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

MEMBERSHIP CONTRIBUTION Where loan amount is Rs.1.00 lac or more :2½% of Loan Value. Will be refundede on closure of the loan account.
VALUATION : To be obtained every three years from the Bank's approved valuer in respect of property mortgaged as per RBI Guidelines.
Used vehicle's valuation & test report from the Bank's Approved Agency.
TITLE CLEARANCE REPORT By Bank's approved Advocate in respect of the property to be mortgaged to the Bank as Primary or Collateral Security
NOTIFICATION OF BANK'S CHARGE 1. In City Survey Office.
2. In Society's Books.
3. With RTO
4. With Insurance Company
5. With ROC
INTEREST RATE Depending upon RBI guidelines and Market forces the inerest rate will change as and when Bank's Board deems fit. The inerest will be calculated and applied at monthly rests.
INSPECTION The financed articles will be subject to inspection at regular periodicity as per the policy of the Bank framed by the Board from time to time or as and when required by the Bank.
INSURANCE Comprehensive insurance will have to be taken in favour of the Bank in case of vehicle loans with subsequent renewals. In case of property it will be for the full value of the property till the currency of advance.
UTILISATION Special concession ( from 0.50% to 0.75%) in interest rate will be offered on utilisation of limit to stipulated level in case of CC/OD limit as per the policy of the Bank framed by the Board from time to time . It is at the Sole discretion of the Bank.
REPAYMENT BY ECS Mandate to be executed in favour of the Bank for Debit to the borrower's account by ECS.
BANK'S DISCRETIONARY POWERS The Bank reserves rights for sanction/decline of application, change in any of its loan schemes/terms-conditions without any prior notification as deemed by the Board of Directors of the Bank from time to time.
TOTAL EXPOSURE TO INDIVIDUAL/GROUP To be decided by the Board every year as per instructions of Reserve Bank of India.