Loans

Purpose for which Home Loan can be obtained:

• Purchase/ construction of house/ flat
• Purchase of plot and construction of house thereon
• Repairs/ improvements/ extension of the existing residential property
• Take-over of housing loan availed from another bank / FI

 

Person Eligible to Apply:

• Indian citizen above 21 years
• Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants.
• Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.
• NRIs are also eligible for the home loan. Our Executive will tell you the specific requirement.

How Much Amount i Can Apply:

• Amount of Loan is depending upon the Income /Repayment Capacity of the Borrower and Value of the Property.
• In Many cases like Repairs Maximum amount of Loan is Fixed by the Bank or Financial Institution, it may varies from Bank to Bank.

 

What is SECURITY too be offered:

• Mortgage of the residential property
• If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim securitymay be required (till the period of its completion)

 

Whether GUARANTEE is required:

• Third party guarantee is not mandatory for Resident Indian
• One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to beprovided by the NRI applicant

 

Is INSURANCE is required:

• Property insurance is compulsory to the tune of the value of the property.

 

List of Documents Required Mainly:

• Proof of identity (any of the following)
  • Passport
  • PAN Card
  • Employee identity card
  • Any other valid proof

 

• Proof of address (any of the following)
  • Electricity bill
  • Telephone bill
  • Ration card
  • Any other valid proof
• PAN Card
• Last 12 months bank statement
• Proof of income
  • For salaried class
    • Last one year ITR
    • Form-16/ letter from Employer
    • Last 6 months salary slip
  • For business class
    • Last three years ITR
    • P and L Balance sheet
  • Agriculturists
    • Income certificate from concerned revenue officer (Tahsildar)
    • Proof of land holding

 

• Property papers
  • Allotment letter
  • Advance money receipt
  • Title Deed (taken by bank, charges beard by us)
  • Valuation report By Approved by the valuer (taken by bank, charges beard by us)
• 3 photographs
• Proof of Investments /out-goes
  • Loan repayment statement, if any
  • LIC Policies, if any
  • Valid proof of any other out-go

 

 

• Additional document required for NRI
  • Copy of Visa stamped on the passport
  • Latest work permit
  • Employment contract (if the contract is in any language other than English,       the same has to  be translated into English and attested by Employer/Indian Embassy)

 

• Any other document required as per the application form.

PERSONAL LOAN:

Personal loan is availed to meet up all our personal requirements. Be it a dream vacation, children’s Education, home renovation or weddings etc. By Availing personal loan we can pay up any of our personal Expenses or financial needs.

 

Eligibility:

• Person should be from the salaried class, having regular source of incomes. This category includes salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings including central, state and local bodies.

 

• The Applicant must have a reasonable residual service to ensure that the entire loan is repaid one year prior to retirement.

 

Documents Required:

• Proof of identity (any of the following)
  • Passport
  • PAN Card
  • Employee identity card
  • Any other valid proof

 

• Proof of address (any of the following)
  • Electricity bill
  • Telephone bill
  • Ration card
  • Any other valid proof
• PAN Card
• Last 12 months bank statement
• Proof of income
  • Last one year ITR
  • Form-16/ letter from Employer
  • Last 6 months salary slip

 

• 3 photographs
• Proof of Investments/out-goes
  • Loan repayment statement, if any
  • LIC Policies, if any
  • Valid proof of any other out-go

 

 

• Additional document required for NRI
  • Copy of Visa stamped on the passport
  • Latest work permit
  • Employment contract (if the contract is in any language other than English,       the same has to  be translated into English and attested by Employer/Indian Embassy)

 

Any other document required as per the application form..

Mortgage Loan/Loan against Property:

Loan against Property is a secured loan. If you own Residential or Commercial property you could utilize the value of the same by opting for mortgage loan. The property papers are retained as security for a loan at a much lesser rate than personal loan. The ownership of the property is retained by the owner. Loan against property can be taken either for personal or business purpose like working capital, business expansion, repayment of expensive loans etc.

 

Eligibility:

• Indian national owning non-agricultural (residential / commercial/industrial) property.
• Minimum age – 18 years and maximum age – 70 years.
• Applicant and co-applicants should be filing Income Tax return.
• Individual, either singly or jointly with other family members viz. father, mother, son, unmarried daughter and/or spouse, who have regular sources of income as co-applicants.
• All the owner(s) of the property have to join in as co-applicant(s).
• Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.
• Partnership firms & Proprietary concerns.
• NRIs are also eligible for mortgage loan.

Documents Required:

• Proof of identity (any of the following)
  • Passport
  • PAN Card
  • Employee identity card
  • Any other valid proof

 

• Proof of address (any of the following)
  • Electricity bill
  • Telephone bill
  • Ration card
  • Any other valid proof
• PAN Card
• Last 12 months bank statement
• Proof of income
  • For salaried class
    • Last one year ITR
    • Form-16/ letter from Employer
    • Last 6 months salary slip
  • For business class
    • Last three years ITR
    • P and L Balance sheet
  • Agriculturists
    • Income certificate from concerned revenue officer (Tahsildar)
    • Proof of land holding

 

• Property papers
  • Title Deed (taken by bank, charges beard by us)
  • Valuation report By Approved by the valuer (taken by bank, charges beard by us)
• 3 photographs
• Proof of Investments /out-goes
  • Loan repayment statement, if any
  • LIC Policies, if any
  • Valid proof of any other out-go

 

• Any other document required as per the application form.

Business loans are offered to small and medium enterprises towards working capital, expansion, or modernization of existing business. It could be either secured or unsecured. The idea is that if there is opportunity for growth at acceptable risk levels the banks will finance.

 

Secured loans could be against Property (movable / unmovable), Stocks or co-laterals like fixed deposits etc. Since the loans are secured the rate of interest likely would be lower than unsecured loans. Unsecured loans could be in the form of short, medium or long term loans for temporary / bridge loans, Working capital or for purchase of machineries or other fixed assets.

 

Business loan can be availed by self-employed individuals, Partnership firms, Private limited and Limited companies. The funds can be used for business expansion, working capital, renovating your office, buying new property or equipment or personal requirements like child’s education, marriage or home renovation, etc.

 

Types of Business Loans:

• Overdraft
• Cash Credit Limit
• Packing Credit/Export Packing Credit
• Letter of Credit ( Inland/Import)
• Term Loan
• Buyers Credit
• FCNR etc

 

OVERDRAFT:

Overdraft means the act of overdrawing from a Bank account. In other words, the account holder withdraws more money from a Bank Account than has been deposited in it.

 

CASH CREDIT:

Cash Credit is the primary method in which Bank lends money against the hypothecationof Stock and Book debts. The account holder is permitted to withdraw a certain sum called “limit” or “credit facility” in excess of the amount deposited in the account .Cash Credits are, in theory, payable on demand.

 

PACKING CREDIT:

Pre-shipment / Packing Credit also known as ‘Packing credit’ is a loan/ advance granted to an exporter for financing the purchase, processing, manufacturing or packing of goods prior to shipment. Packing credit can also be extended as working capital assistance to meet expenses such as wages, utility payments, travel expenses etc; to companies engaged in export or services. Packing credit is sanctioned/granted on the basis of letter of credit or a confirmed and irrevocable order for the export of goods / services from India or any other evidence of an order for export from India.

 

LETTER OF CREDIT:

Letter of Credit is a credit facility where buyers bank gives a commitment to pay to seller’s or Exporter’s bank on behalf of Buyer.

A letter of credit guarantees payment of a specified sum in a specified currency, provided the seller meets precisely-defined conditions and submits the prescribed documents within a fixed timeframe. These documents almost always include a clean bill of lading or air waybill, commercial invoice, and certificate of origin.

To establish a letter of credit in favor of the seller or exporter (called the beneficiary) the buyer (called the applicant or account party) either pays the specified sum (plus service charges) up front to the issuing bank, or negotiates credit.

 

Term Loan helps you in acquisition of Capital Goods /Assets creation for your project on long term basis.

It includes funds For:

• Setting up new manufacturing/industrial units
• Expansion of existing units
• Swapping of the high cost debts availed from other Banks/FIs

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