Heavy Machinery Financing, Equipment Loan

Q: What types of heavy equipment can be financed?

Heavy Equipment Loans can typically finance various equipment such as construction, agricultural, industrial equipment, etc. It's essential to check with your lender to ensure your specific equipment qualifies.

Q: How much can I borrow with a Heavy Equipment Loan?

The loan amount you can secure depends on various factors, including your business's financial health, creditworthiness, and the type of equipment you're financing. Many lenders offer loans that cover a significant portion, often up to 100%, of the equipment's purchase price.

Q: What is the typical repayment term for heavy equipment loans?

The repayment term for Heavy Equipment Loans varies but typically ranges from 1 to 5 years. Longer terms may be available depending on the lender and the type of equipment.

Q: What is the difference between a lease and a loan for heavy equipment?

A loan allows you to purchase the equipment and make payments over time, while a lease typically involves renting the equipment for a specified period. The key difference is ownership; with a loan, you own the equipment at the end of the term, whereas with a lease, you may have the option to buy or return it.

Heavy Equipment Financing Made Easy!

Machinery plays a significant role in the overall growth of industries. It is considered the heart of several sectors, like construction and manufacturing. It helps in running your day-to-day operations efficiently. Moreover, it is required to update the latest machinery to keep up with the current industry standards. However, buying the latest machinery can be expensive. With Poonawalla Fincorp's Heavy Machinery Financing, you can acquire heavy machinery without straining your finances.

Heavy Equipment Loan EMI Calculator

Loan Amount

5,00,000 5,00,00,000

Interest Rate %

9% 15%

Tenure

1 Year 5 Years

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EMI Amount = *

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Interest Rate & Charges for Heavy Equipment Loans

When considering a Machinery Loan, it's essential to understand the associated interest rates and charges. Here's a breakdown of what you need to know:

Interest Rates for Heavy Equipment Loan	9.99%* p.a. onwards
Loan Amount	₹5 Lakh to ₹5 Crore
Loan Processing Fees	Up to 1% plus applicable taxes
Lowest EMI per month	Starting from ₹2,124* per Lakh for 60 months
Loan Tenure	12 – 60 months
Prepayment/Foreclosure Charges	0%* If paid from own sources & 4% If paid from other sources
Default Charges	24% per annum
Cheque Bounce Charges	₹500 per bounce plus applicable taxes
Stamp Duty	At actuals (as per state)
No Other Hidden Charges

Eligibility Criteria & Documents for Heavy Equipment Financing

Minimum CIBIL Score

Age

Nationality

Minimum CIBIL Score - A minimum CIBIL score of 650 or higher is required to be eligible for the Heavy Machinery Financing.
Age - The applicant must be between 25 and 65 when applying for the loan.
Nationality - The applicant should hold Indian citizenship.

Documents Required for Heavy Machinery Financing

Business Proof
Address Proof

Income Proof
Identity Proof

Business Proof: Relevant documents showcasing the existence and nature of your business. Please ensure you have these documents ready to expedite the loan application process for your Genset. Loan.
Address Proof: Proof of your current residential address (e.g., utility bills, rental agreement).
Income Proof: Documents showing your income, such as bank statements, salary slips, or income tax returns for self-employed individuals.
Identity Proof: Any valid government-issued photo ID (e.g., PAN Card, Aadhaar Card, Passport, Driving Licence, Voter ID).

Major Benefits of Online Heavy Equipment Loans

In today's fast-paced business world, online Heavy Equipment Loans offer a range of advantages that make financing your machinery easier and more convenient than ever. Here are the major benefits of opting for online Heavy Equipment Loans:

Speed and Convenience
Accessibility
Simplified Application
Fast Approval

Competitive Rates
Diverse Lender Options
Transparency
Paperless Transactions

Speed and Convenience: Online Heavy Equipment Loans streamline the application process, reducing the time it takes to secure financing. You can apply from the comfort of your office or home, eliminating the need for in-person visits to a financial institution.
Accessibility: Online loans are accessible 24/7, allowing you to apply at a time that suits your schedule, rather than conforming to traditional banking hours.
Simplified Application: The online application process is typically straightforward and user-friendly, with step-by-step guidance. This reduces the complexity of paperwork and the time required to complete the application.
Fast Approval: Many online lenders offer faster approval processes, which means you can get the funding you need in a shorter timeframe.
Competitive Rates: Online lenders often provide competitive interest rates, allowing you to secure financing on favourable terms for your business.
Diverse Lender Options: Online platforms provide access to a wide range of lenders, increasing your chances of finding the right financing solution tailored to your specific needs.
Transparency: Online platforms often offer clear and transparent terms, making it easier for you to understand the terms and conditions of your loan.
Paperless Transactions: Online Heavy Equipment Loans significantly reduce the need for paper documentation, helping to save time and minimize the environmental impact.