Hypothecation Loan

Machinery/equipment term loan is available for the purchase of old/new machinery. Trading / Manufacturing units, Traders, Business community can avail credit facilities for the development of their business.

Applicant details

• 5 Photographs of Applicant
• Applicant Must be of Regular Member/Nominal Member
• Photo Proof – Driving License/Election Card/Passport/Aadhaar Card
• Copy of PAN Card
• Address Proof – Electric Bill/Telephone Bill (Last 3 Months Old),
• Applicant I.T. Return (Last 3 Years)/Salary Slip of Last 6 Months/Form-16.
• Latest Tax bill /Certificate from the society chairman/Secretary if the applicant owns Property.
• The applicant has to show all original documents to the bank for verification with a photocopy.

Guarantor Details

• Photograph-3 copies
• The guarantor must be a Member of Regular Member or/Nominal Member
• Photo Proof – Driving License/Election Card/Passport/Aadhaar Card
• Address proof – electric bill /telephone bill (any one)
• Copy of PAN Card
• Latest Tax bill /Certificate from the society chairman/Secretary if the applicant owns Property.

Conditions

• The bank will give a loan of up to 80 to 85% of the quotation
• Machinery Loan repayment in monthly EMI.
• Interest will be debited on a monthly basis.
• The applicant has to take insurance of the full value of the Machinery in favour of the bank.
• Applicants have to pay a margin amount to the bank. The bank will issue a banker's cheque of the full amount in the name of the dealer.