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Genset Finance

to tide over the present power crisis
Genset Finance

Learn more about our Loan to purchase new Generator.

To tide over the present power crisis & the increasing need to fund alternate energy installation needs of our business, we are herewith offering a exclusively tailored loan product to fund your purchase of a Genset at attractive rates of interest & low processing charges.

Purpose
To purchase new Generator only.
Eligibility
Individuals, Proprietorship, Partnership, Company, Trust, Society, etc., already engaged in the activity (Traders / Manufacturers / Service). New activity - Not eligible under this scheme. If the applicant is already having generators, based on the requirement, additional generator under this scheme can also be financed. New borrowers already engaged in the activity (Traders / Manufacturers / Service) are also eligible subject to obtention of Satisfactory Credit Opinion from their existing bankers. If, they are enjoying credit limits with other banks, Satisfactory Credit Opinion and NOC should be obtained from their existing bankers.
Form of Advance
Term Loan.
Primary Security
Hypothecation of Generator & Other Accessories Financed.
Collateral Security
Need not be insisted. Existing securities and guarantees if any, offered for the existing credit facilities should be extended for this loan.
Loan Quantum
Up to Rs. 25 Lakhs.
Insurance
Generator & other accessories should be insured for full value with our Bank Clause to cover all risks.
Margin
25% of Generator + erection & electrical installation charges.
Repayment
Up to a maximum period of 5 years.
Rate of Interest
Penal Interest
Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing Charges
1.00% of Limit sanctioned without any maximum cap.
Prepayment Charges
At the rate of 1.00% of term loan amount prepaid. In case, where the term loan is closed by way of take over by other banks alone will attract prepayment charges. However, no prepayment charges will be levied in case, where term loan is closed by the borrower from own source of funds.
Documentation
Simple Documentation as per Bank Norms.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Goods & Service Tax (GST) on All Service Charges extra wherever applicable.