GST No.: 24AABAT4356N1Z6               

Tuf Machinery Loan

Eligibility of borrower
  • Any Individual, Proprietorship firm, Partnership firm, Pvt. Ltd. Company, LLP firm [ Except HUF, AOP ] having current account with the Bank and complied with the norms of KYC.
  • Having good reputation and Credit worthiness and a profit making firm / company.
  • Must having experience in the respective field.
  • All individuals and firm must be regular member of the Bank.
  • Having sufficient score in CIC's reports
Purpose of Loan
  • Purchase of new technologically upgraded machinery as well as second hand imported technologically upgraded machinery for their own business.
Quantum of finance
  • Up to 85% of an authorized dealer's valid quotation for new machinery.
  • In case of old imported machinery loan up to 70% of valuation certificate of the chartered engineer of exporting country.
Share Linkage
  • Borrower must have Bank share holding @ 1% of the loan sanction  amount.
Repayment period
  • Maximum 84 Months.
Rate of Interest

10.25% p. a.

Securit

Prime :  

  • Machinery should be hypothecated to the Bank.

Collateral :

  • Up to 100 % Collateral security by way of equitable / simple mortgage of title cleared property of the borrower / guarantor should be obtained.

OR

  • 70% FD against loan amount in applicant firm's name to be pledged.

OR

  • 60% FD against loan amount in applicant firm’s name to be pledged as per under noted conditions :-

[ A ] Maximum sanction amount should not exceed rupees one crore under this parameter.

[ B ] If an existing one year old regular installment repaying borrower needs further fresh loan in the same name / firm.

[ C ] If an applicant represents a guarantor who is an existing one year old C/C OR Machinery loan holder of our Bank with all other regularities and have mortgaged his own property with the Bank.

[ D ] If an applicant surrenders original Kabja Karar of his own or guarantor’s property having market value equivalent to the loan amount by way of PA in favour of the Bank.

 OR

  • 50% FD against loan amount in applicant firm’s name to be pledged as per under noted conditions :-

[ A ] Conditions mentioned above under A to D will be applicable.

[ B ] Moratorium period will not be allowed.

[ C ] Interest will be charged 0.50% more than the regular rate.