Eligibility of borrower:
- Having current account holder of the Bank.
- Borrower / partners / directors must be a member of the bank.
- Machineries which are to be purchased, must be covered under TUF scheme.
Purpose of Loan:
- Purchase of machinery for their own business.
Quantum of Finance:
- Up to 70% of the cost of machinery.
- Borrower must have Bank's share linkage @ 1% of the loan sanction amount.
- Loan tenure up to 96 months.
- Nominal Processing Charge
- 2% loan closure charge of loan outstanding amount will be charged, In case of Loan closed above Rs. 10 Lacs through Bank transfer.
- Easy Process
- Interest is to be charged on reducing balance method.
- Two Guarantors, out of one must be a non-relative guarantor.
- Hypothecation of machinery.
- Mortgage of property.