Documents required for bank guarantee
A bank guarantee is a financial tool where a bank or any other financial bodies act as a guarantor of the liabilities. In other words, banks agree to pay the money if an applicant is not able to meet the terms and conditions of the agreement.
Bank Guarantee – Documents Required
For an individual:
- Passport sized photographs of all the directors
- PAN Card copies of all directors and the company
- Address proof of company and directors
Registration certificate of VAT, GST, Sale, and SSI.
GST return for 1 year.
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Statement of saving account for 6 months of all the directors.
- Complete financial with annexure and audit report for last 3 years.
- Income Tax Return and computation for the last 3 years of all directors.
- Updated bank account statement of the company for the last year.
- Complete copy of memorandum order in hand.
- List of shareholders and directors with registered Chartered Accountant as on date.
Eligibility of Bank guarantee - Eligibility criteria for bank guarantee depends on several factors such as repayment history, age of the borrower, total work experience, business turnover, and creditworthiness, etc.
- The age limit of self-employed borrower should be 24 to 65 years of age.
- Business continuity must be a minimum of 2 to 5 years.
- The financial record of an applicant should be good.