Machinery Loan for the Manufacturing Industry

Q: What is a Machinery Loan for the manufacturing industry?

A Machinery Loan is a specialized financing solution designed to provide businesses in the manufacturing sector with the funds they need to purchase, upgrade, or maintain machinery and equipment essential for their operations.

Q: What types of machinery and equipment can be financed with a Manufacturing Industry Loan?

Machinery Loans can typically be used to finance a wide range of equipment, including manufacturing machinery, industrial tools, assembly line equipment, and more.

Q: What is the maximum loan amount I can get for my manufacturing business?

The maximum loan amount can vary depending on the lender and your business's financial health. For example, Poonawalla Fincorp offers Machinery Loans of up to 5 Crore.

Q: Do I need to provide collateral for a Machinery Loan?

Collateral requirements vary among lenders. Some may require collateral, such as the machinery or equipment being financed, while others may offer unsecured loans. It's essential to understand your lender's specific requirements.

Q: What is the typical loan tenure for Machinery Loans in the manufacturing industry?

The loan tenure for Machinery Loans is usually flexible and can range from a few months to several years. For instance, Poonawalla Fincorp offers loan tenures of up to 60 months.

Unlock Your Manufacturing Potential with Our Machinery Loan!

Machines are the lifeblood of businesses especially in the manufacturing sector. To keep up with the competitive world, Machinery Loan for the Manufacturing Industry helps in acquiring all the latest equipment. The loan provides right financial assistance for purchasing the machinery you need for boosting the productivity, increasing the profitability, etc.

EMI Calculator for Online Machinery Loan for Manufacturing Industry

Loan Amount

51,00,000 25,00,00,000

Interest Rate %

9.5% 15%

Tenure

3 Year 15 Years

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EMI Amount = *

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Machinery Loan Interest Rate & Charges for Manufacturing Industry

A Machinery Loan for the manufacturing industry, interest rates start at 9.99%* p.a. For additional information, please review the details below:

Interest Rates for Manufacturing Industry	9.99%* p.a. onwards
Loan Amount	₹5 Lakh to ₹5 Crore
Loan Processing Fees	Up to 2%
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
Repayment Instrument Dishonour Charges	₹500 per bounce plus applicable taxes
Stamp Duty	At actuals (as per state)
No Other Hidden Charges

Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.

Eligibility Criteria & Documents for Online Manufacturing Industry Loan

Minimum CIBIL Score

Nationality

Age

Minimum CIBIL Score - A minimum CIBIL score of 650 or higher is required to be eligible for the Heavy Machinery Financing.
Nationality - The applicant should hold Indian citizenship.
Age - The applicant must be between 24 and 65 when applying for the loan.

Documents Required for Machinery Loan for the manufacturing industry

Income Proof
Business Proof

Identity Proof
Address Proof

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

Major Benefits of Poonawalla Fincorp Loan for the manufacturing industry

Here are the major benefits of choosing a loan for your manufacturing business:

Higher Loan Amount
Competitive Interest Rates
Tenure of Up to 60 Months

Loan-to-Value (LTV) Ratio of Up to 80%
No Hidden Charges

Higher Loan Amount

Manufacturing businesses can access loans of up to 5 Crore, ensuring you have the financial resources to invest in machinery and equipment for your operations.