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:

• 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 :

• Father of the student has to submit document of the property for registered mortgage in favour of bank. Bank charge will be noted in Association /Society book.
• Valuation of the property will be required in case of old property.
• Title clearance and valuation report will be done by approved lawyer and valuer of the bank. Applicant has to pay their fees.
• Bank will keep 25% margin on tuition fee. Hostel fee or total package of fees.
• Applicant has to submit admission letter and details of college / University.
• Applicant has to submit progress report of each semesters.
• Loan is to be repaid along with interest in 60 equal monthly instalments. The repayment will start as soon as applicant complete study and obtain degree. During study period the applicant has to pay interest on regular monthly.
• Father will stand as co-borrower. • Applicant has to provide two guarantor.
• Applicant has to take share @ 1.00% of the limit.

Requirements :

•  PHOTO I.D.(ANY ONE)
• Aadhar Card
• Pan Card
• Voter ID Card
• ADDRESS PROOF (ANY ONE)
• Electricity Bill (not more than 6 months old)
• Municipal Tax Bill
• Pass Port

• Gas Bill /Telephone Bill :Latest
• 1College /School ID Card
• Latest LIC Premium Receipt
• Government/Semi Government ID Card
• Other Bank Passbook
• Passport Size Photograph 2 Copies
• Birth Certificate for minor account
• Introduction From Existing account Holder