Machinery Term 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
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.
3 Copies of Photograph
Address proof – electric bill /telephone bill (any one)
Photo proof – Pan card / Voter card / Driving license (Any one)

Guarantor Details :

Photograph ( 2 Copies )
Last tax bill
Last income tax return copy
Address proof – electric bill /telephone bill (any one)
Photo proof – Pan card / Voter card / Driving license (Any one)

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 instalments.
Applicant has to take insurance of full value of Machinery in favour of bank.
Applicant has to submit admission letter and details of college / University.
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 % of the limit with maximum upto Rs: 20,000/-