Nainital Bank Vyapar Suvidha for Traders

Nainital Vyapar Suvidha for Traders

This loan helps businesses in the trade sector raise funds for their working capital and capital expenditure needs. The bank also offers non-funded facilities under this scheme such as Letter of Credit, Bank Guarantee, etc.

Features of the Nainital Vyapar Suvidha for Traders

Why this Loan?

  • The Nainital Vyapar Suvidha for Traders can be availed for all projects and activities related to running businesses in the trade sector
  • The maximum loan to be sanctioned is Rs. 2 crore subject to terms. The bank assesses the borrower’s profile carefully before deciding the loan amount to be sanctioned under this loan scheme

Loan Amount

  • The maximum loan amount that can be sanctioned under this loan scheme is Rs. 2 crore

Interest

  • The interest rate for the Nainital Bank Vyapar Suvidha for Traders varies from 8.95% to 9.45% for the cash credit/overdraft facility and 9.20% to 9.70% for the term loan
  • The interest rate varies depending on the margin money

Repayment & Moratorium

  • This loan must be repaid within 7 years as EMIs, representing 84 monthly instalments
  • As of September 2020, the moratorium period is not mentioned on the bank’s website. Please check with the bank for these details before you apply for this loan

Security

  • The bank asks for hypothecation of stock, book debts and assets created out of bank finance as prime security for this loan
  • The bank may ask for property (non-agricultural), National Savings Certificate (NSC), insurance policy or term deposit as collateral

Eligibility

  • Sole proprietors, partnership firms, Limited Liability Partnerships (LLPs), Private Limited Companies and Registered Co-operative Societies are eligible for this loan
  • The minimum credit rating of the applicant should be B

Borrower’s Contribution to Total Cost (Margin Money)

  • As of September 2020, the margin charged varies from 20% to 50% or more. As someone planning to take a loan from the bank, you ought to talk to the bank to get the final applicable interest rate

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable

Reference Facts:

  • Nainital Bank Website: www.nainitalbank.co.in
  • Headquarters: Nainital, Uttarakhand
  • Branch Phone Number: +91 20 2401083 (Noida)