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- Unsecured Industrial Equipment Loan
Unsecured Industrial Equipment Loan
Increase your production and grow your business with collateral-free Industrial Equipment Loans designed especially for MSME manufacturers of construction equipment. It provides loans for business expansion and long-term funding against the industrial equipment purchased.
Features & Benefits
- The loan amount can be availed for
a minimum of ₹10 lakhs and can go up to ₹5 crores. - The loan can be availed for a minimum
tenure of 12 months and can go up to 60 months. - Funding against the industrial equipment purchased.
- Collateral-free loan up to ₹3.5 crores.
- A moratorium of up to 6 months is available.
- Loans for refurbished equipment and balance transfer are also available.
Commercials
| Loan Processing Charges | Up to 1% + applicable taxes |
|---|---|
| Part Pre-payment Charges | NA |
| Foreclosure Charges | 2.00% of principal outstanding |
| Penal Interest | 2.00% p.a. additional on existing rate of interest |
| Repayment Instruction / Instrument Return Charges | ₹500/- per instance + applicable taxes |
Eligibility & Documentation
Business Vintage
- Minimum 3 years in current profession
Business Income
- Minimum business income of ₹3 lakhs
Age
- Minimum 21 years at the time of loan application
- Maximum 65 years at the end of loan tenure
Residence / Office Stability
- 24 months in same location
- Either office or residence should be owned. (If office is rented, the unexpired lease period should be for minimum 2 years, and waiver letter from landlord to be taken)
- Any other property ownership (except land/ under construction/ part consideration) can also be considered but the property should be in the same city
- KYC Documents
- Duly filled in application form signed by the customer
- Last 3 years ITR, P&L, Balance Sheet
- Bank account statement of last 6 months
- PAN Card/Form 60
- Pro forma invoice / Quotation of equipment or machinery being purchased
Frequently Asked Questions
We offer Industrial Equipment Loans to individuals (SEP and SENP with business registration), proprietorship firms, partnership firms, LLPs, private limited companies, and unlisted public companies.
We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on an assessment of your business profile, past track record, financial records, loan amount required and tenure of the loan.
Repayment shall be in monthly installments, including principal and interest.
The focus industries under this loan type includes machine tools, packaging, plastic and printing equipment.
The minimum business vintage under this loan type is of 3 years.
