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A steal for your steel - we help you with easy finance
At metalJunction, we strive to ensure that your journey to procuring steel online is a smooth one. In addition to the transparency and security provided, we have also partnered with various banks to provide you with easy working capital. These banks will provide you with attractive interest rates and collateral-free finance. So put your best bid forward.
Buyer Finance. How it works
- Customer Provides Expression of Interest with application form and documents to metaljunction
- metaljunction will discuss with bank & once approved, set up over draft limit.
- Customer sends Finance Request for approved lots
- Bank processes request & directly makes RTGS payment to the plant or issues Pay Order*
- Customer Lifts Material and makes payment to bank within due time limit**
* In case of offline mode, customer collects PO and deposits to client office ** In case of default, customer will not be allowed to participate in auctions.
Get Rs.10 lacs to more than Rs.5Crore as buyer finance for auction purchases.
The finance scheme is open for all auction participants of Metaljunction for secondary / scrap steel items from Tata Steel Ltd, SAIL plants Essar (espf) and JSW.
|Min Limit||N.A||Rs.25 lacs||Rs.50 lacs||Rs.10 lacs|
|Max Limit||Rs.2 Cr.||Rs.1 Cr.||Rs.5 Cr.||Rs.5 Crores|
|Credit Tenure||60-90 Days||45-60 Days||60-90 Days||60-90 Days|
|Rate of Interest||14.25%||12.85%||11.6%||11.5%|
Federal Bank - Security above 50 lacs on case to case basis.
Am I eligible?
Who's eligible for buyer finance
- Only for bidders associated with SAIL, Tata Steel (Welspun and JSPL as well for TATA Capital Ltd.) and metaljunction for more than 3 years.
- Minimum 12 successful bids on metaljunction auction platform
- Sales Turnover Rs. 2 crs/Year
- Positive PAT for last 3 years
- Dependency on MJ should be 25 - 30% of the total turnover
- Name of the buyer/promoters should not appear under the RBI's/CIBIL Defaulters List.