Maximum Loan offered by Banks for Office 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 office equipment. Repayment is done through Equated Monthly Installments or EMI. Repayment tenure can range from 1-3 years.
Interest Charged by Bank on Office Equipment Loans:
Interest is charged either on fixed or floating rate. Interest are also fixed according to the prevailing market rates.
Process Of Office 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 is around 2% of the actual amount of loan.
Documents Required for Office Equipment Loans:
-Proof of Identity (Passport, Ration card, Driving license)
-Proof of Residence
-Proof of Income (Income statement for last two years and bank statement for the last 6 months)
-Proof of Existence of Business/Office
* Terms and conditions may vary from bank to bank
