Bank will sanction loan 80% of quotation amount for new machinery. Applicant has to deposit margin money with bank. Bank will issue banker cheque to dealer.
Loan will be repaid with interest within 60 equal monthly instalments.
Applicant has to submit 60 cheques for repayment of instalments and remaining cheques as per bank’s instruction.
Applicant has to take share @ 2.5% to 5.0% of the limit.
Processing charges of Rs. 50 to Rs. 250 will be levied on saction.
