Documents Required for a Machinery Loan
A Machinery loan is a loan that assists the administrators and business individuals in acquiring the funding to buy equipment or machinery for many business purposes. It is also called a business loan.
Documents Required for a Machinery Loan
For individuals: -
- 2 passport-sized photographs
- PAN Card copy
- Aadhar Card + Passport
- Income tax return with computation of income (if filed) for the previous 3 years form-16.
- Order in hand
- The cheque for processing with reference to bank.
- Permanent address proof and also needed if rented.
- If running loan schedule and sanction letter
- Salary slips for previous 3 months and appointment letter.
- Bank statement for the last 1 year of salary account.
- Complete property papers with ATS + MAP and Chain.
Steps to Apply for a Machinery Loan
Step 1: - Go to the official website of the preferred lender.
Step 2: - Fill in the application form and attach all the necessary documents with proof and passport-sized photographs.
Step 3: - Once you submit the form, bank representatives will contact you for further procedure.
Step 4: - After the approval, you will be dispensing the sanction letter on your e-mail id.
Step 5: - After that, the loan amount will be disbursed to your account within 2 to 3 working days.