Office equipment loan is the latest offering from various banks. Right from furniture, to workstations to computers, loan can be taken to suit your requirements.
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 is charged either on fixed or floating rate. Interest are also fixed according to the prevailing market rates.
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.
* Terms and conditions may vary from bank to bank.