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| corporate practice bd |
When renewing a bank loan, you typically need to provide certain documents to the bank or financial institution to support your application. The specific documents required can vary based on the type of loan, the bank's policies, and your financial situation. Here's a general list of documents that are commonly requested for loan renewals:
Application Form:
The bank may require you to fill out a loan renewal application form with updated information about your financial situation.
Proof of Income:
This can include recent pay stubs, employment verification letter, tax returns, or any other documentation that shows your current income and ability to repay the loan.
Credit Report:
The bank may pull your credit report to assess your creditworthiness. You don't need to provide this yourself; the bank will usually do it.
Loan Statement:
A statement or documentation that outlines your existing loan, including the remaining balance, interest rate, and repayment history.
Updated Financial Statements:
If you're a business owner or self-employed, you might need to provide updated financial statements, such as profit and loss statements and balance sheets.
Identification:
Valid government-issued identification, such as a driver's license or passport.
Collateral Documentation:
If the loan is secured by collateral (such as a car or property), you may need to provide documentation related to the collateral's value and ownership.
Proof of Address:
Recent utility bills or other documents that verify your current address.
Any Other Documents Requested:
Depending on the bank's policies, they might request additional documents specific to your situation.
It's important to communicate directly with your bank or financial institution to understand their specific requirements for loan renewal. Contact their customer service or loan department to get a clear list of the documents they need from you. Providing accurate and complete documentation can help expedite the renewal process and increase your chances of approval.
The Bank says that, for onward processing of the said renewal proposal you are requested to provide us following papers/documents and information as soon as possible-
01. Request letter for renewal of the existing composite limit along with Board Resolution in the Company's Letter Head specifying Bank finance amount of both the concerns separately.
02. Up to date trade License.
03. TIN, VAT. BIN, IRC, ERC,
04. Bonded Ware House License (if any),
05. Factory license.
06. Fire License,
07...Factory Insurance Policy,
08. Credit Rating Reports,
09. Tax return submission copies.
10. Latest Form-XIl & Schedule-X of both the concerns.
11. Tax Return Copy (lT 1 0B)/ Net worth Statement for all the Directors of the companies up to 30 "06.2022”
12. Last 02 years Audited Financial Report along with Cash Flow Statement i.e. as on 30"06.21 - 30.06.22"
13. Updated Machinery List mentioning the quantity, value, manufacturing year and country of origin both the concern separately
14. Updated stock Report specifying items, quantity, unit price, value etc. for both the concerns separately.
15. CIB inquiry forms duly filled in by the directors of both the concerns.
16. Declaration of latest liabilities of the client and its sister concern/Group Liability with, other bank.
17. Project Related Information (as per enclosed sheet).
18. List of 05 (Five) major buyers & suppliers & Market Competitor of both 1he concerns.
You are cordially request to submit the above mentioned papers and documents for onward processing of your proposal. Until receiving the said papers/documents the proposal kept pending at your responsibility.
Project related Information
01. Project location
02. Land Area
03. Description building ,Flore wise specification/ utilization are
04. Owner of the land & building
05. Total fixed cost of the project
06. Source of finance(own source, others source with details, Bank finance)
07. Source of power supply
08. Details raw materials
09. Details of finished goods
10. Daily production(Hours)
11. Yearly production (days)
12. Daily production capacity
13. Daily actual production
14. Yearly expected sales for-2023
15. Selling price per unit
16. Cost per unit
17. Profit per unit
18. Name of the buyers
19. Finance sought for
20. Installment against the term facility
21. Particulars of the factory building
The End..........