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Machinery Loan @8.00% Onwards

Machinery and investment in technology are integral to a business organization; be it for the day-to-day operations, which requires latest machinery and updated technology, or for the core operations. At Financeseva, machine loan is offered to assist business organizations to meet such expenses without halting the productivity of their services.
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Machinery-Loan: Apply Online Machinery-LoaN @8.00% By Financeseva
Bank Name Interest Rate Range (%) Processing Fee (%) Forclosure Charge
Small Industries Development Bank of India (SIDBI)
8.00% - 9.00%
1 %
2% - 4%
United Bank of India
8.50% - 11.00%
1 %
2% - 4%
UCO Bank
8.70% -10.70%
1 %
2% - 4%
Union Bank of India
8.80% - 13.80%
1 %
2% - 4%
Tata Capital Financial Services Limited
12.00% - 14.00%
4 %
2% - 4%
State Bank of India
8.45% - 10.75%
1 %
2% - 4%
Hero FinCorp Limited
12.00% -14.00%
1 %
2% - 4%
Punjab National Bank
8.50% - 12.50%
1 %
2% - 4%
Punjab & Sind Bank
9.00% - 11.00%
1 %
2% - 4%
Indian Overseas Bank
8.45% - 12.00%
1 %
2% - 4%
Indian Bank
8.75% - 9.50%
1 %
2% - 4%
Central Bank of India
8.50% - 10.50%
1 %
2% - 4%
Canara Bank
8.00% - 10.00%
1 %
2% - 4%
Bank of Maharashtra
9.00% - 11.00%
1 %
2% - 4%
Bank of India
8.50% - 10.50%
1 %
2% - 4%
Bank of Baroda
9.35% - 13.85%
1 %
2% - 4%
Bank Name Min Interest Rate
Small Industries Development Bank of India (SIDBI)

8.00% - 9.00%

United Bank of India

8.50% - 11.00%

UCO Bank

8.70% -10.70%

Union Bank of India

8.80% - 13.80%

Tata Capital Financial Services Limited

12.00% - 14.00%

State Bank of India

8.45% - 10.75%

Hero FinCorp Limited

12.00% -14.00%

Punjab National Bank

8.50% - 12.50%

Punjab & Sind Bank

9.00% - 11.00%

Indian Overseas Bank

8.45% - 12.00%

Indian Bank

8.75% - 9.50%

Central Bank of India

8.50% - 10.50%

Canara Bank

8.00% - 10.00%

Bank of Maharashtra

9.00% - 11.00%

Bank of India

8.50% - 10.50%

Bank of Baroda

9.35% - 13.85%

₹ 10L
₹ 50L
₹ 1C
₹ 1.5C
₹ 2C
₹ 2.5C
₹ 3C
%
1%
5%
10%
15%
20%
25%
30%
1
10
20
30
40
50

Loan EMI

Total Interest

Total Payment

Eligibility Criteria

What you mean by Home Loan Eligibility Criteria?

Before applying for Home Loan, you need to ensure that you meet specific eligibility criteria to qualify Home Loan. Every lenders want to know your repayment capacity to determine that you are capable of repaying loan amount within given time period. Therefore, meeting basic criteria is must while applying for loan.

Home Loan Eligibility Criteria

Generally, Home Loan Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc.

Home Loan Eligibility Criteria for Salaried Individuals

  • • Age Limit of Salaried Individuals - 23 to 62
  • • Work experience of salaried Applicants – Minimum 3 Years
  • • CIBIL Score should be above 750
  • • Minimum Salary – 25000/-

Home Loan Eligibility Criteria for Self-Employed Individuals

  • • Age Limit of Self –Employed Individuals - 25 to 70
  • • CIBIL Score should be above - 750
  • • Minimum Years of doing Business - 5 Years
  • • Nationality - Resident of Indian

Note: - Maximum Loan Amount of Salaried Individual can avail up to 3.5 Crore & for Self- Employed Individual can avail up to 5 Crore.

What are the factors generally affecting Home Loan Eligibility Criteria?

There are few factors that generally affects Home Loan Eligibility Criteria as given below: -

CIBIL Score: - Firstly, Lenders check your CIBIL Score to know your past financial & transaction history to evaluate how capable you are at repaying loan or managing transaction. If your CIBIL Score is below 750, then it's likely that you are not eligible to apply for a Home Loan, but if its above 750 you can easily apply & get a Home Loan at competitive rates.

Applicant Age: - Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.

Monthly Income: - Secondly, Lenders want to know you Monthly Income, if you are a Salaried Individual your minimum income per must be 25000/- or if you are a Self-Employed your business minimum annual turnover must be 15 lakhs.

What are the ways to increase Home Loan eligibility?

To increase Home Loan eligibility, you need to consider few points as given below, this will aid you in increasing your eligibility level.

Improve CIBIL Score: - To improve CIBIL Score you don’t need to practice any mathematical theory you just need to be aware of timely paying payments, it might be Card dues, EMI, transaction which are taking place doesn’t to be delay in payment, try to avoid applying for multiple credit cards. Follow this points to increase home loan eligibility, remember CIBIL score above 750 will be offered home loan at lowest interest rates.

Joint Home Loan: - This facility allows you to add your spouse or family members to be earning co-applicant, therefore it led to increase chances of your eligibility.

Clearing Existing Loans: - Once you have decided to apply for home loan you, if you have any on-going existing loans then must try to clear existing loans dues. This will increase home loan eligibility when lenders check your debt-to-income ratio.

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  6. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  10. MACHINE QUOTATION
  11. ORDER IN HAND
  12. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. PHOTOGRAPH BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  4. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  6. LAST 1 YEAR GST RETURN COPY
  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  8. PROVISIONAL FINANCIAL AY 2019-20
  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  12. AGREEMENT TO SELL COPY
  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  14. MACHINE QUOTATION
  15. ORDER IN HAND
  1. PHOTOGRAPH PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  16. MACHINNE QUOTATION
  17. ORDER IN HAND
  1. ALL DIRECTORS PHOTOGRAPH
  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  3. ADDRESS PROOF – COMPANY AND DIRECTORS.
  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  5. MEMORANDOM
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURNS
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
  17. MACHINE QUOTATION
  18. ORDER IN HAND
Frequently Asked Questions

What is a machine loan?

As the name suggests, you can use this loan for all your machinery-related expenses. These can range from leasing/purchasing, repairing and upgrading to installing and maintaining them. 

What is the maximum amount of loan I can get?

When you opt for a machinery loan, you can usually avail up to Rs.30 lakh.

Do I have to plan for collateral?

There is no need to pledge any collateral for the machinery loan. This makes the application process hassle-free and convenient. It also makes it easier and faster for you to apply, while also taking your lender less time to approve your application as it doesn’t need to assess any collateral. 

How long does it take for the money to be disbursed?

With a fast disbursal time of 48 hours, you can secure finance for your new machinery quickly.
Now that you know more about the features of a machinery loan, it’s time to check your business needs and see how this loan can help you. 

How do I qualify for it?

Typically, you need to meet the following criteria:

1. You should be between 25–55 years of age

2. Your business should be at least 3 years old

3. Your business should have filed its Income Tax returns for at least the last financial year

4. The previous year’s turnover should be audited by a chartered accountant 

Related Topics

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