The secret to consistent productivity and higher sales is top-of-the-line machinery and equipment, regardless of whether the business is new, just getting started, or expanding steadily. They not only assist in lowering the need for labour but also in meeting demand during the busiest times of the year, resulting in higher sales and profits. RBS banks machinery Loan is a great option for businesses whose working capital is insufficient for equipment financing. With our financial aid you can Buy, refurbish, modify Or change existing machinery to grow your business.
Features
Rates & Charges
Repayment Period
Eligibility Criteria
Documents Required
Features
- Instant machinery Loan to increase productivity & benefits
- Can Purchase of New/Old Machinery
- Can purchase New/Old Machinery Other than Industrial
Rates & Charges
- Margin:25.00 % of Quotation/Agreement/Estimate for New Machinery.
- 50.00 % of Agreement/Valuation whichever is less for Old Machinery
- Rate of Interest: 10.00% p.a upto 5 Years.10.10% upto 7 Years for Industrial Machinery
- Pre-Payment Penalty: 0.00% + GST
- Upfront Processing fee: @ 0.40% + GST on one-time basis, on total sanctioned
amount - Penal interest: 2% to be charged for the period of default in repayment
Repayment Period
- The mode of repayment will be EMIs or EQIs.
- The repayment period will be a maximum of 7 years for the New Machinery.
- The repayment period will be a maximum of 5 years for the Old Machinery
- The moratorium period will be a maximum of 18 months.
- For Agriculturists, the mode of repayment can as per income generation
- For Salary Earners/Businessmen/ Professionals/Self-employed Applicants, the repayment can be done through EMIs/EQIs.
Eligibility Criteria
- The applicants should have completed 18 years
- Applicants should be A Class Member of our bank.
- For salaried Applicants, their proportionate take-home salary including proposed loan repayment net take-home should not be less than 1/3rd of the total salary.
- The loan should close before 6 months of retirement age for salaried employees.
- Salaried Applicants should have a deduction in the provident fund (PF).
- Businessmen/Self-employed Applicants should have income proof of the last 3 years.
- For Businessmen/Self-employed Applicants, the proportionate to average monthly take-home income (NP + Depreciation) of the last three years, including proposed loan installments should not be less than 1/3rd, as per income tax returns. Least of the above.
- Agriculturists should have income proof.
- For agriculturists, the proportionate to average annual take-home income of the last 3 years, including proposed loan installments should not be less than 1/3rd. Least of the above.
Documents Required
- Proof of identity
- Proof of address
- Proof of income
- 5 PDCs
- Standing instructions of Saving / Current Accounts/CC Accounts / ECS.
- Proof of business ownership
- KYC of Applicant(s) & Guarantor(s).