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Banking and Insurance

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General Insurance

A financial protection for people from unpredicted losses.

Life is full of risks, but does that means that we should never attempt anything in life. The risk in life makes it interesting and exciting. Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, or insurance carrier.

A person or entity who buys insurance is known as an insured or policyholder.

The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss.

The loss may or may not be financial, but it must be reducible to financial terms and must involve something in which the insured has an interest established by ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium.

If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.


General insurance is typically defined as any insurance that is not determined to be life insurance.

General insurance can be categorised in to following:

Motor Insurance: Motor Insurance can be divided into two groups, two and four wheeled vehicle insurance.

Health Insurance: Common types of health insurance includes: individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance.

Travel Insurance: Travel insurance can be broadly grouped into: individual travel policy, family travel policy, student travel insurance.

Home Insurance:Home insurance protects a house and its contents.

Marine Insurance: Marine cargo insurance covers goods, freight, cargo, and other interests against loss or damage during transit by rail, road, sea and/or air.

Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations.

Life Insurance

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death.

Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance are generally income tax-free.

There are many varieties of life insurance. Some of the more common types are discussed below.

Term life insurance:

Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is generally less expensive than permanent life insurance.

Permanent life insurance:

Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.

The three basic types of permanent insurance: whole life, universal life, and endowment.

Universal life insurance:

Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term.

Whole life insurance:

Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.


The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.

Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds).

Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it.

Medical Insurance

Health insurance, alternatively referred to as, medical insurance or simply medical claim, is a type of insurance coverage that covers the cost of an individual's medical and surgical expenses. The individual, also known as the insured, pays a fixed sum (premium), every year for the health cover. The cost of health insurance premiums is deductible to the payer, and benefits received are tax-free. In case of a medical problem that necessitates surgery/hospitalization, the insured is reimbursed by the health insurance company either directly in cash or indirectly through payment to the hospital/clinic.

Taking health insurance is one of those things an individual cannot ignore given the rising costs of treating health problems. Inflation in Medicare or medical treatment is a lot higher than general inflation or inflation in other categories like food and clothing. While inflation in most categories is in single digits, inflation in Medicare is often higher. Arranging large sums of money at the last moment to treat medical emergencies is difficult if not impossible for most individuals. Hence being prepared is the only way out.

One way to plan for medical emergencies better is by opting for health insurance plans. Health insurance offers considerable leeway in terms of disease coverage. Certain health insurance plans cover as many as 30 critical illnesses and more than 80 surgical procedures. The health insurance plan disburses payment towards treatment regardless of actual expenses. The policy continues even after the benefit payment on selected illnesses. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees.

Health insurance policy is a contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually, monthly) or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contractor "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance.

Vehicle Insurance

Vehicle insurance is also known as car insurance, motor insurance or auto insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise there from. Vehicle insurance may additionally offer financial protection against as theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.

Auto Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability. There are certain general insurance companies who also offer online insurance service for the vehicle.

Auto Insurance in India is a compulsory requirement for all new vehicles used whether for commercial or personal use. The insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant auto quotes. Auto premium is determined by a number of factors and the number of premium increases with the rise in the price of the vehicle. The claims of the Auto Insurance in India can be accidental, theft claims or third party claims. Certain documents are required for claiming Auto Insurance in India as duly signed claim form, RC copy of the vehicle, driving license copy, FIR copy, Original estimate and policy copy.

There are different types of Auto Insurance in India:

Private Car Insurance – In the Auto Insurance in India, Private Car Insurance is the fastest growing sector as it is compulsory for all the new cars. The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture.

Two Wheeler Insurance – The Two Wheeler Insurance under the Auto Insurance in India covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period.

Commercial Vehicle Insurance – Commercial Vehicle Insurance under the Auto Insurance in India provides cover for all the vehicles which are not used for personal purposes, like the Trucks and HMVs. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, make of the vehicle and the place of registration of the vehicle.

The auto insurance generally includes:

      Loss or damage by accident, fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act.
      Liability for third party injury/death, third party property, and liability to paid driver
      On payment of appropriate additional premium, loss/damage to electrical/electronic accessories

The auto insurance does not include:

      Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage
      When the vehicle is used outside the geographical area
      War or nuclear perils and drunken driving.

Crop Insurance

Main Objective is to provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases.

This will help to farmers in the following ways:

To stabilize the income of farmers to ensure their continuance in farming.

To encourage farmers to adopt innovative and modern agricultural practices.

To ensure the flow of credit to the agriculture sector.

Crop insurance is purchased by agricultural producers, including farmers, ranchers, and others to protect themselves against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance.

In India, a multi-peril crop insurance called National Agriculture Insurance Scheme (NAIS) was implemented. This scheme is being implemented by Agriculture Insurance Company of India, an Indian government-owned company. The scheme is compulsory for all farmers who take agricultural loans from any financial institution. It is voluntary for all other farmers. The premium is subsidized for farmers who own less than two hectares of land. This insurance follows the area approach. This means that instead of individual farmers, a specific area is insured.

The area may vary from gram panchayat (an administrative unit containing 8-10 villages) or block or district from crop to crop or state to state. The claim is calculated on the basis of crop cutting experiments carried out by agricultural departments of respective states. Any shortfall in yield compared to past 5 years average yield is compensated.


Following risks leading to crop loss are to be covered under the scheme:

YIELD LOSSES (standing crops, on notified area basis): Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, such as (i) Natural Fire and Lightning (ii) Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Tornado etc. (iii) Flood, Inundation and Landslide (iv) Drought, Dry spells (v) Pests/ Diseases etc.

PREVENTED SOWING (on notified area basis): In cases where majority of the insured farmers of a notified area, having intent to sow/plant and incurred expenditure for the purpose, are prevented from sowing/planting the insured crop due to adverse weather conditions, shall be eligible for indemnity claims up to a maximum of 25% of the sum-insured.

POST-HARVEST LOSSES (individual farm basis): Coverage is available up to a maximum period of 14 days from harvesting for those crops which are kept in “cut & spread” condition to dry in the field after harvesting, against specific perils of cyclone / cyclonic rains, unseasonal rains throughout the country.

LOCALISED CALAMITIES (individual farm basis): Loss/damage resulting from the occurrence of identified localized risks i.e. hailstorm, landslide, and Inundation affecting isolated farms in the notified area.


Risks and Losses arising out of following perils shall be excluded:

War & kindred perils, nuclear risks, riots, malicious damage, theft, the act of enmity, grazed and/or destroyed by domestic and/or wild animals, In case of Post–Harvest losses the harvested crop bundled and heaped at a place before threshing, other preventable risks.

Season Crops, Maximum Insurance charges payable by the farmer (% of Sum Insured) :

Kharif Food & Oilseeds crops (all cereals, millets, & oilseeds, pulses) 2.0% of SI or Actuarial rate, whichever is less

Rabi Food & Oilseeds crops (all cereals, millets, & oilseeds, pulses) 1.5% of SI or Actuarial rate, whichever is less

Kharif & Rabi Annual Commercial / Annual Horticultural crops 5% of SI or Actuarial rate, whichever is less.

In INDIA there are certain companies which participate in the Government sponsored agriculture /crop insurance schemes based on their financial strength, infrastructure, manpower, and expertise etc. The empanelled private insurance companies at present are

1) ICICI-Lombard General Insurance Company Ltd.

2) HDFC-ERGO General Insurance Company Ltd.

3) IFFCO-Tokio General Insurance Company Ltd.

4) Cholamandalam MS General Insurance Company Ltd.

5) Bajaj Allianz General Insurance Company Ltd.

6) Reliance General Insurance Company Ltd.

7) Future Generali India Insurance Company Ltd.

8) Tata-AIG General Insurance Company Ltd.

9) SBI General Insurance Company Ltd.

10) Universal Sompo General Insurance Company Ltd.

Only these 10 insurance companies are allowed to do crop insurance in India, no other companies are allowed to do crop Insurance.

Term Loans

A term loan is a standard commercial loan from a bank for a specific amount that has a specified repayment schedule and a fixed or floating interest rate. Often used to pay for a major investment in the business or an acquisition.

The loans often have fixed interest rates, with monthly or quarterly repayment schedules and a set maturity date. For example, many banks have term-loan programs that can offer small businesses, the cash they need to operate from month to month. Often, a small business uses the cash from a term loan to purchase fixed assets such as equipment for its production process.

Term loans are divided into two categories

Intermediate-term loans: Usually running less than three years, these loans are generally repaid in monthly installments from a business's cash flow.

Long-term loans:These loans are commonly set for more than three years. Most are between three and 10 years, and some run for as long as 20 years. Long-term loans are collateralized by a business's assets and typically require quarterly or monthly payments derived from profits or cash flow. These loans usually carry wording that limits the amount of additional financial commitments the business may take on (including other debts but also dividends or principals' salaries), and they sometimes require that a certain amount of profit be set-aside to repay the loan.

REQUIRED DOCUMENTS FOR THE TERM LOAN:- (All copies of documents should be self attested by the customer)

Note on provisional Accounts for the period

Corrected projections

visit report

Analysis of Profit & Loss A/C

Analysis of Balance Sheet

Query list sent to proposed borrower dated.

Replies given by borrower from time to time

Process for Team Loan:

Promoter’s background

Particulars of the industrial concern

Particulars of the project (capacity, process, location, land and buildings, plant and machinery, etc...)

Cost of project

Means of financing

Marketing and selling arrangements

Profitability and cash flow

Economic considerations

Government concerns

Working Capital

The capital required for the company to run its day to day operations. The funds invested in current assets are termed as working capital. It is the fund that is needed to run the day-to-day operations. Generally, working capital refers to the current assets of a company that is changed from one form to another in the ordinary course of business, i.e. from cash to inventory, inventory to work in progress (WIP), WIP to finished goods, finished goods to receivables and from receivables to cash.

The basic calculation of the working capital is:

Working Capital=Current Assets - Current Liabilities

Required Documents for Working Capital:- (All copies of documents should be self attested by the customer)

Nature of the business

Size of the business

Production policy

Seasonal variations

Production cycle process

Working capital cycle

Process for working capital:

Working Capital Plan

Working capital Performances

Reviewing the Working Capital Plan

Improving the Working Capital Plan

Collateral Free Loans

The loan provides by the bank without supporting any security is known as security free. A special type of collateral free loan scheme is available in India under the Credit Guarantee Fund Trust Scheme for Micro & Small Enterprises (CGTMSE). Under this scheme, the micro and small enterprises (MSEs) are eligible for collateral-free loans up to Rs.1. crore in values.

The biggest problem faced by these enterprises has been a lack of funding, resulting in limited opportunities for growth, working capital needs or scaling. Most MSEs typically start out with a service or product that may not earn revenue in the near future.

Required documents for collateral-free loans:- (All copies of documents should be self attested by the customer)

Private limited companies with SME/SSI registration can apply

Product development expenses

Procurement of computers

Tools machinery etc.

Share allotment proof.

Share purchase agreement.

Process for collateral-free loans:

Prepare a Detailed Project Report or Business Plan

Ensure your request is Bankable

Choose the Right Bank and Branch

Build a Rapport and Ensure the Banker understands your Business

Be Patient & CGTMSE Scheme Overview.

Bank Loan Syndication

Bank loan syndication is the process of involving several different lenders in providing various portions of a loan. Loan syndication most often occurs in situations where a borrower requires a large sum of capital that may be too much for a single lender to provide or outside the scope of a lender's risk exposure levels. Thus, multiple lenders work together to provide the borrower with the capital needed.

Documents required for Bank loan syndication:- (All copies of documents should be self attested by the customer)

Id proof

List of present shareholders, partners, directors

Income tax certificate

Sales tax returns and assessments orders for the last three years (if in existence)

Photograph of all the partners or directors with signature.

Detailed project report if any

Process for Bank loan syndication:

Monitor project implementation to achieve the Commercial Operation Date (COD).

Appoint Escrow Agent and open Escrow a/c with the bank.

Monitor inflow of funds to escrow a/c.

Ensure repayment among the lenders in the prescribed manner.

Business Plan Preparation

A business plan is a written document that describes a business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan has many functions, from securing external funding, to measuring success within your business.

Although the written business plan of a start-up venture must be tailored to the particular business and industry, the essential items in a written business plan include the following:

Cover Page

The cover page should include the following:

Company Name


Contact Person

Address and Phone Number

Date and the State of Incorporation

Confidentiality and Nondisclosure Statement

Table of Contents and Table of Appendices

The table of contents and table of appendices should refer the reader to the sections and subsections of the business plan.

Executive Summary

The executive summary is the first part of the business plan to be read by potential lenders and investors. In the case of a poorly written executive summary, the executive summary is often the only part of the business plan that gets read. Accordingly, you should take the time necessary to prepare a dynamic executive summary that describes the business, identifies the stage of the company and its strategic direction, describes the company's market and marketing plan, briefly discusses the background of management, and states the company's revenue and profit expectations. Remember, you only get one chance to make a good first impression.

The body of a Business Plan

A business plan should include detailed discussions of the following subjects:

Background and Purpose

Market Analysis

Product or Service Development


Financial Data

Organization Structure and Management


Risk Factors

CMA Reports

Comparative Market Analysis:

A Comparative Market Analysis (CMA) is a vital tool for both buyers and sellers helping you understand more about an individual property and the market it is being sold in. CMA report is often requested by Bankers while sanctioning or renewing credit facilities. A CMA isn't just comparative math. A thorough knowledge of the dynamics of property sales in the specific area is required to make judgments based on the data presented.

For buyers, this report helps you understand the value of your target property and potential price points that will be attractive to the seller.

For those thinking of selling, purchasing a CMA is a good tool to help you sanity check the information being given to you by your agent and ensure your expectations for your property sale price are within the realms of the market.

For investors, our CMAs also include rental estimates to help you understand what the property is likely to rent for and ensure your revenue predictions are made on an accurate basis.

Different Bank Loan Facilities

The term loan is sanctioned by Banks for the purchase of fixed assets like land, building, equipment and other types of assets. Repayment is fixed over a period of 5 years with EMI payments or bullet payments

The working capital loan is sanctioned by Banks for working capital purposes like holding of inventory, receivables and build up of other current assets in a business. Working capital facilities are renewable every year.

Letter of credit is a type of facility from a Bank guaranteeing a buyer's payment to a seller, in the event that the buyer is unable to make payment on the purchase as per terms of the transaction.

Bank guarantee is a promise from a bank that the liabilities of a party will be met by the Bank in the event that the party fails to fulfil contractual obligations. Bank guarantees are typically requested while executing large projects.

Mortgage loans are loans that are backed by real property by putting a lien on the property being mortgaged. The funds generated from a mortgage loan can be used by the business for any purpose.

REQUIREMENTS FOR CMA REPORT:- (All copies of documents should be self attested by the customer)

MOA, AOA and certificate of incorporation in case of the company, partnership deed in case of a firm and business proof in case of proprietorship

      Various business registrations and personal KYC, business profile, &net worth documents of business owner/directors.
      Last three year personal and business financial including ITR and also complete working capital details.
      Details of security offered to the bank along with complete property documents.
      Any other details as and when required.

Bank Loan Rating

Bank loan rating from external agencies is used by Banks, Vendors, Financial Institutions, Investors and others to gauge the financial health of an Enterprise and its ability to make timely payment of its bank loan, including principal and interest payment. Further, to improve awareness about credit rating and its benefit, the Government of India also provides a subsidy for MSME businesses to obtain SME credit rating.

• Bank loan rating (BLR) is essentially a credit rating for bank facilities or loans given by banks, namely – Rupee Term Loans, – Foreign Currency term loans incl. FCNR (B) loans – Cash Credit facilities, Overdraft – Packing Credit – Letter of Credit, Bank Guarantees

Bank Loan rating is used by Banks to calculate the capital required by them for that loan. – They save capital for higher rated companies and need to keep aside additional capital for lower rated loans

Benefits of BLR: Banks

  • Risk-based pricing of bank loans & facilities
  • Helps inculcate financial discipline in borrowers
  • Quicker processing of loans & enhancements
  • Computation of Capital Adequacy Ratio (CAR) as per RBI guidelines
  • Independent view of borrowers’ strengths and weaknesses by a reputed rating agency.
  • Focus on Client Relationship Management
  • Dynamic ‘health check’ of portfolio

Benefits of BLR: Corporates
  • Risk-based pricing of bank loans – lower borrowing costs for higher rated entities
  • Quicker processing of loans & enhancements
  • Access to alternate avenues of funding
  • Provide an independent view of the company’s strengths and weaknesses through a detailed credit rating report
  • Enhance visibility for the corporate in the investment community
  • Avoid penal interests on unrated bank loans

REQUIREMENTS FOR BANK LOAN RATING:- (All copies of documents should be self attested by the customer)
      Authority letter to sign the application.

      Documents supporting registration.

      Copy of income tax, GST returns, excise and wealth tax returns, if filed.

      Copy of the audited accounts for the last three years.

      Copy of insurance policies of assets.

      In case of new project/expansion, a copy of the project report containing a brief project profile, cost of the project, source/means of finance.

      Details of subsidy and tax concession available, if any

      Quality certificates, export awards won membership of any associations.

Credit Score Check & Repair

A Credit Score is a three-digit number indicative of your credit behaviour. Consider it marks given to you by financial institutions for your financial behaviour. A high score means you have good money-management skills and that you repay your debts on time. Likewise, a low score raises questions about your financial credibility.

Importance of CIBIL Credit Report:

All banks and financial institutions check credit reports of the loan or credit card applicants before approving their credit applications. The credit report and credit score of an individual indicate his/her financial stability, which helps the lenders to analyse whether that individual will be able to repay the loan amount on time or not. Credit reports are generated by the credit bureaus on the basis of credit information that is collected from member banks and credit institutions at regular intervals.

CIBIL is one of the oldest and major credit bureaus in India that generates a credit report along with a credit score that defines credit-worthiness of an individual. If you have been paying credit bills and loan amount on time, then you will have a high credit score. High credit score means that there are more chances to get a loan at a considerate interest rate. If you have a low credit score of say below 650, then there are high chances that your loan application will get rejected by the lenders. For any individual, it is recommended that they check their CIBIL score in every 6 months so that they can maintain or improve it, in case the score is low.

Credit Report includes the following key information:


      Date of birth

      Permanent Account Number(PAN)

      Aadhar Card

      Additional Identity Information such as the serial number of Driving License, Voter’s ID card, etc.

      Current and previous residential addresses

      Current and previous employers with their address

      Income tax information availed through previous IT filings

Dates on which your credit report was pulled by lenders to determine loan/credit card eligibility

Information related to overdraft facilities available with your banking accounts, etc.

REQUIREMENTS FOR THE CREDIT SCORE CHECK:- (All copies of documents should be self attested by the customer)

      Identity proof(any 1)

      Address proof

      Electricity bill

      Income proof

Secured Loans

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally loaned to the borrower, for example, foreclosure of a home. From the creditor's perspective, this is a category of debt in which a lender has been granted a portion of the bundle of rights to a specified property. If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgement against the borrower for the remaining amount.

A home mortgage is a very common type of secured loan, one using real estate as collateral. The lender is more confident you will repay the loan in a timely fashion because you could lose the collateral – your home! – if you fail to make payments.

Assets That Can Secure a Personal Loan

Not all secured loans are structured the same way.

A Home

An Automobile

Other Money: Savings, Certificates of Deposit


Documents required:- (All copies of documents should be self attested by the customer)

You will, of course, need to submit a bunch of documents to the lender or bank, so that they can establish your identity, address, and other details. Documents you will require for different kinds of secured loans are:

Mortgage loan:

Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.

Proof of age – Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc.

Proof of income – This should be an official / certified document which contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 3 months or Form 16 duly filled in and attached to a salary certificate.

Proof of residence – This should also be a certified document that verifies your residential address in the eyes of the law. Could be either your phone/internet bill, rental agreement, bank account statement, etc.

Original property documents of the property that is being pledged as collateral against the loan.

ank statements for the last 6 months.

Guarantor (optional).

Copy of lease agreement for LRD (Lease Rental Discounting).

Car loan:

Proof of age – Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc.

Duly filled in application form. This is available from the bank itself.

Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.

Passport sized and stamp-sized photographs.

Proof of income– An official / certified document which contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 3 months or Form 16 duly filled in and attached to a salary certificate.

Bank statements for the last 6 months.

Verified proof of signature. The lender will require many specimen signatures, verifiable against certified documents that already contain your signature.

Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone/internet bill, rental agreement, bank account statement.

Home loan:

Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone/internet bill, rental agreement, bank account statement.

Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.

Bank statements for the last 6 months.

Guarantor (optional).

Business loan:

Company profile and product range – a description of your company, the products or services it exchanges for money, its managers and functions.

Promoter profile.

Audited balance sheets for the last 3 years.

Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone/internet bill, rental agreement, bank account statement.

Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.

Unsecured Loans

A Personal Loan is a viable way to fund anything from Emergency to a holiday abroad to your child’s education and a home renovation to a wedding in the family. One can avail of a loan without any collateral or security for a pre-decided period of time at a particular rate of interest. In order to apply for a loan and minimize the risk of lenders, the borrower will need to provide proof of employment and income along with sufficient identity proof.

You might have planned your finances diligently and with utmost care. But there will be situations where you are caught unaware and have unexpected bills to pay urgently. At such junctures, when you have very few options left to arrange money, personal loans can come in handy.

But once you have taken a personal loan, you need to pay the EMIs that includes principle repayments as well as interest payments. It is then your duty to find options that can help you reduce your interest costs and EMIs. This is possible if you can transfer your personal Loan to a financial institution, which offers lower rate of interest

Documentation required for Salaried Individuals:- (All copies of documents should be self attested by the customer) Identity proof: Aadhar Card, Valid Passport, Valid Voter ID Card or a Valid Driving License

Address Proof: Ration card/Passport/Telephone/Rental Agreement/ Electricity bill

6 months bank passbook or last 3 months bank statement

Recent salary slip or current salary certificate.

Latest Form 16

Documentation Required for Self-Employed Individuals and Working Professionals

PAN Card: For Company /Firm/ Individual

Identity Proof: Passport/Aadhar Card/Voter's ID card/Driving License/Pan Card

Address proof: Aadhar Card/Passport/Driving License/ Voter ID-Card

Latest 6 months Bank Statement

Latest ITR along with computation of income, recent Balance sheet along with Profit & Loss a/c (CA Certified /Audited) for the last 2 years

Proof of Continuation

Apart from these documents, other compulsory documents are – Sole Proprietorship Declaration Or Certified Copy of Partnership Deed, Certified original copy of Memorandum and Articles of Association (certified by Director) and Board resolution (Original).

Process for Personal Loan:


Lenders have set minimum eligibility criteria for their personal loans. This can include any of the following:

Age. You will need to be 18years or older to apply for a loan in most states. Some states require you to be 19years or older.

Income. You may need to earn over a certain amount to be eligible to apply for a loan. Check with the lender for any annual income requirements.

Employment. Most lenders will require you to be employed and working in a stable job.

Residency. Must be an Indian citizen, a permanent resident of India.

However, even if you meet the minimum requirements for a loan you won’t be approved unless you can prove you can afford the repayments. Lenders determine this by looking at your income, your debts and the stability of your employment.


The application process for a personal loan differs between lenders. Generally, you will have the option of applying online, in-branch (if the lender has branches) or over-the-phone.

ID. You will need to provide your driver’s license, passport or another form of government-issued identification.

Proof of income. Depending on the lender you may need to provide three to six months of pay stubs, bank account statements and/or two years’ of tax returns if you’re self-employed.

Other financial documents. If you have other debts, such as loans or credit cards, you may need to provide statements from those accounts.

Online applications usually take just a few minutes to complete if you have all your information ready.


Some lenders can give you an answer instantly while others may take a few days or weeks to approve. There are two forms of approval: full approval and conditional approval.

Conditional approval usually takes less time but is given on pending more information from you, such as additional pay stubs or documents relating to your assets or debts. Lenders may just ask for this information and not offer any conditional approval. This is to help them make a more informed lending decision.

Full approval is given when you have supplied sufficient information for the lender to make a decision on your application.

Loan Funding

Your loan can be funded in a number of ways depending on the type of loan it is and what you’re using it for. For example, when you take out a car loan the lender may pay the car seller directly. This is often the same case with a debt consolidation loan as well, with the lender directing funds to your debtors directly rather to you.

If it’s an unsecured personal loan, the funds will be sent to the bank account you select. Some lenders can transfer funds on the same day of approval while others might take a few days following approval.


Most repayment terms are monthly. When choosing your repayment structure, you may want to consider additional and early repayments.

      Find out if your lender will charge fees for additional repayments.

      Check if your lender has restrictions on how much you can repay extra per year (fixed rate personal loans may have this).

      If you’re planning to repay your entire loan balance early, check if there is a penalty is applicable.

Loan closure

If you’re simply making your repayments as set out in your loan contract, then your loan should be closed following your final repayment. However, if you are planning to repay your loan early, it’s a good idea to call the lender and get a final payout figure if you’re getting close to paying off your loan. This is to ensure the loan will be closed when you make your final payment and you won’t be charged any unexpected interest.

Vehicle Loans

A short-term loan in which the borrower's vehicle title is used as collateral. The borrower must be the lien holder. Loans are usually for less than 30 days. If the loan is not repaid, the lender can take ownership of the car and sell it to recoup the loan amount.

The list of the documents required from the customer:- (All copies of documents should be self attested by the customer)

  • PAN Card
  • Driving License
  • Ration Card
  • Aadhar Card
  • Gas Bill
  • Power Bill
  • Bank Pass Book Xerox
  • Property Documents
  • Pass Port Size Photos (4)
  • Cheques(6) or Ecs

Proof of documents required for vehicle:-
  • RC
  • Permit
  • Insurance
  • Tax
  • Fit ness
  • Chassis Print
  • Vehicle Photos
  • House Photos
  • Settlement Letter
  • NOC or 35s
The list of the documents required from the Guarantor:- (All copies of documents should be self attested by the customer)
  • RC
  • PAN Card
  • Driving License
  • Ration Card
  • Aadhar Card
  • Gas Bill
  • Power Bill
  • Property Documents
  • Pass Port Size Photos (2)
  • Government Employee

Post-sanction or Pre-disbursement Documentation:

Loan Agreement duly signed along with the Regional Transport Office set

Standing Instruction (SI) Request / ECS Form / Post-dated Cheques (PDC), Security Cheques required for SI and ECS

Margin money receipt

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