Machinery Loan Solutions: Fast Approval & low-interest rate

Bank Name	Min Interest Rate	Processing Fee	Forclosure Charge
Small Industries Development Bank of India (SIDBI)	8.80%	1 %	2%
United Bank Of India	10.95%	1 %	2%
UCO Bank	8.85%	1 %	2%
Union Bank Of India	9.05%	1 %	2%
Tata Capital Financial Services Limited	12.00%	4 %	2%
State Bank of India	7.50%	1 %	2%
Hero FinCorp Limited	11.00%	1 %	2%
Punjab National Bank	9.50%	1 %	2%
Punjab & Sind Bank	9.50%	1 %	2%
Indian Overseas Bank	9.10%	1 %	2%
Indian Bank	8.55%	1 %	2%
Central Bank Of India	8.50%	1 %	2%
Canara Bank	9.20%	1 %	2%
Bank Of Maharashtra	9.50%	1 %	2%
Bank Of India	9.35%	1 %	2%
Bank Of Baroda	9.15%	1 %	2%

Apply Now EMI Calculator Eligibility Criteria Documents Check List FAQs

Loan Amount is:

₹

₹ 10L

₹ 50L

₹ 1C

₹ 1.5C

₹ 2C

₹ 2.5C

₹ 3C

Interest Rate is:

10%

15%

20%

25%

30%

Loan Tenure is:

Yr Mo

Loan EMI

₹

Total Interest

₹

Total Payment

₹

// `); // setTimeout(() => { // w.print(); // }, 1000) // w.document.close(); // return false; // }); // share_doc.addEventListener('click', () => { // share_url.style.display = 'block'; // }); function drawChartCustom(one, selElem) { var data = google.visualization.arrayToDataTable([ ['Task', 'Hours per Day'], ['Principal', 100 - one], ['Interest', one], ]); // Optional; add a title and set the width and height of the chart var options = { 'title': 'Total Payment Break-up', 'width': 200, 'height': 175 }; // Display the chart inside the

element with id="piechart" document.getElementById(selElem).innerHTML = ''; var chart = new google.visualization.PieChart(document.getElementById(selElem)); chart.draw(data, options); // console.log('done'); } const calculate_pl = () => { const interest = parseFloat(pl_loaninterest.value) / 1200; const loantenure = pl_loanyears.checked ? 'Y' : 'M'; const months = loantenure === "M" ? 1 : 12; // let term = loan.loanDuration * months; let term = pl_loanterm.value * months; const top = Math.pow(1 + interest, term); const bottom = top - 1; const ratio = top / bottom; const loanamountValue = pl_loanamount.value.replace(/[^\d\.]/g, ""); const EMI = loanamountValue * interest * ratio; const Total = EMI * term; const EMI_data = { EMI: EMI.toFixed(0), Total: Total.toFixed(0), total_interest: (Total.toFixed(0) - loanamountValue).toFixed(0), }; pl_k_emi.innerText = EMI_data.EMI; pl_k_pay.innerText = EMI_data.Total; pl_k_int.innerText = EMI_data.total_interest; const noOfMonths = parseInt(term); let listHtml = ``; let pr_val = loanamountValue; for (let i = 0; i < noOfMonths; i++) { const int_amt = pr_val * (parseFloat(pl_loaninterest.value) / 100) / 12; const pri_amt = EMI - int_amt; const bal_amt = pr_val - pri_amt; listHtml += `${i+1}₹ ${pri_amt.toFixed(0)}₹ ${int_amt.toFixed(0)}₹ ${EMI.toFixed(0)}₹ ${bal_amt < 0 ? 0 : bal_amt.toFixed(0)}`; pr_val = pr_val - pri_amt; } pl_emi_list.innerHTML = listHtml; // console.log("EMI", EMI_data); // const a = EMI_data.Total; // const b = EMI_data.total_interest; // const c = parseInt((b / a) * 100); // drawChart(c); return EMI_data; }; const calculate_cl = () => { const interest = parseFloat(cl_loaninterest.value) / 1200; const loantenure = cl_loanyears.checked ? 'Y' : 'M'; const months = loantenure === "M" ? 1 : 12; // let term = loan.loanDuration * months; let term = cl_loanterm.value * months; const top = Math.pow(1 + interest, term); const bottom = top - 1; const ratio = top / bottom; const loanamountValue = cl_loanamount.value.replace(/[^\d\.]/g, ""); const EMI = loanamountValue * interest * ratio; const Total = EMI * term; const EMI_data = { EMI: EMI.toFixed(0), Total: Total.toFixed(0), total_interest: (Total.toFixed(0) - loanamountValue).toFixed(0), }; cl_k_emi.innerText = EMI_data.EMI; cl_k_pay.innerText = EMI_data.Total; cl_k_int.innerText = EMI_data.total_interest; const noOfMonths = parseInt(term); let listHtml = ``; let pr_val = loanamountValue; for (let i = 0; i < noOfMonths; i++) { const int_amt = pr_val * (parseFloat(cl_loaninterest.value) / 100) / 12; const pri_amt = EMI - int_amt; const bal_amt = pr_val - pri_amt; listHtml += `${i+1}₹ ${pri_amt.toFixed(0)}₹ ${int_amt.toFixed(0)}₹ ${EMI.toFixed(0)}₹ ${bal_amt < 0 ? 0 : bal_amt.toFixed(0)}`; pr_val = pr_val - pri_amt; } cl_emi_list.innerHTML = listHtml; // console.log("EMI", EMI_data); // const a = EMI_data.Total; // const b = EMI_data.total_interest; // const c = parseInt((b / a) * 100); // drawChart(c); return EMI_data; }; const updatePL = () => { const loanObj = calculate_pl(); // console.log('loanObj', loanObj); const total = loanObj.Total; const interest = loanObj.total_interest; const intPer = parseInt((interest / total) * 100); // console.log('intPer', intPer); drawChartCustom(intPer, 'pl_piechart'); }; const updateCL = () => { const loanObj = calculate_cl(); // console.log('loanObj', loanObj); const total = loanObj.Total; const interest = loanObj.total_interest; const intPer = parseInt((interest / total) * 100); // console.log('intPer', intPer); drawChartCustom(intPer, 'cl_piechart'); }; // pl_loanamount.addEventListener("keyup", updatePL); // pl_loaninterest.addEventListener("keyup", updatePL); // pl_loanterm.addEventListener("keyup", updatePL); // pl_loanyears.addEventListener("change", updatePL); // pl_loanmonths.addEventListener("change", updatePL); // cl_loanamount.addEventListener("keyup", updateCL); // cl_loaninterest.addEventListener("keyup", updateCL); // cl_loanterm.addEventListener("keyup", updateCL); // cl_loanyears.addEventListener("change", updateCL); // cl_loanmonths.addEventListener("change", updateCL);

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

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

PROP FIRM

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

PARTNERSHIP FIRM

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

PVT.LTD

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

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?

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?

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

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) -

Pan Card
Aadhar Card
Driving License
Passport

Address proof (Any one of the following) -

Electricity Bill
Bank statemen

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