Purpose

Personal/ Commercial loans for purchase of  Machines or Computers

Eligibility

Salaried Employees /Businessmen/Professionals

Limit of loan

Depending upon repayment capacity OR cost of new Machines 

Basis of Advance

1. upto 90% of cost of new machine.
2. 50% of the valuation of old machine

Repayment Period

36 months for Machines or Computers

Rate of Interest

CLICK HERE FOR THE RATES

Shareholding/ Membership Contribution

2.50% of loan amount for limits of Rs.1.00 lac and above.

Guarantors

As acceptable to the Bank. ( with good net worth)

Documentation

1. 1. Duly filled prescribed application form
2. 2. Photo Identity & Residence Proof of the Applicant &  Guarantor
3. Income proof a) or b) frombelow as applicable
    a) Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years, Bank Statement for last 6 months
    b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.