MACHINERY / EQUIPMENT LOAN

PURCHASE OF MACHINERY / EQUIPMENT

RATE OF INTEREST : 12 % p.a.

FEATURES

1. Loan amount will be 75% of cost of machinery / equipment.
2. Loan to be paid in 120 instalments and EMI should not be more than 50% of monthly income of borrower.
3. Surety of members and hypothecation of machine/ equipment.
4. Collateral security of immovable property in case loan is more than Rs.2 lacs.

DOCUMENTS REQUIRED

1. Valuation and legal report of property.
2. Copy of Registration certificate issued by authority like registration as S.S.I. unit etc.
3. General Insurance policy of machinery and property covering all risks in the joint names of Bank and borrower.
4. Copies of Bills with stamped money receipt from dealer/manufacturer of
   machinery/equipment.
5. Income proof, ITRs, residence proof, photograph of borrower/sureties and proforma Invoice of machinery/equipment.

NOTE: RATE OF INTEREST GIVEN ABOVE ARE SUBJECT TO CHANGE