applicant.
  • Original documents such as share certificate, Sale deed and Tax receipt allotment letter are required for registered mortgage of the property.
  • 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 submit stock statement at the end of every month and before 10th of the next month.
  • The applicant has to provide two guarantors.
  • Limit is subject to renewal after 36 months.
  • Applicant has to take share @ 5.00% of the limit.