How much can I get as a maximum amount in Machinery Loan?
You can get up to 10 Crore as a maximum loan amount.
Bank Name | Min Interest Rate | |
---|---|---|
|
8.00% |
|
|
8.50% |
|
|
8.70% |
|
|
8.80% |
|
|
12.00% |
|
|
8.45% |
|
|
12.00% |
|
|
8.50% |
|
|
9.00% |
|
|
8.45% |
|
|
8.75% |
|
|
8.50% |
|
|
8.00% |
|
|
9.00% |
|
|
8.50% |
|
|
9.35% |
|
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.
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Note: - As a minimum loan amount you can avail 50,000 to maximum loan amount of 1 Cr.
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.
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
How much can I get as a maximum amount in Machinery Loan?
You can get up to 10 Crore as a maximum loan amount.
Who are eligible for Machinery Loan?
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.
What are the benefits of Machinery Loan?
Is Collateral required for Machinery Loan?
No, as this credit facility doesn’t ask for any Collateral or Assets to pledge.
What is the purpose of availing Machinery Loan?
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.
How to get Loan for Machinery?
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.
How to apply for Machinery Loan?
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.
What is the current Machinery Loan Interest Rate?
Machinery Loan Interest Rate starting at 5.50% onwards.
What are the documents required for Machinery Loan?
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) -