- 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
- 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.
- 3 Photographs of Applicant
- Address proof – electric bill /telephone bill- land line /Aadhar card (any one) As per KYC norms.
- Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms
- 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)
- 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 @ 2.5% of the limit.