Bills Discounting

( Term Loan And Cash Credit)


Who can apply



  1. Professionals
  2. Business Men
  3. Educational trusts
  4. Builders and Contractors

Purpose



  1. Expansion of Business
  2. To purchase site for Business
  3. To make/renovate furniture
  4. To purchase plant and machinery
  5. Working Capital

Maximum Limit



  1. For Individual Borrower it is 3.00 Crores.
  2. For group of borrowers it is 9.00 Crores

Repayment



  1. Generally 60 monthly installments-reducing balance in case of Term Loans or according to the projected period of project finance.

Securities



  1. Minimum two Sureties out of which one should be an income tax payer and one should be a Business man.
  2. The Borrower and all the sureties should be Regular/Nominal members of the Bank.
  3. Collateral security

 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