Purpose of Loan

Working Capital Loans are loans taken by business organisation/entrepreneurs for financing their day to day operations. The finance received from these loans can be used for various purposes:

i)Debtor payment ii)Procuring inventory and raw materials iii) Paying employees' wages iv) Managing overhead cost v) Paying suppliers, etc.

Eligible Person

i) Individual ii) Proprietorship farm iii) Partnership farm, LLP iv) Cooperative Society v) Company

Terms and conditions:

General

i) Applicant should possess good credit score or good credit history.

ii) Applicant should maintain regular source of income.

Age

If borrower is individual then - Minimum age- 21 Years and Maximum Age -55 Years

Securities

Insurance

Charges

• Loan Processing Charges is 0.05% of Loan amount.
• Form Cost `100/-.

Pre Sanction Documents

• Application form properly filled-in.
• Trade license and other statutory clearance certificate(s).
• KYC for the borrower(s) and guarantor.
• GST returns for the last two years and present year (monthly returns).
• Existing current account statement of last one year (if any) and loan account statement of last two years (if any).
• Latest Insurance document.
• Audited (wherever applicable) financial statements of the business concern for the last three years.
• Provisional financial statements for the period ended on ___________ (for the broken period).
• Audited (wherever applicable) financial statements of associate concern(s) for the last three years .
• Operational details in Application form.
• CMA data for the last two years, estimates for current year and projection for the next two years (project report).
• List of movable properties offered as security.
• Property/ Net Worth statements of all the directors/ partners/ proprietor.
• Net Worth statement of Guarantors with Consent letter.
• Copies of Income Tax Returns with acknowledgement of the concern for the last three years.
• Copies of Income Tax Returns with acknowledgement of the directors/ partners/ proprietor and guarantors for last two years.
• Copies of certificate from banks and financial institutions certifying the latest liability with them (if existed).
• Copy of board resolution authorizing the company to apply to your bank for the credit facilites mentioned in application.
• Copy of memorandum and article of association (in case of limited company)/ partnership deed (in case of partnership firm)/ By Law (in case of Co-op Society).
• Cash budget for the current year and for the project period in case of contractors and seasonal industries.
• Statement of stock in hand.
• Market value of Collateral securities with valuation and searching reports wherever applicable.
• Forwarding letter with recommendation of the Branch.
• NOTE: Application form along with attachments should be self-attested by the borrower on all pages.

Documentation