 Equipment loan is an innovative retail loan product, initiated by quite a few banks to cater to the diverse needs of its customers. This loan category is comprehensive and can include construction farm equipment loans, medical equipment loans, office equipment loans etc. These loans are available at low interest rates and convenient EMIs. The amount of EMI will depend on a number of factors such as loan amount, tenure of loan, financial standing of the person taking the loan. This loan is granted to companies that are in the need of buying new machinery for there business.
When a company needs this type of loan, they contact the banks and the banks issue them the check in favour of the company from which they are going to buy the machine. The company has to keep some of its assets as security with the bank and the machine is on the company name by hypothecation till the loan is paid back. The rate of interest varies from bank to bank.
Types Of Equipment Loans Available:
- Construction Equipment Loans
- Farm Equipment Loans
- Medical Equipment Loans
- Office Equipment Loans
Documents Required for Farm Equipment Loans:
- Copy of claim
- Proof of ownership of land
- Proof of income
- Proof of residence
Equipments for Agricultural Use:
- Application form with photograph of the customer and all co applicants and the guarantor.
- Performa Invoice of the asset to be funded from an authorized dealer.
- Land records of the borrower/s.
- Land valuation and title search report of the land.
- Residence proof of the borrower/s.
- Identity proof of the borrower/s.
- Signature verification of the borrower/s
- Loan agreement, duly signed by the applicants and guarantor.
Equipment For Commercial Use:
- Application form with photograph of the customer and all co applicants and/or guarantor.
- Performa Invoice of the asset to be funded from an authorized dealer.
- Proof of Income (any of the following) :
- Billing statement for the past one year
- Latest Income tax Return
- Last 6 months bank statement
- Residence proof of the borrower/s.
- Identity proof of the borrower/s.
- Signature verification of the borrower/s.
- Loan agreement, duly signed by the applicants and guarantor.
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