• Hypothecation Loan upto Rs.25/lacs is available for Business use. and for SSI unit upto limit 35 Lakhs.

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

• In without mortgage cases, Hyppthecation Advances borrower should paid his / her firm limit (upto 3 Lakhs) at the end of maturity date.
• In mortgage cases, Hyppthecation Advances borrower should paid 20% of his / her firm limit at the end of maturity date.
• The limit will be decided on the basis of turn over (sales) / projected sales i.e. 20% of turnover (sales) or projected sales against stock 40% margin of stock.
• Applicant has to provide collateral security to the tune of 70% of the limit by way registered mortgage declaration of residential premises, office, shop, godown, shed etc.
• Insurance of stock and mortgage property to be taken in favour of bank by the applicant.
• Original documents such as share certificate, Sale deed, Tax receipt allotment letter are required for registered mortgage of the property.
• Title clearance and valuation report will be done by approved lawyer and valuer of the bank. Applicant has to pay their fees.
• Applicant has to submit stock statement at the end of the month and before 10th of the next month.
• The applicant has to provide two guarantors.
• Limit is subject to renewal after 12 months.
• Applicant has to take share 2.5% of the limit.
• No Processing charges for sanction loan.