FA, 2020 amendment increasing...
Machine Loan
| Bank Name | Interest Rate Range (%) | Processing Fee (%) | Forclosure Charge | |
|---|---|---|---|---|
|
9.35% - 13.85%
|
1 %
|
2% - 4%
|
|
|
8.50% - 10.50%
|
1 %
|
2% - 4%
|
|
|
9.00% - 11.00%
|
1 %
|
2% - 4%
|
|
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|
8.00% - 10.00%
|
1 %
|
2% - 4%
|
|
|
8.50% - 10.50%
|
1 %
|
2% - 4%
|
|
|
12.00% -14.00%
|
1 %
|
2% - 4%
|
|
|
8.75% - 9.50%
|
1 %
|
2% - 4%
|
|
|
8.45% - 12.00%
|
1 %
|
2% - 4%
|
|
|
9.00% - 11.00%
|
1 %
|
2% - 4%
|
|
|
8.50% - 12.50%
|
1 %
|
2% - 4%
|
|
|
8.00% - 9.00%
|
1 %
|
2% - 4%
|
|
|
8.45% - 10.75%
|
1 %
|
2% - 4%
|
|
|
12.00% - 14.00%
|
4 %
|
2% - 4%
|
|
|
8.70% -10.70%
|
1 %
|
2% - 4%
|
|
.png)
|
8.80% - 13.80%
|
1 %
|
2% - 4%
|
|
|
8.50% - 11.00%
|
1 %
|
2% - 4%
|
|
| Bank Name | Key Features | |
|---|---|---|
|
|
Interest rate
9.35% - 13.85%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.50% - 10.50%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
9.00% - 11.00%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.00% - 10.00%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.50% - 10.50%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
12.00% -14.00%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.75% - 9.50%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.45% - 12.00%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
9.00% - 11.00%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.50% - 12.50%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.00% - 9.00%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.45% - 10.75%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
12.00% - 14.00%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.70% -10.70%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.80% - 13.80%
Fore closure charge
2% - 4% |
|
|
|
Interest rate
8.50% - 11.00%
Fore closure charge
2% - 4% |
|
Documents Required
- Individual
- Prop Firm
- Partnership Firm-LLP
- PVT. LTD.
- 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
- MACHINE QUOTATION
- ORDER IN HAND
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- PHOTOGRAPH BOTH
- PAN CARD CLEAR COPY PROPRIETOR.
- ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
- OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
- 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
- MACHINE QUOTATION
- ORDER IN HAND
- PHOTOGRAPH PARTNERS
- PAN CARD - COMPANY, ALL PARTNERS
- ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
- FIRM ADD 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
- MACHINNE QUOTATION
- ORDER IN HAND
- 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
- MACHINE QUOTATION
- 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
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