| Bank Name | Maximum Loan Amount | Monthly EMI ( Principal amount only, interest calculate extra )/ equal Monthly EMI |
|---|
| Bank Name | Min Interest Rate | Processing Fee | Forclosure Charge | Chances of Loan Approval | |
|---|---|---|---|---|---|
Small Industries Development Bank of India (SIDBI)
|
8.00% | 1 % | 2% |
|
|
United Bank Of India
|
8.50% | 1 % | 2% |
|
|
UCO Bank
|
8.70% | 1 % | 2% |
|
|
.png)
Union Bank Of India
|
8.80% | 1 % | 2% |
|
|
Tata Capital Financial Services Limited
|
12.00% | 4 % | 2% |
|
|
State Bank of India
|
8.45% | 1 % | 2% |
|
|
Hero FinCorp Limited
|
12.00% | 1 % | 2% |
|
|
Punjab National Bank
|
8.50% | 1 % | 2% |
|
|
Punjab & Sind Bank
|
9.00% | 1 % | 2% |
|
|
Indian Overseas Bank
|
8.45% | 1 % | 2% |
|
|
Indian Bank
|
8.75% | 1 % | 2% |
|
|
Central Bank Of India
|
8.50% | 1 % | 2% |
|
|
Canara Bank
|
8.00% | 1 % | 2% |
|
|
Bank Of Maharashtra
|
9.00% | 1 % | 2% |
|
|
Bank Of India
|
8.50% | 1 % | 2% |
|
|
Bank Of Baroda
|
9.35% | 1 % | 2% |
|
|
For any business without machinery & equipment is totally incomplete to compete with their competitor & successfully grow in industry, where machinery loan help in getting it done in very seamless way. Even some bank provide the relaxation of no collateral/assets required to pledge to avail machinery loan & subsidy on machinery loan also available. Then what are you waiting for check your eligibility criteria to apply for loan.
Machine loan Eligibility CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Eligibility Criteria for Self-Employed Individuals
Note: - As a minimum loan amount you can avail 50,000 to maximum loan amount of 1 Cr.
What are the factors generally affecting Machinery loan Eligibility Criteria?There are few factors that generally affects Eligibility Criteria as given below: -
Capability of business: - Your business capability determines your willingness to pay back the loan. Therefore, try to manage business with profit, if it seems to be going lose in past year then probably your application approval chances reduces.
Lack of required documents: - There will be multiple documentation required at the time of document verification, when you were unable to submit that mandatory document, you will result with application rejection.
What are the ways to increase Machinery loan eligibility?To increase Machine loan eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level.
Make payments on time: - Make sure you make all payments on time, avoiding late payment, nil payments bills & having multiple credit card also affects your eligibility, by considering these points you will able to increase your eligibility.
Get ready the documents in handy :- Always try to keep the necessary documents handy while your verification, as it will enhance your eligibility
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
MACHINE QUOTATION
ORDER IN HAND
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS 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
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
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 (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.
+
You can get up to 10 Crore as a maximum loan amount.
+
Applicant age should be between 21 –65 years, business continuity should be 2 years with ITR Filed. Make sure you have faced any loan rejection in the past as it will affect your criteria.
+
+
No, as this credit facility doesn’t ask for any Collateral or Assets to pledge.
+
Generally, Machinery Equipment requires high expenses to purchase wherein not every business would able to purchase, while machinery loan facility helps the business owner to meet their specific requirements.
+
It's easy to get finance for your machinery now as there are several Banks & NBFC’s are funding. You can get loan directly from visiting respective bank visit & fill an online application form visit your nearest bank branch to request a loan form, just fill required details with attaching mandatory documents.
+
You can apply online also, choose your preferred financial institution & visit their website online where you can get loan application form & other documents upload section after successful submit respective bank customer representative will contact you for further confirmation.
+
Machinery Loan Interest Rate starting at 5.50% onwards.
+
It requires 3 major documents like identity proof, address proof & business proof as well as one coloured photograph below followed: -
Identity proof (Any one of the following) -
Address proof (Any one of the following) -
CA Vikas Jain - Our Mentor
9863-02-02-02