Machinery Loan

Machinery Loan

  • Machinery term loan is available for purchase of new machinery. Manufacturing units, Traders , Business community can avail credit facility for development of business.

Applicant details :

  • Applicant’s last three years Income tax Return /last years balance sheet and profit & loss account of firm/company.
  • Last tax bill + receipt / certificate from society chairman/Secretary if applicant own property
  • Applicant should have Savings/ current Bank account with the bank.
  • Bank Statement.
  • Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.
  • 4 Photographs of Applicant + Receipt
  • Address proof – electric bill /telephone bill- land line /Aadhar card As per KYC norms.
  • Photo proof – Pan card / Voter card / Driving license As per KYC norms

Guarantor Details

  • Photograph-2 copies
  • Last tax bill
  • Last income tax return copy /Pay Slip
  • Address proof – electric bill /telephone bill- land line (any one)
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)

Conditions

  • Two guarantors are required.
  • Bank will sanction loan 80% 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 submit 60 cheques for repayment of instalments and remaining cheques as per bank's instruction.
  • Applicant has to take share of bank @ 1.00% of the limit.

Requirement Documents

Valid Photo I.D.(Any One) Address Proof (Any One)
Adhar Card Adhar Card
Pan Card Electricity Bill (not more than 6 months old)
Voter ID Card Municipal Tax Bill
Pass Port Gas Bill  / Telephone Bill :Latest
College / School ID Card Latest LIC Primium Receipt
Government / Semi Government ID Card Other Bank Passbook
  • Passport Size Photograph 2 Copies
  • Birth Certificate for minor account
  • Introduction From Existing account Holder