Application For Credit Facilities
The Manager/Officer should ensure that :
1. The application as far as possible are obtained in appropriate forms for different categories of borrowers and types of credit facilities, prescribed by the Head Office.
2. The applications are accompanied by documents relating to the status of the applicant i.e. individual/sole proprietorship/society/trust/limited company etc. Suitable and necessary requisite documents such as partnership deed, bylaws/trust deed, Memorandum and Articles of Association etc. are obtained and kept on record. The Branch Manager should obtain financial statements for at least past 3 years, wherever so applicable, true copies of latest income tax/sales tax and wealth tax returns and assessment orders. For societies/local bodies/limited companies, certified copies of appropriate resolutions authorizing the signatures / office bearers to operate the accounts and borrow the funds from the bank be obtained and kept on record.
3. Obtain following declarations/confirmations –
5.Refer to RBI defaults list and full details on the directors/partners borrowers.
6.In case of accounts over Rs. 10.00 corers, guidelines as regards bill cultures/dues to SSI sector, 25% of book date facility in form of bill finance be followed. Ensure that exposure in existing accounts and proposed account to the entity as well as group is within prudential exposure system as per the lending policy.
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The Manager/Officer should ensure that :
1. The application as far as possible are obtained in appropriate forms for different categories of borrowers and types of credit facilities, prescribed by the Head Office.
2. The applications are accompanied by documents relating to the status of the applicant i.e. individual/sole proprietorship/society/trust/limited company etc. Suitable and necessary requisite documents such as partnership deed, bylaws/trust deed, Memorandum and Articles of Association etc. are obtained and kept on record. The Branch Manager should obtain financial statements for at least past 3 years, wherever so applicable, true copies of latest income tax/sales tax and wealth tax returns and assessment orders. For societies/local bodies/limited companies, certified copies of appropriate resolutions authorizing the signatures / office bearers to operate the accounts and borrow the funds from the bank be obtained and kept on record.
3. Obtain following declarations/confirmations –
- Relationship of any of the Directors/ Partners/Proprietors of the borrowing entity to any of the directors/Senior Officers of the Bank. If no relationship exists, specific declaration to be made in this respect.
- Undertaking from the guarantors is obtained stating that no consideration is proposed/received form borrower/borrowing entity for offering guarantees to the credit facilities.
- Undertaking is obtained from the borrower/borrowing entity stating that they have no objection for discloser of the names of the directors/partners borrowing entity to RBI/CIBIL as per requirements.
5.Refer to RBI defaults list and full details on the directors/partners borrowers.
6.In case of accounts over Rs. 10.00 corers, guidelines as regards bill cultures/dues to SSI sector, 25% of book date facility in form of bill finance be followed. Ensure that exposure in existing accounts and proposed account to the entity as well as group is within prudential exposure system as per the lending policy.
Note:All content is copyrighted to http://sm-information.blogspot.com and may not be reproduced on other websites.
If you have any question regarding this websites or any other post related you can Email us.
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