Looking for a working capital loan for MSMEs from Nainital Bank?

Get all the information you need on the Nainital Bank Naini Udhyog Suvidha for MSME below.

Nainital Bank Naini Udhyog Suvidha for MSME

This loan helps businesses in the MSME sector raise funds for their working capital needs. The bank extends this loan as Secured Overdraft (OD) against land and building belonging to the unit, promoters of the unit or close relatives of the borrowers who also act as guarantors of the loan.

Features of the Naini Udhyog Suvidha for MSMEs

Why this Loan?

  • The Nainital Bank Naini Udhyog Suvidha for MSME can be availed by businesses in the MSME sector for their working capital needs
  • 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 minimum loan amount that can be sanctioned under this loan scheme is Rs. 15 lakh. The maximum loan amount that can be sanctioned under this loan scheme is Rs. 2 crore

Interest

  • The interest rate for the Nainital Bank Naini Udhyog Suvidha for Traders is defined as the sum of two factors, namely Base Rate and Strategic Premium, where Strategic Premium is decided by the bank depending on various factors

Repayment Period

  • This loan must be repaid within 1 year. This loan is renewable on an annual basis

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 also asks for mortgage of immovable property (commercial/residential) as collateral

Eligibility

  • The borrower should be above 25 years of age
  • The business must fit the MSME definition

Borrower’s Contribution to Total Cost (Margin Money)

  • The bank charges up to 40% of the total loan amount as margin for this loan

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

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

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

Reference Facts:

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