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Advance Against Machinery / Vehicle

  1. Beneficiary – Those who wants to purchase new / old Machinery or Vehicle.
  2. Sanctioning Limit – One can avail this type of loan facility after fulfilling necessary formalities and documents depends upon the income source   and repaying capacity of the borrower at the prevailing rate of interest decided by the Bank.  For purchase of new machinery / vehicle, 70% amount of quotation (excluding Tax, Insurance amount) is to be sanctioned and for purchase of old machinery / vehicle, the 40% - 50% amount of valuation of machinery / vehicle is to be sanctioned depending upon the age and valuation of machinery / vehicle.
  3. Criteria to avail Ad.Ag. Machinery / Vehicle loan
  4. Borrower should be member / shareholder of the bank.
  5. If any one who is not shareholder of the Bank and wants to avail the loan, he has to become shareholder by depositing Rs. 1,010/- towards membership.
  6. The 2.5% amount of the sanctioned loan is to be deducted as share amount.
  7. Borrower should submit his photograph, residential proof, income proof, financial statements etc.
  8. 2 shareholder alongwith their income proof, financial statement, photograph, address proof etc. is required as guarantors for the said loan.
  9. Borrower should give advance cheques to Bank for repayment purpose.
  10. The repayment of loan is on EMI (Monthly Installment) basis.

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