A Machinery loan is a loan that helps Business owners, administrative, and other business individuals in attaining finance to purchase equipment and machinery for several business purposes. Such a loan is also known as a business loan.
Before applying for a machinery loan, the borrower must have to choose and compare the banks or lenders that offered the best deal.
A machinery loan EMI calculator is an online tool that helps in evaluating the monthly a006Dount that an applicant has to pay back. You can evaluate the amount by using an EMI calculator. The only thing that you have to do is enter the interest rate, loan amount, and loan tenure (in no. of months).
Eligibility criteria depend on several factors such as business/sales turnover, age of an applicant, total Work experience, creditworthiness and repayment history, etc.
For self-employed individuals:
Interest rate | 5.50% onwards |
Loan tenure | Up to 10years |
Loan amount | Up to Rs. 100 crores |
Without security | Up to Rs. 3 crores |
Bank name | Rate of interest | Processing fee |
Union Bank of India | 8.80% | 1% |
UCO Bank | 8.70% | 1% |
State Bank of India | 8.45% | 1% |
Indian Bank | 8.75% | 1% |
Punjab National Bank | 8.50% | 1% |
Indian Overseas Bank | 8.45% | 1% |
Small Industries Development Bank of India (SIDBI) | 8.00% | 1% |
Hero FinCorp Limited | 12.00% | 1% |
Bank of Baroda | 9.35% | 1% |
Canara Bank | 8.00% | 1% |
Bank Of Maharashtra | 9.00% | 1% |
Punjab & Sind Bank | 9.00% | 1% |
United Bank of India | 8.50% | 1% |
Bank of India | 8.50% | 1% |
Tata Capital Financial Services Limited | 12.00% | 4% |
Central Bank of India | 8.50% | 1% |
For individual:
Therefore, knowing the facts financeseva allows you to choose and compare the best deals for machinery loan.
Also read: - Machinery Loan for New Business
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