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Hypothecation of stock / book-debts credit facility 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. |
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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. |
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Tax bill of Property |
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Business proof of Applicant |
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Applicant’s Pan card / Partner’s Pan Card / Limited Company’s Pan card |
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3 Copies of Photograph |
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Bank account statement of last 2 years |
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Stock statement of the business |
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Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification. |
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Photograph ( 2 Copies ) |
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Last tax bill |
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Last income tax return copy |
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Address proof – electric bill /telephone bill (any one) |
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Photo proof – Pan card / Voter card / Driving license (Any one) |
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The limit will be decided on the basis of turn over (sales) / projected sales i.e. 20% of turnover (sales) or projected sales. |
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Applicant has to provide collateral security covering the limit by way registered mortgage of residential premises, office, shop, godown, shed etc. |
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Insurance of stock and mortgage property to be taken in favour of bank by the applicant. |
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Original documents such as share certificate, Sale deed, Tax receipt allotment letter are required for registered mortgage of the property. |
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Title clearance and valuation report will be done by approved lawyer and valuer of the bank. Applicant has to pay their fees. |
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Applicant has to submit stock statement at the end of every month and before 10th of the next month. |
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The applicant has to provide two guarantors. |
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Limit is subject to renewal after 12 months. |
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Applicant has to take share @ 2 % of the limit with maximum of Rs: 20,000/- |
