Home | Gujarat Mercantile Co-operative Bank Ltd.

Business Term Loan is available as working capital against registered mortgage of residential,office,shop,godown,shed building as a prime security.Trading/Manufacturing units, Traders, Business community can avail credit facility for development of business.

Applicant details

Last three years balance sheet, copy of 3 year income tax return , copy of Partner’s personal return in case of firm, Memorandum and Article of Association in case of limited company, resolution for loan application.
Three photographs of Applicant.
Business proof of Applicant.
Applicant Pan card / Partner’s Pan Card / Limited Company’s Pan card.
Bank statement of last 2 years.
Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.
Address proof – electric bill /telephone bill (any one) As per KYC norms.
Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms

Guarantor details

Photograph-two copies.
Last 3 year income tax return copy.
Address proof – electric bill /telephone bill (any one) As per KYC norms
Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms

Conditions

Two guarantors are required.
Original documents of property Such as share certificate, sale deed, tax receipt, allotment letter are to be submitted to the bank. Registered mortgage of property to be done in favour of bank.Banks charge will be noted in Association / society’s book.
Bank will give loan if property is having N.A.N.O.C and BU permission.
Applicant will have to take insurance of the building in favour of bank.
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 provide two guarantors.
business-mortgage loan is to be repaid with interest within 60 equal monthly instalments. whereas business mortgage overdraft facility is subject to renewal after 12 months.
Limit Will be decided on turn over basis i.e 20% of the turnover or 70% of the value of the property , whichever is less.
Applicant has to submit 30 cheques for repayment of instalments and remaining cheques as per bank’s instruction.
Applicant is required to submit stock statement creditors list and statement of book-debts on half yearly basis i.e. 30th sept. and 31st march each year.and the copy of balance sheet as on 31st march every year.
Applicant has to take share @2.50% of the limit.
Processing charges of 0.5% will be levied on sanction.