Bank Finance: Procedure and Formalities Explained

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Detailed guide on the procedure and formalities for obtaining bank finance, including submission of application forms and required documents, pre-sanction surveys, loan sanctioning, documentation, disbursement, and post-disbursement inspections. Covers KYC documents, income-related documents, and specific requirements for different loan types like home loans and business loans.

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PROCEDURE & FORMALITIES FOR BANK FINANCE

APPLICATION FORM TO BE SUBMITTED TO BANK WITH ALL RELATED DOCUMENTS VIZ. PHOTO, KYC, INCOME PROOF, PURPOSE OF LOAN, SERVICE/BUSINESS RELATED DOCUMENTS INSPECTION / PRE-SANCTIONED SURVEY CONDUCTED BY THE BANK SANCTION OF LOAN BY BANK IF PROJECT IS VIABLE INFORMATION / SANCTION LETTER TO BE SENT TO BORROWER LOAN DOCUMENTATION TO BE COMPLETED BY THE BORROWERS DISBURSEMENT OF LOAN POST SANCTION SURVEY AFTER DISBURSEMENT OF LOAN FOR END USE ROUTINE INSPECTION AS PER PERIODICITY

KYC DOCUMENTS ID PROOF AADHAAR CARD PAN CARD VOTER CARD DRIVING LISCENCE PASSPORT PHOTO IDENTITY CARD ISSUED BY GOVT. DEPARTMENT/PSU NREGA JOB CARD

KYC DOCUMENTS ADDRESS PROOF AADHAAR CARD VOTER CARD DRIVING LISCENCE PASSPORT PHOTO IDENTITY CARD ISSUED BY GOVT. DEPARTMENT/PSU NREGA JOB CARD RATION CARD ELECTRIC BILL/ TELEPHONE BILL

INCOME RELATED DOCUMENTS FOR SALARIED PERSON INCOME TAX RETURN FOR THE LAST 2/3 YEARS SALARY SLIP FOR THE LAST 6 MONTHS FORM 16 FOR BUSINESS MAN INCOME TAX RETURN FOR THE LAST 2/3 YEAR ALONGWITH COMPUTATION OF INCOME PROFIT & LOSS STATEMENT/BALANCE SHEET

LOAN RELATED DOCUMENTS FOR HOME LOAN OWNERSHIP DOCUMENTS OF LAND/BUILDING/FLAT VIZ. REGISTRY/TITLE DEED ETC. REGISTERED AGREEMENT TO PURCHASE LAND /FLAT / BUILDING APPROVED MAP OF LAND/BUILDING/FLAT FOR VEHICLE LOANS QUOTATION OF VEHILE INCOME TO BE PURCHASED COMMERCIAL DRIVING LISCENCE IN CASE OF COMMERCIAL VEHICLE LOAN ROUTE-PERMIT & REGISTRATION OF TRANSPORT /FIRM

LOAN RELATED DOCUMENTS FOR BUSINESS LOANS DOCUMENTS OF BUSINESS PROOF REGISTRATION OF FIRM, PARTNERSHIIP DEED, COMMENCEMENT OF BUSINESS ETC PROFIT LOSS STATEMENT / BALANCE SHEET OF LAST 3 YEARS PROJECTED BALANCE SHEET FOR NEXT 5 YEARS SHOWING INCOME GENERATION FROM BANK S LOAN AND REPAYMENT PROGRAMME EXPERIENCE CERTIFICATE IN CASE OF NEW BUSINESS/ TECHNICAL TRADE REQUIREMENT OF LOAN VIZ. FOR INVESTMENT IN MACHINES & TOOLS/ WORKING CAPITAL OR LOAN FOR RUNNING BUSINESS QUOTATION WITH ESTIMATED COST OF PURCHASING EQUIPMENTS / GOODS

PERSONAL LOAN HOME LOAN FOR PURCHASE OF NEW FLAT/HOUSE, CONSTRUCTION OF NEW / OLD HOUSE OR RENOVATION/REPAIR OF EXISTING HOUSE LOAN FOR PURCHASE OF LAND VEHICLE LOAN CAR /TWO WHEELER PERSONAL LOAN FOR SALARIED PERSONS EDUCATION LOAN

COMMERCIAL LOAN LAND & BUILDINGS LOAN FOR PURCHASE OF LAND / BUILDINGS / FLATS LOAN FOR CONSTRUCTION OF NEW BUILDING / FLATS TRANSPORT VEHCLES CAR(TAXI), AUTO, THREE-WHEELER, TEMPO, MINI-BUS, MINI-TRUCK, BUS, TRUCK & ALL OTHER COMMERCIAL VEHICLES AGRICULTURE LOAN LOAN FOR TRACTOR & ALL OTHER EQUIPMENTS /TOOLS RELATING TO AGRICULTURE LOAN FOR SEEDS, CROP, FERTILIZERS ETC.

COMMERCIAL LOAN LOAN FOR SMALL/MEDIUM/LARGE INDUSTRIES LOAN FOR PURCHASE OF LAND/BUILDINGS/TOOLS & MACHINES LOAN FOR PURCHASE OF RAW MATERIAL /FINISHED GOODS FOR MANUFACTURE/BUSINESS PURPOSE LOAN FOR MEDIUM & SMALL ENTREPRENUER LOAN FOR ALL TYPE OF WHOLESALE/RETAIL TRADERS LOAN FOR ALL ARTISANS & HANDICRAFTS LOAN FOR HANDICRAFTS, ARTISANS, BARBER, COBBLER, WASHERMAN, WEAVERS & OTHER WORKERS ETC.