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. |
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 | |
Business proof of Applicant | |
Applicant’s Pan card / Partner’s Pan Card / Limited Company’s Pan card | |
3 Copies of Photograph | |
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. |
Photograph ( 2 Copies ) | |
Last tax bill | |
Last income tax return copy | |
Address proof – electric bill /telephone bill (any one) | |
Photo proof – Pan card / Voter card / Driving license (Any one) |
The limit will be decided on the basis of turn over (sales) / projected sales i.e. 20% of turnover (sales) or projected sales. | |
Applicant has to provide collateral security covering 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, 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 12 months. | |
Applicant has to take share @ 2 % of the limit with maximum of Rs: 20,000/- |