Machinery Loan

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Machinery Loan

Purpose To Purchase New Machinery (Loans Sanctioned From 01/04/2023)
Margin : 20% of the Quotation (with GST)
Duration : 84 Months To 120 Months
Purpose: Against Own Old Machinery
Margin: 40% of the Valuation
Duration: 60 Months to 84 Months
Rate of Interest: 9.50%
Documentation For Applicant :
  • (1) Passport Size Photos
  • (2) Photo ID - Pancard / I-Card (Ele. Card / Driving Licence / Passport / Aadhar Card)
  • (3) Date of Birth proof
  • (4) Applicant’s Income Proof :
    (i) In case of a Firm/Co. PAN Card and Registration of Firm
    Copy of Partnership Deed (in case of partnership firm).
    In case of private limited co., a copy MoA or AoA
    Copy of Income Tax return and Statement Of Total Income
    Firm’s Last 3 Years’ Trading A/C, Profit & Loss A/C and Balance Sheet with Schedules.
    Business Proof (Any Govt. Certificate) - Partner's or Director's IT Return.
  • (5) If maintaining account with other bank then copy of bank statement and details of loan availed, if any
  • (6) Sales Tax return copy of last year and copy of last year’s sales tax payment receipt.
  • (7) Quotation of machinery / Bank's Approved valuer (For Valuation of Old Machinery)
Documentation For Guarantor :
  • (1) Passport Size Photos
  • (2) Photo ID - Pancard / I-Card (Ele. Card / Driving Licence / Passport / Aadhar Card)
  • (3) Date of Birth proof, if photo ID does not have Birth Date mentioned
  • (4) Income Proof :
    (i) If employed, salary slip of last month and copy of Form-16, IT Return and Statement of Total Income
    (ii) In case of a Firm/Co.
    Copy of Partnership Deed (in case of partnership firm)
    Copy of Income Tax Assessment Order
    In case of private limited company, a copy of Memorandum and Articles of Association
    Firm’s Last 1 Year's Trading A/C, Profit & Loss A/C and Balance Sheet
  • (5) Guarantor's Property Documents : City Surveyor’s Certificate / 7/12 Copy / Certificate Given by the Society / Tax Bill
Note : Certified / Self Attested copies should be attached with this application form

Please Note that this list is Indicative. The Bank may ask for further Document If Necessary.

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