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’s last 3 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
- 3 Photographs of Applicants.
- Address proof – electric bill /telephone bill (any one).
- Photo proof – PAN card copy/ Voter card / Driving license (Any one) of applicant/partners/directors.
- Bank Statement of last 2 years.
- Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.
- Photograph-two copies.
- Last tax bill
- Last 3 year income tax return copy
- Address proof – electric bill /telephone bill (any one)
- Photo proof – Pan card / Voter card / Driving license (Any one)
- Two guarantors are required.
- Bank will sanction loan up to 70% 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 take insurance of full value of Machinery in favour of bank.
- Incase of old machinery, valuation report of the machiney required from the approved valuer and the applicant has to pay their fees.
- Machinery purchased will be hypothecated to bank.
- Applicant has to submit invoice and receipt copy to the bank.
- Applicant has to submit 30 cheques for repayment of instalments and remaining cheques as per bank’s instruction.
- Applicant has to take share @ 2.50% of the limit.
- Processing charges of 0.5% will be levied on sanction.