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What is Loans for Firm Equipment ? |
Firm equipment loan is the latest offering from various banks. Right from furniture, to workstations to computers, loan can be taken to suit your requirements.
Maximum Loan offered by Banks for Firm Equipment Loans:
The quantum of loan depends on factors like repayment capacity of the borrower, tenure of loan, policies of the bank, financial background of the borrower. Loan is sanctioned up to 70% of the actual value of the firm equipment. Repayment is done through Equated Monthly Installments or EMI. Repayment tenure can range from 1-3 years.
Interest Charged by Bank on Firm Equipment Loans:
Interest is charged either on fixed or floating rate. Interest is also fixed according to the prevailing market rates.
Process of Firm Equipment Loans Application:
Loan can be obtained by either filling an online form or directly approaching the bank. A processing fee is normally charged by banks which are around 2% of the actual amount of loan.
Documents Required for Firm Equipment Loans:
1. Proof of Identity (Passport, Ration card, Driving license)
2. Proof of Residence
3. Proof of Income (Income statement for last two years and bank statement for the last 6 months)
4. Proof of Existence of Business/Office
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