TERM LOAN

WORKING CAPITAL TERM LOAN ( WCTL )

 

This term loan is extended to specific business units to meet the short term requirements of the funds to repay short term liabilities and also in case case credit facility limited extended is not enough to fulfill the working capital needs.

MACHINERY & EQUIPMENT FINANCE ( MEF )

 

The fund is used for purchase of new machinery required for existing unit or new unit being started for existing business. The purchased machinery is the primary collateral for this loan and the same remains mortgaged till the repayment is completed.

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Frequently asked questions

Term Loan

Features of Working Capital Term Loan


Working Capital Demand Loan (WCDL) is provided to extend long term working capital credit facilities to entrepreneurs. Suitable for Mid / Large corporates having turnover more than Rs.100 Crores. It shall be within the assessed working capital limits. It can be available as a sub limit of funded working capital limit. Period of the loan is upto 84 months Repayment can be made in Monthly /Quarterly / Half yearly installments




Collateral Required for Working Capital Term Loan


Primary Hypothecation / extension of Hypothecation charge over the fixed assets or machinery Collateral Extension of charge over current assets Additional tangible security such as immovable properties / bank deposits etc. Others Personal guarantee of proprietors / partners / promoters OR Corporate guarantee




At a Glance - Term Loans


BASIC PARAMETERS:

  • BUSINESS VINTAGE : minimum 3 Years
  • LOAN AMOUNT : 10 Lakhs and above
  • TENURE : upto 7 year (including MORATORIUM)
  • TURNOVER REQD. : minimum Rs. 50 Lakhs
  • RATE OF INTEREST : 9% to 15%
  • CREDIT SCORE : minimum 650
  • FOIR / DSCR : 70% / 1.3x
  • LTV : 70% to 150%
  • PROCESSING FEE : 1%
  • INSURANCE : depends on the property




Features & Benifits of Machinery & Equipment Finance


  • Tenure up to 60 months
  • Financing for a whole range of construction equipment such as, Backhoe Loaders, Excavators, Mini Excavators , Tipper/ Dumpers, Transit Mixers, Self Loading Concrete Mixers , Cranes (Pick N Carry, Heavy Duty, Tower & Derrick , Telescopic , Crawler), Wheel Loaders, Compactors, Road Rollers, Pavers, Dozers, Graders, Compressors, Drills, Hot Mix Plants, Concrete Pumps/ Boom Placers, Crushing Plants, RMC Plants, Rock Breakers, WMM Plants, DG Sets, Fork Lifts, Reach Stackers, Piling Rigs and others.
  • Up to 100% finance on asset cost
  • Finance for Used equipment (Re-finance & Re-purchase)
  • Top-up on existing loans
  • Customized financing solutions to meet individual requirements
  • Simple documentation and easy processing.




Documents required for Machinery & Equipment Finance


  • Proof of Identity & Address Proof - (Passport / Voter's ID / Driving License / PAN Card*/ Aadhar Card or Proof of possession of Aadhaar number (on Voluntary basis))
  • Driving License/ Voter's ID / Utility Bill (any 1 which is not more than two months old of any service provider - electricity, telephone, post-paid mobile phone, piped gas, water bill) / Registered Rent Agreement / Passport)
  • Driving license, in case of First time users
  • Documents to prove relevant experience, in case of First time users.
  • Land holding proof, in case of Farmers
  • Bank statements or Latest bank passbook (updated within 90 days)
  • Fleet list details , Income Tax (ITR) and financial statements for the last two years complete with schedules and P&L account , proprietorship declaration, partnership deed, memorandum/association of article (MOA/AOA), board resolution Or Other documents as per requirements.




Who can avail Machinery & Equipment Finance?


  • First time User ( Buyers )
  • Hirers of Construction, earthmoving , Concrete and material handling equipment & plant hirers
  • Small and medium contractors of Government and private agencies, viz., irrigation, public works department, national and state highways, etc.
  • Small and medium quarry/mine owners/operators
  • Small and medium industries requiring construction and material handling equipment for captive usages
  • Contractors of various civic and municipal bodies





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