To verify that the stock has not been over-valued or improperly insured. Why Accurate Reporting Matters Banks calculate your loan limits based on a strict formula:
Disclaimer: This blog post is for informational purposes only. Please consult your bank branch for the specific forms required for your loan account.
Ensure the inventory matches your physical verification.
A stock statement is a formal document provided to a bank by a business that has taken a loan (like a Cash Credit or Overdraft). It provides a detailed, itemized list of all stock-in-trade—also known as inventory—held by the business, along with details of the debtors and creditors. It essentially answers the bank’s core question: “If you don’t repay the loan, what physical goods can we take possession of and sell to recover our money?”
Always maintain a copy of the submitted statement for your own records, along with the acknowledgment receipt from the bank. canara bank stock statement format pdf link
: Stock statements must generally be submitted by the 7th to the 15th day of the following month (e.g., January's stock statement is due by February 7th–15th). Check your specific sanction letter for your exact deadline.
Authorized signatory must sign and stamp the document. Important Guidelines for Submission
Accurate filling of the stock statement is crucial. Any discrepancy may lead to rejection or delay in loan processing.
Signature of Branch Official (for verification) To verify that the stock has not been
Once the PDF is downloaded and printed, the borrower must fill it out accurately. Accuracy is paramount; inflating stock values to secure higher drawing power is considered a fraudulent activity and can lead to the classification of the account as a Non-Performing Asset (NPA) or invite legal scrutiny.
facility at Canara Bank, the monthly "Stock Statement" isn't just paperwork—it’s the lifeline that keeps their funding active. This document, often referred to as Form NF 902
Note: It is highly recommended to obtain the latest version of the form directly from your home branch or Canara Bank's official corporate banking portal, as formats may be updated. How to Fill Out the Canara Bank Stock Statement (NF-902)
The authorized signatory of the company must sign the statement and submit it to the branch manager or relationship manager. Why Submitting on Time is Crucial Ensure the inventory matches your physical verification
To understand the importance of the format, one must first understand the utility of the document itself. A stock statement is a periodic report submitted by a borrower to the bank. It provides a detailed summary of the inventory (stock) held by the business and the book debts (receivables) outstanding at a particular point in time.
It ensures the bank that the loan is backed by sufficient, realizable assets.
Submit the form to the Canara Bank branch along with a covering letter, if required. Frequently Asked Questions (FAQs) What is NF 902 in Canara Bank?