Charan Machineries & Equipment Loan – CMEL

Eligible category of borrowers

• Regular members of our bank only

Line of activity

• Persons engaged in business / Self Employee having good turnover / income

Quantum of loan

• As mentioned in Interest chart

Repayment

• Monthly Installments + Interest

Rate of Interest

• As mentioned in Interest chart (Subject to changes / revision from time to time)

Purpose

• To meet urgent needs of business or as the case may be.

Security

• Hypothecation of machineries and Equipments and collateral security of Simple Mortgage of landed property having legally valid and marketable title with good value.

Shares

• As applicable

Sureties

• 2 sureties who are necessarily to be regular members of the bank.

Other charges

• As applicable

Documents Required

• Period of Loan upto 120 months.
• Specified loan application.
• Guarantor’s declaration form.
• Address and income proof of both borrower & sureties.
• IT Assessment orders (3 years) / Audited Financial statements.
• All original property documents.
• Valid legal opinion / valuation report on the property along with Insurance
• Required margin as the case may be
• Any other letter/document related to the activity/purpose as the case may be.
• Other terms & conditions as applicable.

For more details / clarification please contact your nearest branch.