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Term Loan For Machinery

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  • Term Loan For Machinery

Loans

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Eligibility Criteria :
  • For purchase of new machinery for the purpose of Business.
  • Maximum Loan facility @ 75 % of the Cost of machinery.
  • Amount of Loan will depend upon the repaying capacity, Nature of business,  offering of collateral security  and the  worth of the personal guarantees.
  • Personal Guarantee of at least two persons having income / asset expectable to the Bank.
Primary Security :  Hypothecation of Machinery.      
Collateral Security :    Not required for Limit Below Rs. 2.00 lacs.
Effective Rate of Interest : 13.00 % *
Processing Charges :  At the prevailing rates of the Bank from time to time.
Pre-payment Charges :  Nil.
Share Money Contribution :  2.5 % of the Limit Sanctioned. 
Tenure For Repayment : Loan to be repaid in maximum 60 EMI .
How to apply :
An application in Bank’s Prescribed Form duly filled up having been affixed with the Photographs of the applicant/s and guarantors along with their signatures to be supported by the papers / documents detailed as under.
For the Applicant/s.
  • Quotation for the purchase of machinery.
  • Income Proof.
  • Proof regarding Registrations of the business.
  • Proof regarding place of business.
  • Copy of I.T. Pan card.
  • Residential Address Proof.
  • Projected figures for next 5 years for loan more than Rs. 5.00 lacs.
  • Present Bank A/c Statement for the last six months.
  • Statement of A/c for Loan / Advance facility availed from other Bank / F.I.
For the Guarantor/s.
  • Photo I.D.
  • Income Proof.
  • Residential Address Proof.
  • Proof of Residential Property owned in their name.
Note :
Other supportive papers/documents/proofs to be produced, if further needed and asked by the Bank’s Advocate / Valuer / Bank.
* Conditions applied.