Entrepreneurs can apply for loans from AFC presently offline. The steps to apply for loans presently in offline mode are as follows:

Step 1

An entrepreneur will visit the nearest AFC branch office in the proximity of your location at AFC’s District Head Quarters proposed for financial assistance and request a loan application form. Intending borrowers may also approach the Corporation at their Head Office CLPC section (Central Loan Processing Cell) at Guwahati.

Step 2

A preliminary discussion will be held with the prospective borrowers and can make queries and satisfy the officer in charge with information/documents and profile for obtaining loan application form. The cost of Application is Rs 500.00 per set of loan application forms.

Step 3

Fill out the hard copy of the application form and submit it at the branch office.

Step 4

AFC branch office will contact the applicant to verify the loan documents and the requirements. Also, the applicant will have to Submit a project report related to the project intended for assistance having all relevant details technical and financial and additional statements security, balance sheet, P & L account of the concern as required accordingly.

Documents needed to be submitted for a Commercial Loan are:-

I. Common Documents

• Duly filled loan application form
• Proof of Identity: Aadhaar Card / Voter’s ID Card / Passport / Driving License / PAN Card
• Proof of residence: Aadhaar Card / Recent telephone bills, electricity bill, property tax receipt /Passport / voter’s ID Card of Proprietor, Partner / Director (if a company)
• Proof of business Address
• Memorandum and Articles of Association of the Company / Partnership Deed of partnership firms, etc.
• Duly filled loan application form
• Proof of Identity: Aadhaar Card / Voter’s ID Card / Passport / Driving License / PAN Card
• Proof of residence: Aadhaar Card / Recent telephone bills, electricity bill, property tax receipt /Passport / voter’s ID Card of Proprietor, Partner / Director (if a company)
• Proof of business Address
• Memorandum and Articles of Association of the Company / Partnership Deed of partnership firms, etc.
• Assets and liabilities statement of promoters and guarantors along with latest income tax returns.
• Assets and liabilities statement of promoters and guarantors along with latest income tax returns.

II. Additional documents based on activity undertaken

• SSI / MSME Udyam Registration Certificate / Udyog AADHAAR Memorandum, if applicable.
• Projected balance sheets for the next two years in case of working capital limits and for the period of the loan in case of term loan.
• Last three years balance sheets of Firm, Company, etc
• Copies of lease deeds/ title deeds of all the properties being offered as primary and collateral securities
• Certificate of incorporation from RoC in case of company (CIN No. and DIN no. of directors)
• Bank Account details wherever applicable (with details of outstanding in case of existing loans / limits)
• Brief Profile of the unit, management, Key persons, Industry etc.
• Details of associates, brief profile of the associates, their banking arrangement & financials of the associates for the last year.
• Copies of Statutory approvals viz. License/ approval from regularity authority, Pollution Control Certificate, GST / VAT registration, etc.
• Documents, licenses etc which are required based on the nature of the business entity such as manufacturing, trading, export-import, IT, service sector, etc.

Step 5

The final proposal and he documents submitted to the branch office will be checked by the branch office and forwarded to Head Office for final approval of the loan.

Step 6

The loan request will be approved if successful after the appraisal process.

Step 7

AFC will sign an agreement along with other legal documentations with the applicant to complete the process.

Step 8

The loan amount will be credited to the applicant’s account after signing the agreement.