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If you’re a business owner, then you know that growing your operation is essential to success. But often, the upfront cost of new equipment can be prohibitive. That’s where machinery loans come in.
A machinery loan, also known as a construction equipment loan, is acquired by business owners or entrepreneurs looking to finance the purchase of new machinery or equipment to enhance their business operations, without having to worry about the upfront cost. This type of loan can also be used to upgrade or repair the existing machinery to help your business increase productivity by allowing it to take advantage of new, cutting-edge technology.Â
Most banks or lenders offer a machinery loan of up to 80% to 90% of the market value of the equipment required to ensure the financial growth of a business. This loan allows businesses to maintain a strong cash flow while still being able to invest in the latest and best machinery on the market. This loan is a great way for businesses to grow and expand their operations without having to worry about the upfront cost of the equipment.
So if you’re looking for a way to finance your next piece of equipment, consider a machinery loan. It could be the key to growing your business.
Flexi loan facility
The Flexi loan facility on the machinery loan will allow the borrowers to pay interest only for the amount used on the total sanctioned cash limit rather than the entirety of the cash limit.
Larger funds
Selected NBFCs, SMEs, finance banks, etc. at Loanz360 are willing to work with customers looking for more significant funds of the loan amount up to 3crore without required collateral on the loan amount.
No end-use restriction
There are no end-use restrictions on loans sanctioned. The borrower may use their funds at their discretion in the best interest of their business and are not entitled to disclose their usage of the loan to the bank or the lender.
Quick disbursal
Most banks at Loanz360 work towards processing loan applications faster within 24 hours of their submission.
Flexible repayment tenor
Financial partners at Loanz360 offer a flexible repayment tenor on machinery loans some extending up to 5 years, on average lasting from 1 to 3 years.
Collateral-free loan
The loans provided are collateral-free. That is, the borrower need not submit security on the loan for and up to the maximum amount allowed by the bank.
Term Loan: A term loan can be a secured or unsecured loan paid in the entirety of the loan over the set intervals for the amount borrowed with interest in full.
Flexi Loan: Flexi loan unlike term loan has a cash limit. The borrower can withdraw any amount from the cash limit and may pay only for the amount used rather than the entirety of the available funds.
Lease Loan: A lease loan can be used to finance the purchase of certain types of machinery, such as aircraft or vehicles. Leases typically have lower monthly payments than loans but may have higher interest rates.
Age: 21 – 65 years (Conditions Apply)
Type of Employment: Self-Employed/Business Owner(Govt, Partnership Firm, Large Enterprises, MSME, etc.)
Nationality:Â Resident Of India
Income: Minimum ~ Rs. 2,00,000/- p.a onwards
Credit/CIBIL Score: Any profile(Credit score ~ 650 or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Business Vintage: 2Â – 3 years and above (Business should not be blacklisted)
Note: The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Note: Documents requested may vary from lender to lender, contact Loanz360 for any inquiry.
Proof of Identity and Address – Voter’s ID/Passport/PAN Card or Form 60/Driving License/Aadhaar CardÂ
Additional documents accepted for address proof include Electricity Bill/Ration Card, Copy of Utility Bill/Insurance Bond/Bank Statements/Income Tax Assessment Order/Property Registration documents/Pensioner Book/Property Tax Receipt/Employer Certificate
Income Proof Documents – Latest bank statements of the past 1 year/Latest copy of Income Tax Returns (ITR)/C.A certified Balance Sheet/Profit and Loss Statements/Ownership Proof/Business Registration Certificate/Existing facility sanction letter
Additional Requirements: Duly filled application form/passport-sized photos
CURRENT CONSTRUCTION EQUIPMENT LOAN STARTS @ 8.90% P.A ONWARDS. Compare interest rates and check more deals offered on a loan for machinery purchase by our financial partners at Loanz360 in 2022.
Bank Name | Interest Rate (P.A) |
HDFC | 10.00% onwards |
Fullerton India | 13.00% |
Bank Of Baroda | 9.35% |
Axis Bank | 10.25% |
Bajaj Finserv | 17.00% |
RBL Bank | 17.50% |
Tata Capital | 19.00% |
Hero Fincorp | 12.00% |
Kotak Mahindra | 8.90% |
DHFL | Custom |
ICICI Bank | Custom |
Shriram City | 15.00% |
Ziploan | 23% |
Note: Our financial partners are not limited to the above-mentioned banks. Contact Loanz360 to discuss options. The interest rates may vary subject to conditions.
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