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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 :
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Applicant’s last two years Income tax Return /last years balance sheet and profit & loss account of firm/company.
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Last tax bill / certificate from society chairman/Secretary if applicant own property
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Applicant should have Savings/ current Bank account with the bank.
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Bank Statement.
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Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.
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3 Photographs of Applicant
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Address proof – electric bill /telephone bill- land line /Aadhar card (any one) As per KYC norms.
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Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms
Guarantor Details
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Photograph-2 copies
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Last tax bill
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Last income tax return copy /Pay Slip
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Address proof – electric bill /telephone bill- land line (any one)
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Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)
Conditions
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Two guarantors are required.
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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.
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Loan will be repaid with interest within 60 equal monthly instalments.
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Applicant has to submit 60 cheques for repayment of instalments and remaining cheques as per bank's instruction.
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Applicant has to take share of bank @ 2.5% to 5.0% of the limit.
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Processing charges upto 1000/- will be levied on sanction.