Machinery Loan

  • Machinery term loan is available for purchase of old/new machinery. Trading / Manufacturing units, Traders , Business community can avail credit facility for development of business.

Applicant details :

  • Applicant’s last two years Income tax Return /last years balance sheet and profit & loss account of firm/company.
  • Last tax bill / certificate from society chairman/Secretary if applicant own property
  • Applicant should have Savings/ current Bank account with the bank.
  • Bank Statement.
  • Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.
  • 3 Photographs of Applicant
  • Address proof – electric bill /telephone bill- land line /Aadhar card (any one) As per KYC norms.
  • Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms

Guarantor Details

  • Photograph-2 copies
  • Last tax bill
  • Last income tax return copy /Pay Slip
  • Address proof – electric bill /telephone bill- land line (any one)
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)

Conditions

  • Two guarantors are required.
  • Bank will sanction loan 80% of quotation amount for new machinery. Applicant has to deposit margin money with bank. Bank will issue banker cheque to dealer.
  • Loan will be repaid with interest within 60 equal monthly instalments.
  • Applicant has to submit 60 cheques for repayment of instalments and remaining cheques as per bank's instruction.
  • Applicant has to take share of bank @ 2.5% to 5.0% of the limit.
  • Processing charges upto 1000/- will be levied on sanction.