Purpose:To purchase Machinery / Equipment for Industries, Hospitals, cottage industries etc.
Limit - Rate of Interest
|Up to 50.00 Lakh||09.75 % (WEF 01-06-2021)|
|Above 50.00 Lakh||09.25 % (WEF 01-06-2021)|
|Title Clearance Report (if Required)||2500.00|
|Valuation Report of Property(if Required)||Max 0.125% of Valuation Amount|
|Legal Fees & Misc Charges||5500.00|
|Stamp Duty @ 0.35 % of Loan amount|
|Mortgage Registration Charge Max. Rs. 6000.00|
|Stamp charges for Loan Agreement @ 0.25% of Loan amount|
Terms and Conditions:
- Hypothecation of Machinery / Equipment.
- Collateral Security required.
- KYC Documents with 2 Latest Photographs
- 3 Yrs. I.T. Returns/ Balance Sheet and Statement of Net worth.
- Last 2 Yrs. Bank Account Statements.
- Project report (CMA Data) CA certified. (if new business)
- 2 Guarantors required with KYC and Statement of Net worth.
- Additional Shares (Linking Shares) to be taken @ 01.00% of sanctioned Limit.
- Linking Share amount will be adjusted/refunded at the time of closer of loan account.
- Dividend on linking Shares will be transferred in account as and when declared by the Board of Directors.
- Penal interest @2% extra will be charged in case of irregular A/cs.
- No Objection Certificate from other bank if any other facility availed.
- Principal / Collateral Security must be covered by insurance.
Applicable Approx. Mortgage Charges: (If collateral security require)