Annual Service Contract

We also undertake ASC (Annual Service Contract) for maintaining, preparing and submitting all the information related to & like:

Preparation of Monthly & Quarterly statements like Stock Statement, FFR (Financial Follow-up Report)

QIS (Quarterly Information System).

Renewal of Working Capital limits.

Alteration, modification, enhancement of limits.

Routine & any other consulting required related to Bank Finance.

Process/Steps

Application : You will need to fill in a loan application with accurate details, personal and business loan requirement, details of the property intended for Business etc.

Documentation : Along with the application form and the credit documents, you may have to pay a processing fee to the bank. An upfront fee could be collected to maintain your loan account records, sending income tax certificates every year, maintaining post-dated cheques, etc.

Investigation : Next comes the loan Investigation stage, the stage at which the loan process gains actual momentum. This could start with a personal discussion followed by the bank’s field investigation.

Valuation and legal check : Valuation and legal check on property and papers is the next stage where the focus of the bank will shift to the property. Make sure the property papers and the relevant NOCs are in place. The bank’s lawyer will check the property papers for their legality. The bank may also send an expert to visit the property. This expert could be a bank employee or an associate with a realty firm.

Sanctioning of the loan : Loan sanction is the next process in the series. At this stage, the bank has checked your financial credentials based on criteria such as your income, Turnover, age, qualifications, experience, employer, nature of business, etc. They work out the maximum loan eligibility, and an indicative loan amount that the bank is willing to offer.

Disbursement : Once the bank has ascertained all that it needs to be assured of you as a client, the property as a security and your repayment capacity, it will disburse the loan. The bank stipulates that the loan should not be utilized in speculative activities. For commercial property under construction, the loan amount will be disbursed in stages based on the progress of construction.