Hypothecation Loan

• 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 Xerox 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.
• The applicant has to provide two guarantors.
• Limit is subject to renewal after 12 months.
• Applicant has to take share @ 1.00% of the limit.