| Bank Name | Min Interest Rate | Processing Fee | Foreclosure Charge | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Tata Capital Financial Services Limited
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9.00% | 1% | 2% | 36 |
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Get up to 100% funding for construction equipment whether for a new, used, top- up on existing loan nor take over existing loan. Avail loan at competitive interest rate with maximum repayment period of 60 months.
Construction loan Eligibility CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Eligibility Criteria
Note: - It would range from minimum 5 Lakh to maximum 5 Cr.
What are the factors generally affecting Construction equipment loan Eligibility Criteria?There are top factors that generally affects construction loan eligibility criteria as given below: -
Stability of business: - Lenders want to know about your business stability level whether its high or low, if in recent years business unable to generate sales, then your repaying capacity become low as well as the eligibility too.
Poor credit rating: - Credit rating considered to be main factor in evaluating creditworthiness of an applicant, where if you have ever failed to pay EMI on times, paying bill after due date led to poor rating & bad impression Infront of lender where eligibility chances get lower.
What are the ways to increase Construction equipment loan eligibility?To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Reduce unnecessary spending: - When you avoid spending over unnecessary expenses, you can utilize money on improving & generating sales of your company as it will improve repayment capacity.
Opt for a longer tenure: - Longer tenure indicate an affordable monthly EMI to pay & make you able to do payment without making any default.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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Loan for Construction Equipment is offered by various Banks & NBFCs at good rates. These loans are majorly utilized to get financed for acquiring new equipment, as they come under secured category you need to pledge Collateral/Assets to get loan. Hence, because of its nature you can able to get loan at lowest Interest Rates as the risk level seems lower.
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The current Construction Equipment Loan Interest Rates starting @9.00% Onwards.
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Whether it's a Personal Loan or business loan make sure you maintain a good credit score range which needs to be above 700 to get loan easily & negotiate better rates.
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Minimum 15% of total equipment cost needs to be made from your side as a down payment.
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Loan for Construction Equipment allows you to get maximum 5 years to repay principal amount.
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These loan are mainly provided to purchase new equipment & machinery for construction purposes at affordable rates.
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