BUSINESS LOAN
About BUSINESS Loan
Bank offers hassle free finance to traders and to meet their business needs at competitive interest rates
Who can apply ?
- Professionals
- Business Man.
- Educational institutions.
- Builders and Contractors
- SSI, SME, Small business enterprises.
Purpose
- Expansion of Business.
- To make/renovate furniture.
- To purchase plant and machinery.
- Working Capital.
Maximum Limit
As per projections within the banks norms
Repayment
- Generally 84 monthly installments-reducing balance in case of Term Loans or according to the projected period of project finance.
Securities
- Minimum two Sureties.
- The Borrower and all the sureties should be Regular/Nominal members of the Bank.
- Movable/immovable collateral security as per the bank norms.
Documents Required
- Loan application.
- Residential proof of Applicant and sureties.
- Certified Balance sheet and Profit & Loss A/c. Statements of the borrowers and sureties.
- Income Tax Returns of last three years of the Borrower(s) and the sureties.
- If the applicant/surety is a partnership firm then the copy of registered partnership deed and registration certificate are required.
- If the applicant / surety is a private limited company /public limited company then a copy of Memorandum of Association or Article of Association is required.
- Shop Establishment License.
- All the original documents of main and collateral securities.
- Latest valuation report of property, vehicle etc.
- In case of shop, flat etc. society/builder’s NOC is required.
- Any other document required by bank.
- Title Clearance Certificate of the immovable property.