Hire Purchase

Under a hire purchase contract, the buyer is leasing the goods and does not obtain ownership until the full amount of the contract is paid. A system by which a buyer pays for a thing in regular installments while enjoying the use of it. During the repayment period, ownership (title) of the item does not pass to the buyer. Upon the full payment of the loan, the title passes to the buyer.

Documents Required For Hire Purchase Finance

Sl.No. Documents
1. KYC of the Company/Partnership Firm/Proprietor ( PAN Card, Aadhar Card of all the Directors/Partners. PAN card of the Company/Partnership Firm.)
2. Copy of the residence proof of all the Directors/Partners.
3. Company Profile like the MOA/AOA/ Partnership Deed .
4. Copy of One year Bank Statement of the Company/Partnership Firm/ Proprietorship Company.
5. Copy of the Tax Returns for three years with all the attachments.
6. Projected Financial Papers
7. Vehicle Loan Application Form and Statement of Assets and Liabilities to be duly filled and signed by both the borrowers.( This will be provided by the Bank.)
8. Quotation/Invoice for the machineries to be purchased from the vendor.
All the relevant documents are to be self attested

Procedural Aspects For Hire Purchase Finance

CHECKING OF LOAN AMOUNT ELIGIBILITY INCOME, AGE, EMI, TENURE,OTHER OBLIGATIONS
CIBIL SCORE BORROWER, CO-BORROWER SHOULD BE NORMALLY ABOVE 550
DUE DILIGENCE 1. KYC:PAN CARD, AADHAR CARD,ADDRESS PROOF
2. BANK STATEMENT=== 06 MNTHS TO 1 YEAR, VERIFICATION OF INCOME TAX RETURNS
3. VISIT TO EXISTING:OFFICE/FACTORY/GODOWN, RESIDENCE, VERIFYING WITH THE AUTHORISED DEALER REGARDING THE CORRECTNESS OF THE QUOTATION OF THE VEHICLES.
ONCE THE LOAN ID SANCTIONED, BEFORE DISBURSEMENT: PAYMENT OF STAMP DUTY FOR DISBURSMENT OF LOAN
CERTAIN BANK DOCUMENTS ARE TO BE STAMPED BEFORE THE LOAN IS DISBURSED AND THE SAID STAMPING IS DONE BY-- FRANKING, E-PAYMENT
ONCE THE FRANKING IS DONE THEN ALL THE DOCUMENTS ARE TO BE SIGNED BY THE BORROWERS.

Time Frame Required For The Entire Procedure

Normally All Banks Take Around 3 Week To 4 Weeks For Sanction Of The Loan If All The Papers Are In Place.
MAA Capital Solution will act as intermediary between the concerned Bank and you. Considering the fact that all the relevant papers are in place and the legal scrutiny of the property is hassle free then MAA Capital Solution will assure to give a timely loan sanction from the Bank within a time frame of 10 to 12 working days.