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Equipment Finance
-FAQs
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Do you finance on all types of Equipment?
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Type of Asset Financed
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Yes.
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Do you fund a computer? If yes, will you also fund software and accessories?
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Type of Asset Financed
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Yes, we fund computers, but the software portion is excluded from the quantum of finance.
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What are the eligibility criteria for availing finance?
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Eligibility Criteria
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Equipment finance is extended to large and medium sized corporates and in some special cases to large firms as well.
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What will be the quantum of finance? Do you finance 100%?
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Finance Quantum
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Finance in most cases is extended upto a maximum of 75% but in case the leasing route is preferred we extend 100% finance.
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Do you also fund major upgradations during the tenancy of contract by rescheduling my instalments?
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Finance Quantum
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We do not entertain such requests from our clients.
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Is there any service charges or document charges?
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Rate Of Finance
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We do not charge any service charges. However we collect stamp charges that vary depending on the place of execution of the contract. In case the leasing route is opted we charge a Lease Management Fee of 1% on the amount financed
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Do you quote on a flat rate basis or on diminishing balance basis?
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Rate Of Finance
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We quote on a flat rate basis.
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Will you give me a copy of the agreement duly filled in for my records?
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Turnaround Time
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Yes.
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How much time do you take to sanction a loan?
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Turnaround Time
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Normally, approval is accorded in two working days on submission of all the required documents.
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Do you need an additional collateral security?
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Collateral Security
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No.
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Can I make bulk part payments?
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Repayment Procedure
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Yes. However this can be accommodated only within six months from the date of agreement.
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Can I issue cheques drawn on banks where you do not have branches?
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Repayment Procedure
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Yes. However, a charge is leviable for collection of such cheques.
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Can I remit the instalment in any branch?
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Repayment Procedure
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Yes. You can remit your instalment in any of our branches. Click here to view our list of branches
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What is the procedure in case I wish to foreclose my account?
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Normal Closure of Contracts
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Under the finance agreement, foreclosure is not contemplated. However, upon your specific request, we may advise the settlement amount to you and on remittance of the same the necessary termination papers would be issued.
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Can the basic terms of the contract be altered? If so, which components could be altered?
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Normal Closure of Contracts
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We can alter the amount of finance & tenure on execution of a supplemental agreement if agreed to.
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What should I do when my contract tenor gets over?
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Determination of Contracts
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On payment of the last instalment and any other dues the termination papers would be issued. In case the finance is obtained under the leasing route then you would have to identify a third party to whom we can sell the assets at the pre-agreed residual value.
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Do you insist on insurance for assets other than vehicles?
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Other Services
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Yes, insurance is compulsory for all assets financed by us.
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What should I do in the case of address change? Whom should I intimate?
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Other Services
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You can intimate the branch where you normally deal with. Otherwise send us e-mail by clicking here
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