(a) Security and Charge: The Member’s/ Borrower will create a first, exclusive charge in favor of the Lender over the identified machinery, as specified in the relevant security documents and schedules.

(b) Ownership and Title: The Member’s/ Borrower warrants clear, unencumbered title to the machinery and will not create or permit any further encumbrance, lien, or charge on such machinery without the prior written consent of the Lender.

(c) Insurance: The Member’s/ Borrower must maintain comprehensive insurance on the secured machinery for its full replacement value, naming the Lender as the loss payee. The Member’s/ Borrower will provide evidence of such insurance to the Lender as required.

(d) Valuation and Margin: The loan amount will be determined based on the value of the machinery as assessed by a valuer acceptable to the Lender, subject to a margin specified by the Lender, and may be adjusted from time to time at the Lender’s discretion.

(e) Use, Maintenance, and Inspection: The Member’s/ Borrower will keep the machinery in good working order, comply with all applicable laws related to its use, and will permit the Lender or its representatives to inspect the machinery and related records upon reasonable notice.

(f) Location and Relocation: The machinery will be kept at locations approved by the Lender and will not be removed or relocated without the Lender’s prior written consent.

(g) Reporting and Information: The Member’s/ Borrower will provide periodic financial and operational reports as the Lender may require, including information relating to the machinery’s condition and use.

(h) Events of Default and Remedies: In case of default, the Lender will have the right to take possession of, sell, or otherwise dispose of the machinery, and apply the proceeds to the outstanding loan balance, subject to applicable law.

(i) Governing Law: The loan and related security arrangements will be governed by the laws of [GOVERNING LAW].

(j) Other Terms: All other terms and conditions applicable to the loan, including interest rate, tenor, repayment schedule, fees and charges, will be as set out in the relevant facility agreement and sanction letter.

Self-employed individuals and the following entities are eligible for machinery loans:

• Proprietorships
• Partnerships
• Limited Liability Partnerships
• Private Limited Companies
• Limited Companies

Security Documentation for Loans Against Machinery

The Member’s/ Borrower will execute and deliver, in a form and substance satisfactory to the Lender, all such security documents as the Lender may reasonably require to create and perfect a valid, enforceable, first ranking, and exclusive charge over the specified machinery, including but not limited to:

(a) a deed of hypothecation, creating a first charge in favor of the Lender over the machinery listed in Schedule [SCHEDULE NUMBER],

(b) filings and registrations as required under applicable laws, including with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) and/or relevant governmental authorities,

(c) delivery of title documents, invoices, or other evidence of unencumbered ownership as may be requested by the Lender,

(d) insurance policies noting the Lender’s interest as loss payee,

(e) any ancillary documents, consents, or authorizations necessary to give full effect to the security interest.

The Member’s/ Borrower will provide all such further documents and information, and take such further actions, as the Lender may reasonably request from time to time to maintain and perfect the security.

 Note: Two Acceptable Guarantors and Security holders to be also taken as guarantors. Loan Avail Up to 50% on Valuation OR Max Rs.10 Lac / Repayment 36 Months.

Requirement’s of Document:

1. Application Form – Duly filled and signed by the Members/Applicant/Co-applicant/Guarantor.
2. Photographs – Two recent passport-size color photographs of each Member/Applicant/Co-applicant/Guarantor.
3. Identity Proof (Any one of the following):Aadhaar Card, NREGA Job Card, Passport, Driving License, Voter ID, PAN Card.
4. Residence Proof (Any one of the following):Aadhaar Card, NREGA Job Card, Electricity Bill, Passport, Voter ID.
5. Office/Business Address Proof (Any one of the following): Udyam Registration Certificate, GST Certificate, Gumasta License, Electricity Bill.
6. CIBIL Score – Minimum 800 required for all Members / Applicant and Guarantor.
7. Processing Fee – 2% of the sanctioned loan amount (non-refundable).
8. Existing Loan (if any):12 months repayment track record, Latest statement of account OR Copy of the Sanction Letter.
9. All documents must be self-attested by Member’s / Applicant- Co-applicant and Guarantors.
10. Additional documents may be requested based on the nature of the loan.

For Salaried Applicants

A. Income Document

1. Latest 3 months’ Salary Slips (with company logo or on company letterhead, duly seal and sign by authorized signatory ).
2. Latest Form 16 (for 2 years) or Latest 2 years ITR (with CA attestation, if available).
3. Company Appointment Letter.
4. Company Increment letter.

For Self-Employed (Non-Professionals & Professionals)

A. Income Document

1. Latest 3 years ITR of the individual OR Company: Acknowledgement ,Computation of Income, Profit & Loss Account, Balance Sheet, Audit Report (if available), ITR True certified attested by CA.
2. Latest 1 year Bank Statement :Current Account and Savings Account.
3. Business Entity Proof (Any one):Shop Act License, Udyam Registration Certificate, GST Certificate.
4. Business Profile – On company letterhead.
5. Qualification Certificate – Applicable for professionals (e.g., CA, Doctor, Architect and Engineer )

For Partnership firm / LLP / Pvt. Ltd./ Ltd Company (If Member, Applicant or Co-applicant)

A. Company Income Document

1. Latest 3 years ITRs :Acknowledgement ,Computation of Income, Profit & Loss Account, Balance Sheet and Audit Reports (ITR True certified attested by CA)
2. Latest 1 year Company Bank Statement (Current Account)
3. Partners / Director’s Income tax return with 1-year bank statement copy.

B. Company Documents

1. Company PAN Card.
2. Company Address Proof.
3. Memorandum of Association (MOA).
4. Shareholding Pattern – On company letterhead, certified by CA.
5. Board Resolution – As per Sanantan CCSL format, on company letterhead.
6. If partnership ship OR LLP firm- Partnership/LLP agreement required.
7. Company registration certificate.