Eligibility Criteria :
- For purchase of new machinery for the purpose of Business.
- Maximum Loan facility upto @ 80 % of the Cost of machinery.
- Amount of Loan will depend upon the repaying capacity, Nature of business,
Primary Security : Hypothecation of Machinery.
Collateral Security : Not required.
Effective Rate of Interest : 13.00 % *
Processing Charges : Nil
Share Money Contribution : 2.5 % of the Limit Sanctioned.
Tenure For Repayment : Loan to be repaid in maximum 48 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 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.
- Insurance of stock and mortgage property to be taken in favour of bank by the applicant.
- Purchase of Machinery bill and receipt.
For the Guarantor/s.
- 1- Photograph of the 2 (Two) guarantors
- Two (2) cheques with signed
- Address proof – 1 copy and Photo proof – 1 copy.
- One Guarantor Two (2) cheques with signed
- Note : Other supportive papers/documents/proofs to be produced, if further needed and asked by the Bank’s Advocate / Valuer / Bank.