Bank Guarantee
 Services

Bank Guarantee 

What would your business do if faced with a situation where a client asks it to offer a financial guarantee from a third party? Such situations are not unique as a lot of businesses face this on a regular basis. What is the solution then? In such cases, you need to approach a bank and ask it to become a guarantor for you. And this very concept is known as bank guarantee (BG).

Bank guarantee is something which is needed a lot by small companies while they deal with big entities or engage in an international level project or assignment. It means, the concept of bank guarantee helps a lot to those entities whose financial capacity is not that big yet they end up doing or engaging in big scale projects on an occasional basis.    

At MyLoanBazar.com, we give you an opportunity to search, compare and select from bank guarantee options offered by different banks and financial institutions. Visit our portal to understand the terms and conditions, benefits and other requirements associated with the bank guarantee. Find the best bank to stand as a guarantee for you and achieve project success without any difficulty.

Bank Guarantee ensures the payment is subject to the services are performed. It guarantees of a sum of money to a beneficiary the sum is only paid if the opposing party does not fulfill the stipulated obligations under the contract.

Myloanbazar.com provides financial solutions through a single window to meet your various business obligations, we help you to stand a banker as Surety and offer Guarantees on your behalf in local and foreign currency for approved purposes, within regulations.

Why MyLoanBazzar.com

Faster loan Sanction.

Quick Disbursement

        Easy documentation

Doorstep service

Competitive ROI- Our team of experts compares &offers you the best available rates and charges.

Transparency- We promise to give to the complete clarity on process of your loan applications, About the Applicable charges &proper update on status of loan application.

Bank Guarantee → Documents

Documents required for processing the loan applications for bank guarantee

Kyc documents-

Sr. No.               Documents type           Required documnents

1                           Id proof                         Copy of, passport / pan card / voter id card / driving license/ ration card / adhaar card

2                           Address proof               Copy of , passport/utility bill/voter id card / driving license/ ration card / adhaar card

3                           Age proof                      Copy of, passport/ pan card/driving license/birth certificate/ration card

4                           Signature proof             Copy of, pan card/bank authorized letter

Financials documents-

Sr. No.            Required documnents

1                         4 photograph for applicant & co-applicant

2                         Company profile (history, background & growth) + director / partner / proprietor (background, 

                           Experience)

3                        Latest list of director & shareholding pattern on letter head attested by ca

4                        Net worth statement of all director attested by ca

5                        Latest sale tax/service tax/ vat/cst/certificate of registration

6                        Copy of moa/aoa/partnership deed (as applicable)

7                        Copy of latest vat  of till date for latest financial year

8                         Copy of provisional balance sheet and profit & loss a/c

9                         Last 3 year, itr + computation of income + auditor’s report +profit & loss+ balance sheet with complete schedule

10                       Last 6 month bank statement of all running bank accounts of company

11                       Last 6 month bank statement of all running bank accounts of director / partner / proprietor.

Property documents-

Sr. No.             Required documents

1                          Copy of property paper with complete back chain

2                          Copy of sanction plan

3.                        Copy of latest house tax receipt

Additional documents-

Sr. No.             Required documents

1                          Copy of sanction letter & amortization schedule of all running loan.

2                          Latest statement of account of all running loan

3.                         Copy of loan closure letter / noc, if any loan closed in last 6 month.

5.                        Copy of work order in hand

6.                        Copy agreement with vendor

Bank Guarantee →Process

Bank guarantee are easy to get if a business meets all the norms and possesses all the documents required by the bank. Your request for a bank guarantee has to go through a standard process where the bank will assess everything regarding you and your business before agreeing to become the guarantee.

Process involved in bank guarantee include:

    First of all, you need to submit with the bank a formal application for bank guarantee

    You need to deposit all the documents required by the bank together with a proposal of the project the loan is sought for

    The bank will ask for a small guarantee fee, which can vary from bank to bank

    You may also be asked for collateral security 

    The bank will analyze the feasibility of the project the loan is sought for

    Your company’s credit worthiness and repayment status will be assessed 

    Your company’s performance status will be reviewed

    Once everything is found in order, an offer letter is issued specifying terms and conditions for the bank guarantee

Visit MyLoanBazar.com to know about the process involved with bank guarantee.