VVCC Bank| SMSBanking
VVCC Bank| SMSBanking
Machinary Loan

Purpose:To purchase Machinery / Equipment for Industries, Hospitals, cottage industries etc.

Limit Rate of Interest
Up to 50.00 Lakh 11.00 % (WEF 01-11-2018)
Above 50.00 Lakh 10.50 % (WEF 01-11-2018)

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)

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 amoun
Mortgage Registration Charge Max. Rs. 6000.00
Stamp charges for Loan Agreement @ 0.25% of Loan amount

VVCC Bank| SMSBanking