LOAN AGAINST PLANT AND MACHINERY

 

 

Eligibility of borrower:

  • Having current/saving account holder of the Bank.
  • Borrower must be a member of the Bank.

Purpose of Loan:

  • Purchase of Machinery / Equipment for their own business


Quantum of Finance:

  • Up to 70% of the cost of Machinery
  • Maximum finance up to Rs. 30 Lacs.


Features:

  • Loan tenure up to 96 months
  • Nominal Processing Charge
  • 2% loan closure charge of loan outstanding amount will be charged, In case of Loan closed above Rs. 10 Lacs through Bank transfer.
  • Easy Process
  • Interest is to be charged on reducing balance method
  • Two Guarantors, out of one must be a non-relative guarantor


Primary Security:

  • Hypothecation of Machinery

    • Collateral Security:

    • Mortgage of property