A machinery loan is a type of business loan that assists business owners and entrepreneurs in obtaining finance to purchase machinery or upgrade equipment for several business purposes. It is provided by various lenders, financial institutions, or NBFCs. The borrower should increase the productivity of their business with the help of a machinery loan.
| Rate of interest | @5.50% onwards |
| Loan amount | Up to 100 crores |
| Repayment tenure | Up to 120 months |
| Bank name | Interest rate |
| Bank of India | 8.50% |
| Bank Of Maharashtra | 9.00% |
| Indian Bank | 8.75% |
| Punjab National Bank | 8.50% |
| Union Bank of India | 8.80% |
| United Bank of India | 8.50% |
| Central bank of India | 8.50% |
| UCO Bank | 8.70% |
| Tata capital financial services limited | 12.00% |
| Canara bank | 8.00% |
| Hero FinCorp Limited | 12.00% |
| Bank of Baroda | 9.35% |
| State bank of India | 8.45% |
| Indian Overseas Bank | 8.45% |
| Punjab & Sind Bank | 9.00% |
| Small Industries Development Bank of India (SIDBI) | 8.00% |
| Rate of interest | 1 to 2% per month |
| Processing fee | 2% of the loan amount |
| Loan amount | Ranging from Rs. 50,000 to Rs. 1 crore |
| Repayment tenure | Up to 12 months |
| Pre-closure charges | Nil |
| Prepayment charges | Nil |
| Rate of interest | 8.71% to 15.52% |
| Processing fee | @1.00% of the loan amount |
| Stamp duty | At actuals |
| Collection charges of loan | Nil |
| Verification charges of asset | Nil |
| Get 100% finance | Commercial construction and equipment finance |
| Charges of repayment schedule | Rs. 200 |
| Bouncing charges of cheque | Rs. 550 |
| Swap charges of asset | Rs. 500 |
| Overdue EMI interest | 2% per month (unpaid EMI) |
| Rate of interest | Depending on the need of business |
| Loan tenure | Up to 24 months |
| Processing fee | 3% of the loan amount |
| Loan amount | Ranging from Rs. 1 lakh to Rs. 5 lakhs |
| Security | Not needed |
| Foreclosure charges | Nil |
| Rate of interest | @18.00% onwards |
| Processing fee | Up to 2% of the loan amount |
| Penal interest | @2% per month |
| Loan amount | Up to Rs. 32 lakhs |
| Processing fee of documents | Rs. 1449 along with tax |
| Bounce charges | Up to Rs. 3000 |
| Collateral | Not needed |
| Rate of interest | Depending on the need of business |
| Applicant's minimum age | 21 years of age |
| Business experience | A minimum of 1 year |
| Collateral | Not needed |
| Business turnover (monthly) | A minimum of Rs. 2 lakhs |
| Disbursal of loan | Within 48 hours |
| Rate of interest | Depending on the need of business |
| Loan tenure | Up to 7 years |
| Collateral | Not required if the amount of loan is up to Rs. 1 crore. |
| Loan amount | Up to Rs. 20 crores |
| Margin | Minimum of 25% |
| Rate of interest | Depending on the profile of the borrower |
| Processing fee | @2% loan amount with GST |
| Loan tenure | Up to 72 months |
| Application fee | Rs. 5000 along with GST |
| Collateral | Not required for the amount of loan up to Rs. 2 crores. |
| Part-payment charges | Nil |
| Pre-payment charges | Nil |
| Rate of interest | Depending on the need of business |
| Repayment tenure | Up to 60 months |
| Disbursal of loan | Within 2 to 3 days |
| CIBIL Score | 600 or above |
| Loan amount | Up to Rs. 3 crores or 75% of the amount of equipment |
| Collateral | Not needed |
Note: - The above charges, processing fees, and interest rates might be changed depending on the preference of lenders, NBFCs, or RBI.
Step 1: Visit the official website of the preferred lender.
Step 2: Fill in the application form by entering all the required information.
Step 3: Attach all the documents with proof and documents and submit them.
Step 4: After submission, the representative will contact you for further procedures.
Step 5: Once the loan is approved, the amount will be disbursed to your account.
Therefore, apply via financeseva for the best deals.
Also read: - Machinery Loan for New Business
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