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Hypothecation Loan upto Rs.25/lacs is available for Business use. and for SSI unit upto limit 35 Lakhs.
Applicant details
♦ 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-two copies
♦ Last tax bill
♦ Last income tax return copy / Pay slip of last 3 Months.
♦ Address proof – electric bill /telephone bill (any one)
♦ Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)
Conditions
♦ In without mortgage cases, Hyppthecation Advances borrower should paid his / her firm limit (upto 3 Lakhs) at the end of maturity date.
♦ In mortgage cases, Hyppthecation Advances borrower should paid 20% of his / her firm limit at the end of maturity date.
♦ 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 40% margin of stock.
♦ Applicant has to provide collateral security to the tune of 70% 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 the month and before 10th of the next month.
♦ The applicant has to provide two guarantors.
♦ Limit is subject to renewal after 12 months.
♦ Applicant has to take share 2.5% of the limit.
♦ No Processing charges for sanction loan.