For purchase of Fresh Construction Equipment including Backhoe loaders, Excavators/ Diggers/JCbs, Tippers/Dumpers, Transit mixers, Wheel loaders, Compactors, Cranes , Skid Steers , Telehandlers, Drillers, Dozers, Graders, Heavy DG sets etc.
Primary: Hypothecation of construction equipment to be purchased. Collateral: Upto 10.00 lakhs; to be covered under guarantee cover of CGTMSE in accordance with the procedure prescribed.
Above10.00 lakhs Upto 25.00 lakhs; To be covered under guarantee cover of CGTMSE or against third party guarantee of two persons of sound means based on the option exercised by the borrower or mortgage of immovable property with forced sale value of more than 50% of the loan amount.
Above 25.00 lakhs; To be covered under guarantee cover of CGTMSE or Mortgage of immovable property of value equal to or at least 50% of the loan amount.
The equipment financed shall be insured with comprehensive insurance cover and usual bank clause at the costs and expenses of the borrower. The insurance policy shall be renewed at yearly intervals till final adjustment of the loan.
The borrower may be sanctioned Credit card at the time of sanction of loan facility with the maximum limit of Rs.1, 00,000 for purchase of fuel etc.
Top up loans for change of tyres and other maintenance works may be sanctioned in favour of borrowers with maximum limit of 10% of the Loan amount or 90% of cost of tyres & maintenance charges whichever is lower, after 18 months from the disbursement date*.