Machinery / Term Loan
Smart financing solutions for your business growth & equipment needs
Purpose
Arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in instalments.
Document Required
- Duly filled prescribed application form.
- KYC documents of applicant and 2 Guarantor i.e. PAN Card, Aadhar card, latest photograph, Identity proof, (e.g. Voter ID, Passport, Driving Licson ) residence proof.
- Quotation of vehicle.
- Two Guarantor with KYC documents of applicant i.e. latest photograph, Identity proof, residence proof.
Eligibility
- An individual, Firm, Private Ltd. Companies, Public Ltd. (subject to Transport Management Directive)
- For Individual:
- Repayment is to be ensured within 65 years of age.
- Net income to be minimum 150% of the EMI obligation.
- For Business firms/concerns:
- For existing business firms/concerns (this business should be running since at least last 1 year and generating cash profits)
- For new business less than 1 year’s operations, repayment can be considered on future cash flows based on realistic projections.
- Debt Service Coverage Ratio to be minimum 1.50:1
- We give loan up to 70-75% of quotation of basic price. for transport/ commercial vehicle Bank will give loan up to 70% of quotation of basic price.
Rate of Interest
12%* p.a
Machinery Loan Interest Rate 11%* p.a.