1. A cowl letter with the corporate seal affixed to it
2. The official deal with of the person applicant or Firm.
3. Office address of the person applicant or Firm
4. Certified True Copy of the CAC Incorporation Documents- CAC 2 & or CAC Form 1.1
5. Memorandum and Article of Affiliation of the company
6. Certificate of Incorporation of the company
7. Tax Clearance for the individual applicant or private loan Company Physique, if it is an organization newly incorporated, then present proof that the company is a registered taxpayer.
8. Three-year tax clearance for not less than 2 directors of the corporate where the applicant is an organization.
9. Police Clearance for the individual applicant or administrators of the company
10. Reference Letter from a business financial institution
11. Visitation and inspection.
“We have seen many circumstances beneath the new rules where the debtors have been told to renew their mortgage by paying 14% of the precept amount. This could possibly be an unconscionable transaction given that the debtor ends up paying extra per month than what would have been due per 30 days under the new rules” mentioned Mr Lee Ee Yang, the managing director of law agency Covenant Chambers LLC.
Additionally, it’s imperative that we act shortly. Most MSMEs surveyed in the report only had cash-flows lasting a month. Even others stated they may last 3 months at finest. If they go bankrupt within the meantime, they aren’t coming back. It’s Endgame. Not only for MSMEs, but the job market in India.