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Machinery Loan

Bank Name Min Interest Rate Processing Fee Forclosure Charge Chances of Loan Approval
8.00% 1 % 2%
8.50% 1 % 2%
8.70% 1 % 2%
8.80% 1 % 2%
12.00% 4 % 2%
8.45% 1 % 2%
12.00% 1 % 2%
8.50% 1 % 2%
9.00% 1 % 2%
8.45% 1 % 2%
8.75% 1 % 2%
8.50% 1 % 2%
8.00% 1 % 2%
9.00% 1 % 2%
8.50% 1 % 2%
9.35% 1 % 2%
Apply Now EMI Calculator Eligibility Criteria Documents Check List FAQs
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Eligibility Criteria

What you mean by Machinery loan Eligibility Criteria?

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 Criteria

Eligibility 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

  • • Age Limit of Self –Employed Individuals - 24 to 65
  • • Public & private both sector companies are eligible
  • • Company balance sheet must be audited by a registered CA
  • • Last 3-year business record should be in profitable
  • • Income tax must filed at least for the past 1 year

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

Documents Required

INDIVIDUAL
  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

PROP FIRM
  1. MACHINE QUOTATION

  2. ORDER IN HAND

  3. PAN CARD CLEAR COPY PROPRIETOR

  4. ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR

  5. OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)

  6. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY

  7. LAST 1 YEAR GST RETURN COPY

  8. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE

  9. PROVISIONAL FINANCIAL AY 2019-20

  10. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)

  11. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)

  12. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED

  13. AGREEMENT TO SELL COPY

  14. PROPERTY PAPERS WITH CHAIN SANCTION MAP

PARTNERSHIP FIRM
  1. PHOTOGRAPH PARTNERS

  2. PAN CARD - COMPANY, ALL PARTNERS

  3. ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)

  4. FIRM ADDRESS 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

PVT.LTD
  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 ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)

  6. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE

  7. 1 YEAR GST RETURNS

  8. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS

  9. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE

  10. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR

  11. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED

  12. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH

  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED

  14. AGREEMENT TO SELL COPY

  15. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP

  16. MACHINE QUOTATION

  17. ORDER IN HAND

FAQs

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.

How much can I get as a maximum amount in Machinery Loan?

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You can get up to 10 Crore as a maximum loan amount.

Who are eligible for Machinery Loan?

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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?

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  • Quick access to liquidity in a short time 
  • No Collateral required 
  • Fast processing 
  • Low Interest Rates 

Is Collateral required for Machinery Loan?

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No, as this credit facility doesn’t ask for any Collateral or Assets to pledge.

What is the purpose of availing Machinery Loan?

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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?

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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?

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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?

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Machinery Loan Interest Rate starting at 5.50% onwards.

What are the documents required for Machinery Loan?

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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) - 

  • Pan Card 
  • Aadhar Card 
  • Driving License 
  • Passport 

Address proof (Any one of the following) - 

  • Electricity Bill 
  • Bank statemen

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