Eligibility:
Firms/Companies (including Contractors) engaged in construction activity.
Purpose:
For financing New Machinery/Equipment/Vehicles for construction activities
Quantum of Finance:
Maximum Rs.5.00Crore.
Margin:
25% of the cost of Machinery/Equipment/Vehicles
Rate of Interest:
Up-to Rs.1Crore (Term Loan up-to one year):
- Up-to Rs.10.00Lac: MCLR + 0.50%.
- Above Rs.10.00Lac to Rs.100Lac: MCLR + 1.00%.
Above Rs.1Crore: Based on Customer Credit Rating.
For Loan Tenor Premium will be: 1 year to 3 years is 0.25% & 3 years to 5 years is 0.50%.
Terms of Repayment:
Loan is to be repaid in Maximum 60 equated monthly instalments (EMIs), commencing from next month of first disbursement.
Security:
Primary
Hypothecation of machinery/ equipment/ vehicles financed by the Bank
Collateral
25% of the loan amount by way of mortgage of property/ land & building/ Liquid security.
Processing Charges:
- Nil up-to Rs.5.00Lac.
- Rs.200/-per lac (maximum Rs.1Lac) above Rs.5.00Lac.