LOAN FOR PURCHASE OF ARECANUT PROCESSING MACHINE
Salient Feature of the Loan Product
QUANTUM OF FINANCE
Minimum Loan Amount – Rs. 1 Lakh
Maximum Loan amount – Rs. 5 Lakh
RATE OF INTEREST
- Hypothecation of Machinery as prime security.
- No collateral security is to be insisted upon under this loan scheme. Managers can explore the possibilities of getting liquid security .
- Two co-obligants are to be obtained from other than family members. Co-obligants may be Government Servants / Farmers with at least 3 acres of land / Businessman whose annual income should not be less than 3 lakh as per IT returns.
PURPOSE OF LOAN
70% of the total machine cost is to be granted as loan and is also to be credited to their SB account. Next by debiting the total amount from SB account issue Demand Draft / Pay Order for the total quotation amount along with a covering letter addressed to the dealer is to be sent to the dealer for supply of processing machine to the borrower.
SUBMISSION OF DOCUMENTS
• Before Disbursement :
a. R O R (Pahani) of 3 Acres for 3 years.
b. KYC documents
c. Quotation of Machinery to be purchased
d. Co-obligants :Govt. Servant – Job proof / Salary certificate / Xerox copy of the passbook where his salary is credited.
Farmer – ROR of 3 acres for 3 years.
Businessman – ITR for 2 years with income declaration of
Rs. 3 lakh or more.
• After Disbursement :
a) Collect original Invoice of the Machine
b) Collect Insurance Policy of the Machine with Banks hypothecation clause.