PURCHASE OF MACHINERY / EQUIPMENT
RATE OF INTEREST : 12 % p.a.
FEATURES
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- Loan amount will be 75% of cost of machinery / equipment.
- Loan to be paid in 120 instalments and EMI should not be more than 50% of monthly income of borrower.
- Surety of members and hypothecation of machine/ equipment.
- Collateral security of immovable property in case loan is more than Rs.2 lacs.
DOCUMENTS REQUIRED
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- Valuation and legal report of property.
- Copy of Registration certificate issued by authority like registration as S.S.I. unit etc.
- General Insurance policy of machinery and property covering all risks in the joint names of Bank and borrower.
- Copies of Bills with stamped money receipt from dealer/manufacturer of
machinery/equipment. - 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