NEWS & ANNOUNCEMENTS
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Machinery Loan

Machinery term loan is available for purchase of 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 / Payslip of last 3 months / Notarized income certificate for joint family.
  • Last tax bill / certificate from society chairman/Secretary if applicant owned property
  • Passport size Photographs of Applicant.
  • Address proof – electric bill /telephone bill (any one) As per KYC norms.
  • Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms
  • Bank Statement of last 2 years
  • Applicant has to show all original documents to the bank for verification with xerox copy. Original documents will be returned to applicant after verification.

Guarantor details

  • Passport size Photographs
  • Last tax bill
  • Last income tax return copy
  • Address proof – electric bill /telephone bill (any one) As per KYC norms
  • Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms

Conditions

  • 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 installments.
  • Applicant has to take insurance of full value of Machinery in favour of bank.
  • Machinery purchased will be hypothecated to bank.
  • Applicant has to submit invoice and receipt copy to the bank.
  • Applicant has to submit 13 cheques for repayment of installments and remaining cheques as per bank's instruction.
  • Applicant has to take share @ 5.00% of the limit.