|Eligibility of borrower||* Having current account holder of the Bank
* Have good reputation and Credit worthiness.
* Borrower/ Partners/ Directors/ Guarantors must be a member of the Bank.
|Purpose of Loan||Purchase of Machinery for their own business.|
|Quantum of finance||Up to 80% of the cost of machinery.|
|Share Linkage||Borrower must have Bank share Linkage @ 1% of the loan sanction amount.|
|Repayment period||Maximum 120 Months.|
|Rate of Interest||
Up to Rs. 1 Crore 10.75% p. a.
Above Rs. 1 Crore 10.25% p. a.
* Machinery should be hypothecated to the Bank.
* Bank's name plate indicating machinery hypothecated to the
Bank will have to be displayed on factory where the machinery
has been installed
* Third party guarantee of two personal guarantors having good
worthiness and financially sound and member of the Bank.
* Simple mortgage of title cleared property of the borrower/ guarantors.