Machinery term loan is available for purchase of new machinery. Manufacturing units, Traders , Business community can avail credit facility for development of business.
Applicant:
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 + Receipt of Paid
Last 3 year income tax return copy + Receipt of paid
Address proof – electric bill / telephone bill (any one) As per KYC norms
Photo proof – Pan card / Voter card / Driving license/Aadhar card As per KYC norms
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.
