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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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What is a Machinery Loan?
These are loans that assist companies in purchasing machinery and equipment in order to establish or develop a company or industrial unit. This is an excellent tool because it helps the company to boost overall efficiency while maintaining regular operating parameters.
Machinery loans are a profitable choice because they enable business owners and manufacturers to obtain better and more efficient machinery, allowing them to improve efficiency and benefit from sales and distribution.
Eligibility Criteria to Get a Machinery Loan
Benefits of a Machinery Loan
1. Increased productivity: Having a machinery loan helps you to buy better equipment, which in turn boosts the company's overall productivity.
2. Products of higher quality: Because machinery loans enable companies to acquire better equipment, the quality of the products manufactured by the upgraded machine is also higher and more refined.
3. Reduced defect risks: Getting better equipment by machinery loans reduces the risk of failures and improves the finesse of the supply chain and finished goods.
4. Production on time: Improved equipment allows for a quicker turnaround time. Products may be manufactured in a timely manner, increasing the overall efficiency of the manufacturing business.
Top Lenders for Machinery Loans in India
| Bank Name | Loan Amount | Interest Rate | Processing Fees | Other Details |
|---|---|---|---|---|
HDFC Bank | Up to 100% finance on commercial and construction equipment | 8.71% – 15.52% | Up to 1% of the loan amount on new loans Up to 1.5% of the loan amount on used loans | Overdue EMI interest of 2% per month shall be charged on the unpaid EMI amount |
Bajaj Finserv | Up to Rs.32 Lakhs | Starts from 18% | Up to 2% of loan amount + GST | No collateral or guarantor required |
Lending Kart | Rs.50,000 – Rs.1 crore | 1 – 2% per month | 2% of loan amount + GST | Repayment tenure of 1 month to 1 year, to suit your needs |
DHFL (Dewan Housing Finance Corporation Limited) | As per your needs | Based on your eligibility | 2% of loan amount + GST | Repayment tenure of up to 6 years |
Bank of Maharashtra | Up to Rs.20 crore | Based on your eligibility | Repayment tenure of up to 7 years | |
Ziploan | Rs. 1 lakh – Rs. 5 lakh | Based on your eligibility | 3% of the loan amount + GST | Repayment tenure of 12 months – 24 months |
Note: Various NBFCs, Small Finance Banks, and Micro Finance Companies provide machinery loans without requiring collateral. These entities' interest rates can differ depending on the applicant's profile and type of company. The Credit Linked Capital Subsidy Scheme (CLCSS) for Technology Upgradation and the Small Industries Development Bank of India are two government-sponsored schemes that provide machinery loan subsidies (SIDBI).
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CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application