| BUSINESS MORTGAGE LOAN | |||||||
|---|---|---|---|---|---|---|---|
| TITLE | NORMS | ||||||
| Purpose | Business purpose Term loan (Retail/wholesale trade, Industry and SSI) | ||||||
| Eligibility | Improvement of existing Business unit /acquiring new business Unit/ To start new business. | ||||||
| Loan Limit | As per loan policy | ||||||
| Repayment Period | Repayable in 120/180 EMI | ||||||
| Rate of Interest |
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| Share Holding | 2.5% of the Loan amount as per RBI notification | ||||||
| Security | Mortgage of the Property by way of Registered Memorandum of Deposit of Title deeds | ||||||
| Documentation | Prescribed Application Form with Attested Copies of Photo ID – Voter ID/DrivLicense/Passport/Aadhar PAN Card | ||||||
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Income Proof - Business: 3 years IT Returns, with Tax paid challan Bank pass book/statement Consent declaration from family members wherever applicable. Registered Partnership Deed/ Memorandum of Association & Articles of Association with Company Registration certificate. Income proof as above of family members wherever applicable. |
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| Purpose Proof | Registration Certificate issued by authority, GST/MSME Certificate, Trade License. | ||||||
| Property photo ( 2 views – property and road.) Resolution to avail loan(applicable to Partnership Firm and Companies) | |||||||
| CA certified P & L a/c and Balance sheet for last 3 years , Project report with projected P& L and Balance sheet, nad Financial statements with DSCR for 5 years | |||||||
