Solvency Certificate 2021: Application form for Solvency Certificate

Solvency Certificate
Solvency Certificate 2021: Application form for Solvency Certificate 4

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Welcome, today we will discuss the applying process for the solvency certificate. A solvency certificate used as a financial document. It shows the financial stability of an entity or an individual. It is usually while appearing for tenders and also used when you are going for the visa interview. It is usually issued by a bank on the basis of the transactions by bank accounts and reports came from a Chartered Accountant.

Document Required for solvency certificate

The documents required would vary from bank to bank. However, the following list of documents are basically required for applying to the Solvency Certificate :

  • The request form(Application form).

  • The current account statement, if any.

  • Copy of passport.

  • Savings account statement, Mutual funds investment, and Investment in shares if any.

  • if applicable, then valuation certificate of the Property from Chartered Engineer, 

  • On basis of the value and weight of gold, the valuation certificate of the Gold, which was issued by Banks.

  • Insurance must be if any.

  •  Statement of the Provident fund account, if any.

  • Net worth Certificate of the Chartered Accountant.

For verification purposes, the applicant has to submit the original documents which were listed above The list of the important documents listed above might differ from one bank to another bank. Therefore, the Applicant could examine with the bank to which he/she is made the application.

Sample Solvency Certificate

The sample of the solvency certificate has been issued by various banks in India which were shown below. To issue the Solvency certificate the involvement of the bank-holders must be on the basis of the seal/sign and also by the bank’s letterhead.

Solvency Certificate
Solvency Certificate

Solvency Certificate Applying Process

During the application process for a solvency certificate, the application form must be given to the bank in which the applicant maintained his/her savings or current account. However, for the solvency certificate, the banker would ask for the other various documents as well as the required information to make your’s solvency certificate. Therefore, in the application form  for a solvency certificate the applicant must fill these following details which were listed below:

Property Valuation for solvency certificate

While filling the application form the applicant wishes to value their property to be taken into consideration, then they have to submit a property valuation report through Bank Panel Valuer or a Chartered Engineer. While applying the application, the Banker wishes to see the original documents of your property.

Gold Valuation for solvency certificate

If the applicant wishes to add his/her gold value into consideration account, then the market value of the gold in your ownership by the bank panel valuer. Normally, the Banks have in-house gold valuers for giving the gold loans.

Bank Statement for solvency certificate

For the solvency certificate, the applicant has to give the bank statement if in case you have money in your savings account, then the applicant has to give the details of all bank statements within your hand.

Fixed Deposit Receipts for solvency certificate

For the solvency certificate, the applicant has to submit all the required details of all fixed deposit receipts in your name, if you have any.

Provident Fund Statement for solvency certificate

If in case the applicant has money saved in their provident fund account, then you have to submit a stamped of your provident fund account statement.

Shares or Mutual Funds for solvency certificate

You have to submit all the details of your money invested in any shares or mutual funds. While pursuing the solvency certificate the surrender value of such investment will be included in accounts.

Net Worth Certificate by Chartered Accountant for solvency certificate

In the end, the applicant can get their net worth certificate through the Chartered Accountant in which a list of all liabilities and assets. Most of the banks in India make a stand on a Chartered Accountant Net Worth statement is required to issue the solvency certificate.

Filling the Application Form for Solvency certificate

While submitting the application for the certificate, the applicant has to submit the photocopy of all their required documents which were declared by the bank official. It must be attached to the document required along with the filled registration form for the solvency certificate. The Applicant must carry their original documents along with them while they will submitting the application form and photocopy of all documents for verification purposes. Once the applicant submits their application with all the needed documents, the bank would work on the application within a week and they will issue your solvency certificate.

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What is solvency certificate?

A solvency certificate used as a financial document. It shows the financial stability of an entity or an individual. It is usually while appearing for tenders and also used when you are going for the visa interview. It is usually issued by a bank on the basis of the transactions by bank accounts and reports came from a Chartered Accountant.

What is the meaning of solvency in Hindi?

The meaning of solvency is “करदानशमता”.

What is the document required for a solvency certificate?

The request form(Application form).
The current account statement, if any.
Copy of passport.
Savings account statement, Mutual funds investment, and Investment in shares if any.
if applicable, then valuation certificate of the Property from Chartered Engineer, 
On basis of the value and weight of gold, the valuation certificate of the Gold, which was issued by Banks.
Insurance must be if any.
 Statement of the Provident fund account, if any.
Net worth Certificate of the Chartered Accountant.