i) Loanee and guarantors should be nominal member of the bank.
ii) Loanee and guarantors should be resident of Chandigarh/Mohali/Panchkula.
iii) Place of business must be located at Chandigarh.
iv) The advancement should not exceed 50 % value of property.
v) 5 Advance Cheques for repayment of loan in favour of the bank
vi) 2 Good guarantors known to the bank
vii) Equitable mortgage of property for securing the repayment of loan amount.
viii) Loanee should produce proof of ownership, valuation certificate, non-encumbrance certificates, and possession certificate, issued by the competent authority regarding immovable property to be pledged in favour of the bank in lieu of the loan.
ix) Should be income tax payee and should submit last 3 years returns subject to the condition that total advances of the bank shall not exceed 10% of the deposits of the bank.
x) The legal expenses, fees, registration charges and other incidental charges incurred in connection with the financing shall be borne by the borrower.
xi) Valuation certificate of an immovable property to be mortgaged from approved govt. authority or govt. approved valuer or architect approved by the bank at the cost of loanee.
xii) The Loanee shall display the name of the bank as financier at his business premise.
xiii) The sanctioning of Cash Credit Limit by the bank shall be made only in case it is satisfied about the viability of the project/proposal.
xiv) The applicant should not have any old Cash Credit Limit from any other financial institution.
xv) The Licensed Contractors approaching the bank for Cash Credit Limit should give a power of Attorney in favour of the bank to receive the cheque from Government, Quasi Government Institutions and to encash the same.
xvi) The bank shall be at liberty to call for additional collateral security/securities at any time.
xvii) The legal expenses, fees, registration charges and other incidental charges incurred in connection with the financing shall be borne by the borrower.
xviii) The Cash Credit Limit shall be sanctioned for period of One year. Renewal of the C.C. Limit will be allowed by the bank at its discretion based on the performance of the unit and also the operation in the Cash Credit Account.
xix) Bank statement for last six months.
© The Chandigarh State Cooperative Bank Limited Chandigarh,2014