Hypothecation cash credit facility is available as a working capital for development of business against prime security of stock and collateral Security. Trading / Manufacturing units, Traders, Business community can avail the credit facility.
Applicant:
Last three years balance sheet, copy of income tax return, copy of Partner’s personal return , Memorandum and Article of Association in case of limited company, resolution for loan application.
Tax bill of Property
Three photographs of Applicant
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 zerox copy. Original documents will be returned to applicant after verification.
Guarantor Details :
Photograph-2 copies
Last tax bill + Receipt of Paid
Last 3 year income tax return copy + Receipt of paid
Address proof – electric bill / telephone bill (any one) As per KYC norms
Photo proof – Pan card / Voter card / Driving license/Aadhar card As per KYC norms
Conditions :
The limit will be decided on the basis of turn over (sales) / projected sales i.e. 20% of turnover (sales) or projected sales against stock 20% margin of stock.
Applicant has to provide collateral security to the tune of 80% of the limit by way registered mortgage declaration 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, 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 quarter and before 10th of the next quarter.
