Purpose:To purchase Machinery / Equipment for Industries, Hospitals, cottage industries etc.
Limit - Rate of Interest |
|
|---|---|
| Up to 50.00 Lakh | 9.85 % (WEF 01-04-2024) |
| Above 50.00 Lakh | 9.95 % (WEF 01-04-2024) |
| Title Clearance Report (if Required) | 2500.00 |
| Valuation Report of Property(if Required) | Max 0.125% of Valuation Amount |
| Mortgage Charges | |
| 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)