Find out answers for your general queries regarding machinery loan
A Machinery Loan is a financial instrument used to finance the procurement of machinery and equipment for businesses involved in manufacturing of metals and plastics. The loan can be used to buy new machinery or upgrade existing ones without utilizing your working capital funds.
You can easily apply for a Machinery Loan online with our convenient online application process:
a. Click on ‘Apply Now’ then enter your basic details in the application form.
b. To check your loan eligibility, submit your KYC documents and income documents.
c. On submitting your application, it will be processed for verification.
d. We have a quick verification process to ensure that your loan is approved quickly.
e. Once approved, your applied loan is ready for disbursal. Now you can proceed for post approval formalities in which our representative will help you complete your process.
With our easy and quick Machinery Loan EMI calculator, all you need to input is:
a. The amount you wish to avail
b. Tenure (in months or years) in which you would repay the loan
c. Interest Rate, which is the interest percentage charged for the availed loan
At Poonawalla Fincorp, we require minimal documentation to process your Machinery Loan application. You can find complete information about the eligibility and document requirements on the website.
Poonawalla Fincorp’s Machinery Loan offers unique features and benefits befitting the needs of the customer. Listed below are some of the benefits:
- Higher loan amounts of up to 5 Crore
- Competitive interest rates
- Longer repayment tenure of up to 60 months
- LTV up to 80%
- No hidden charges ensuring complete transparency
- Minimal documentation for a hassle-free process
With Poonawalla Fincorp you can avail of a Machinery Loan of up to 5 Crores.
You can avail of our Machinery Loan offering with interest rates ranging between 11.5%* p.a. and 14%* p.a.
There is a minimum processing fee that is applicable to your loan application. This fee is up to 1%* of the sanctioned loan amount plus applicable taxes.
To avail of our Machinery Loan, you need to meet the basic eligibility criteria:
a. The key person (applicant) should not be less than 25 years of age at the time of loan application. Similarly, the person should not be more than 65 years of age at the time of loan maturity.
b. The required business vintage is a minimum of 3 years.
c. Firm/Company should be in cash profit.
To qualify for a Machinery Loan, you need to meet all the eligibility terms related to your age, business experience, and citizenship.
A good credit score (700 or above) could help you get a higher loan amount for your Machinery Loan. It might also help you to get the loan at a lower (competitive) interest rate. This is because a high credit score indicates that the borrower has a disciplined financial behavior and a good track record of paying back loans in the past. This gives confidence to the lender that the concerned borrower will pay-off the loan reliably and in a timely manner.