|Eligibility of borrower||* Having current account holder of the Bank
* Have good reputation and worthiness.
* Borrower/ Partners/ Directors/ Guarantors must be a member of the Bank.
* Machineries which are to be purchase, must be covered under TUF scheme
|Purpose of Loan||Purchase of Machinery for their own business.|
|Quantum of finance||Up to 85% of the cost of machinery.|
|Share Linkage||Borrower must have Bank share holding @ 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 machineries / factory where the machinery has 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