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What Is A Machinery Loan? Who Are Some Top Providers Of Machinery Loan In India?
A Machinery Loan is a kind of business loan availed to acquire machinery or equipment for their business. HDFC Bank, Bajaj Finserv, Lendingkart Finance, Tata Capital Financing and Ziploan are some leading providers of machinery loan in India.
Entities who have been in business for atleast 2 years can apply for a machinery loan. A machinery loan can be used to purchase new machinery and equipment, and also to repair, refurbish, modify or upgrade existing machinery.
Can I get a machinery loan without any collateral? Is there any government subsidy schemed on machinery loans?
Yes, most banks and NBFCs offer machinery loan without any collateral. The equipment or machinery purchased with the loan amount shall be hypothecated to the bank until the loan is fully repaid. There are a few government schemes like Credit Linked Capital Subsidy Scheme (CLCSS) for Technology Upgradation, offered by SIDBI, that offers subsidy on machinery loans.
What kind of interest rate is charged by Bajaj Finserv on machinery loans? What kind of repayment tenure is available on machinery loans?
Bajaj Finserv offers an interest rate starting at 18% p.a on machinery loans. You can get up to 5 years’ repayment tenure on machinery loans.
How much loan amount can I get for a machinery loan from Tata Capital?
Tata Capital offers machinery loans of up to Rs.75 lakhs.
Can I get 100% finance to buy machinery?
Yes, HDFC Bank offers 100% finance to buy commercial and construction equipment.
Are there any processing fees for machinery loan from Lendingkart?
Yes, Lendingkart charges a processing fee of 2% of the loan amount on your machinery loan.