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 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.
Guarantor details
Photograph-2 Copies.
Last tax bill.
Last 3 Years income tax return copy
Address proof – electric bill /telephone bill (any one)
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.
