Hypothecation Loan

  • Business mortgage overdraft/loan is available as working capital against registered mortgage of residential,office,shop,godown,shed building as a prime security.Trading/Manufacturing units, Traders, Business community can avail credit facility for development of business.

Applicant details

  • Last three years balance sheet
  • Copy of income tax return
  • copy of Partner personal return
  • Memorandum and Article of Association in case of limited company, resolution for loan application.
  • 3 Photographs of Applicant
  • Applicant?? Pan card / Partner Pan Card / Limited Company?? Pan card
  • Bank statement of last 2 years
  • Address proof electric bill /telephone bill (any one)
  • Photo proof Pan card / Voter card / Driving license (Any one)
  • 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
  • Address proof electric bill /telephone bill (any one) As per KYC norms
  • Photo proof Pan card / Voter card / Driving license/Aadhar card (Any one) As per KYC norms

Conditions

  • For development of business Cash Credit Hypo. Limits against the Hyp.of (Hyp.Stock/Bookdebts) Stock and goods are granted to businessmen. Such stock should be fully paid. No limits is granted against unpaid stock. CC limit is also sanctioned against Hypo.Bookdebts of not exceeding 90 days period. The borrowers are required to submit stock/bookdebts statement every month regularly. The rate various from 12.50 to 13.50 % (subject to change)
  • Applicant will have to take insurance of the building in favour of bank.
  • business-mortgage loan is to be repaid with interest within 120 equal monthly instalments. whereas business mortgage overdraft facility is subject to maximum after 12 months.
  • Applicant is required to submit stock statement creditors list and statement of book-debts on monthly basis and the copy of balance sheet as on 31st march every year.
  • Applicant has to take share @2.5% to 5.0% of the limit.
  • Processing charges upto Rs 1000 will be levied on sanction.