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Machine 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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Machine Loan
Bank Name Interest Rate Range (%) Processing Fee (%) Forclosure Charge
Bank of Baroda
9.35% - 13.85%
1 %
2% - 4%
Bank of India
8.50% - 10.50%
1 %
2% - 4%
Bank of Maharashtra
9.00% - 11.00%
1 %
2% - 4%
Canara Bank
8.00% - 10.00%
1 %
2% - 4%
Central Bank of India
8.50% - 10.50%
1 %
2% - 4%
Hero FinCorp Limited
12.00% -14.00%
1 %
2% - 4%
Indian Bank
8.75% - 9.50%
1 %
2% - 4%
Indian Overseas Bank
8.45% - 12.00%
1 %
2% - 4%
Punjab & Sind Bank
9.00% - 11.00%
1 %
2% - 4%
Punjab National Bank
8.50% - 12.50%
1 %
2% - 4%
Small Industries Development Bank of India (SIDBI)
8.00% - 9.00%
1 %
2% - 4%
State Bank of India
8.45% - 10.75%
1 %
2% - 4%
Tata Capital Financial Services Limited
12.00% - 14.00%
4 %
2% - 4%
UCO Bank
8.70% -10.70%
1 %
2% - 4%
Union Bank of India
8.80% - 13.80%
1 %
2% - 4%
United Bank of India
8.50% - 11.00%
1 %
2% - 4%
Bank Name Key Features
Bank of Baroda
Interest rate

9.35% - 13.85%

Fore closure charge

2% - 4%

Bank of India
Interest rate

8.50% - 10.50%

Fore closure charge

2% - 4%

Bank of Maharashtra
Interest rate

9.00% - 11.00%

Fore closure charge

2% - 4%

Canara Bank
Interest rate

8.00% - 10.00%

Fore closure charge

2% - 4%

Central Bank of India
Interest rate

8.50% - 10.50%

Fore closure charge

2% - 4%

Hero FinCorp Limited
Interest rate

12.00% -14.00%

Fore closure charge

2% - 4%

Indian Bank
Interest rate

8.75% - 9.50%

Fore closure charge

2% - 4%

Indian Overseas Bank
Interest rate

8.45% - 12.00%

Fore closure charge

2% - 4%

Punjab & Sind Bank
Interest rate

9.00% - 11.00%

Fore closure charge

2% - 4%

Punjab National Bank
Interest rate

8.50% - 12.50%

Fore closure charge

2% - 4%

Small Industries Development Bank of India (SIDBI)
Interest rate

8.00% - 9.00%

Fore closure charge

2% - 4%

State Bank of India
Interest rate

8.45% - 10.75%

Fore closure charge

2% - 4%

Tata Capital Financial Services Limited
Interest rate

12.00% - 14.00%

Fore closure charge

2% - 4%

UCO Bank
Interest rate

8.70% -10.70%

Fore closure charge

2% - 4%

Union Bank of India
Interest rate

8.80% - 13.80%

Fore closure charge

2% - 4%

United Bank of India
Interest rate

8.50% - 11.00%

Fore closure charge

2% - 4%

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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 

Popular Machine Loan Lenders

Andhra Bank Logo
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Psb Logo
Punjab National Bank
SIDBI_LOGO
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syndicate
Tata Capital Logo
UCO Bank Logo
Union Bank of India
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