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FD / OD Loan

  • Introducing Loan Against Fixed Deposits and Over Drafts from Bank. Now you can use your FD and OD to fulfil your financial requirements without having to liquidate it in an hour of need. The facility enables you to:

Applicant details

  • Copy of Last Three years income tax return, Pan Card If Applicant is businessman in that case last three years copies of balance sheet, income tax return of the proprietor/partner,statement of capital account.
  • If property is to be purchased under housing scheme,the copies of documents,such as share certificate,allotment-letter,saledeed,revenue records of 7/12.
  • Three photographs of Applicant
  • Business proof of Applicant
  • Applicant Pan card / Partner Pan Card / Limited Company 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
  • Address proof electric bill /telephone bill (any one)
  • Photo proof Pan card / Voter card / Driving license/Aadhar card (Any one)

Conditions

  • 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 30% 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 quarter and before 10th of the next quarter.
  • The applicant has to provide two guarantors.
  • Limit is subject to renewal after 12 months.
  • Applicant has to take share @ 1%, 2%, 2.5% of the limit.
  • Processing charges upto Rs. 1000/- will be levied on sanction.