217      
3050 Crores

Hypothecation Loan

Hypothecation Loan is provided  for the purpose of growth of a firm or company. This type of loan can be considered for SSI, other manufacturing and processing industrial unit to meet their need for establishment of new unit, purchase of plant and machinery. The loan can be considered against the hypothecation of plant and machinery and finished/semi-finished goods. Society considers a loan for up to 75% of the value of plant and machinery and stock. Wherever possible, land and building owned by the applicant/borrower shall be taken as collateral security by way of mortgage.


Eligibility :

  • Member of the Society.
  • Either single account or joint account with other family members, viz. father, mother, wife, son or daughter with regular source of income.
  • Individuals who may be employed/self-employed in business having regular income. Permanent employee of Central/State/Defense/Police Force/Public or Joint Sector Undertaking/reputed firms/established Educational Institute/Professional/Businessmen having regular income.

 

Purpose of Loan

  • For purchase of new two/four wheelers, for personal or professional use.
  • To meet personal expenses or purchase of consumer durables.
  • For Purchase of Machinery and Equipment

 

Quantum of Loan

  • As per elibility

 

Quantum of Finance

  • 90% of Cost of vehicle +Registration Charges + Insurance.

 

Repayment Details

  • By EMI or Regular
  • The maximum repayment period should not exceed 7 years

 

Rate of Interest

  • 16% Reducing Balance

 

Processing Charges & Service Tax

  • 0.70 %  processing fees and other charges (Inclusive) PLUS Service Tax as applicable

 

Other Attractive Features

  • No prepayment penalty
  • Insurance facility against Personal Accident (Death)
  • Flexible repayment schedule
  • Interest on a daily reducing balance basis

 

Criteria for loan sanctioning

  • Photo Identity Proof:

         - Pass port

         - PAN card

         - Voters Identity Card

         - Driving License

  • Residence Proof:

         - Telephone Bill

         - Letter from any recognized Public Authority

         - Electricity Bill

         - Ration Card

         - Letter from employer subject to satisfaction on Bank

         - Properly Tax Book/Receipt

         - Registered Lease Deed

  • Application in prescribed form.
  • Two photographs of borrower and Guarantors.
  • Address proof of borrower and guarantors, copy of Ration Card, Election Card, Telephone bill, Driving License, etc.
  • Wherever possible, Income proof should be obtained or branch should confirm/ascertain the income of the borrower to judge the repayment capacity.
  • Quotation of the approved dealer.
  • Profile of Guarantors.
  • Loan should be guaranteed by two good guarantors having individual worth more than the quantum of finance.
  • Insurance cover of the vehicle.
  • Society’s charge to be registered with R.T.O.
  • Stamped receipt, invoices, duplicate key shall be obtained.
  • Blank transfer of Vehicle form (29 & 30) to be signed by the borrower.
  • Copy of driving license of the borrower.
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