Solvency Certificate is a document required for the verification of the financial stature of an account holder. It serves as evidence of financial stability and strength during the visa interview process or for the tender process in government institutions or public offices. If you are applying for a Solvency Certificate then need a set of certified documents for the same.
Table of contents
Documents Required
Generally, to assess the financial status of an individual or an organisation, a set of certain documents is required. Below mentioned is a set of documents required to apply for the solvency certificate.
- You need to fill out a pre-specified application form to apply for the solvency certificate.
- Identification proof is required for identification verification.
- Residential proof is required for current address verification.
- A valid copy of the passport is required.
- Passport-size photographs of an applicant.
- To evaluate the financial history of the applicant, bank statements of the current account and savings account in the same bank are required.
- Documents of any ongoing loan or past loan are required.
- Fixed deposit or recurring deposit documents are required, if applicable.
- Income Tax returns to assess the overall financial status of an applicant.
- Collateral documents are required, if applicable.
- Gold valuation certificate, issued by Banker based on weight and value of gold
- A liability amount certificate and mortgage certificate are also required.
- Land revenue or property tax receipt is required, whichever is applicable
- Chitta or Patta, Lease agreement, and building valuation certificate are required.
- A net worth statement issued by a chartered accountant. It includes the list of all the assets and liabilities to date.
- Any other investment certificate, if applicable.
- Self-declaration form by an applicant.
Also Read: What is a Loan Capability Certificate?
Requirement of Solvency Certificate
A solvency certificate may be required for several purposes including:
- For government and legal purposes
- Solvency certificate for tenders
- For Visa applications and interviews
- Getting Government and private contracts
Also Read: Check The Steps To Apply For a Solvency Certificate
FAQs
The Solvency Certificate expires in 12 months from the date it has been issued.
Yes, the charges to obtain a Solvency Certificate may vary from bank to bank. Generally, a bank charges around 2,000 INR for a Solvency Certificate.
It is a crucial document that provides assurance of having the necessary means to meet financial obligations.
A solvency certificate is a crucial document that plays an important role in testament to the financial soundness, stability, and credibility of the account holder. Whenever you apply for a solvency certificate, be sure to carry the documents required for the same.
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