Machinery Loan Interest Rate & Charges

Interest rate for Machinery Loan

A Machinery Loan empowers you to scale your business operations and enhance productivity. You can get a Machinery Loan from Poonawalla Fincorp at competitive interest rates. This results in an overall reduction in the cost of the loan and makes the borrowing affordable for you. Your high credit score also plays a vital role in providing better interest rates and loan terms. Check interest rates, processing fees, and other charges for a Machinery Loan. Apply now!

Interest Rate Logo Interest Rate
  • Poonawalla Fincorp offers a Machinery Loan with competitive interest rates starting from 9.99%* p.a. Our competitive interest rates make it easy for you to manage monthly EMIs and minimize the overall cost of the loan. Besides that, you can also calculate your monthly payments by using our Machinery Loan EMI calculator. This EMI calculator helps you estimate your payment obligations in advance to plan your monthly budget accordingly.
Loan Fees Logo Processing Fee
  • To secure a loan, you need to pay the processing fee. However, to keep the cost low for you, we charge a minimal processing fee of up to 1%* of the loan amount for Machinery Loan. This makes securing a Machinery Loan even more affordable for you. We maintain complete transparency throughout the loan application process, and no hidden charges exist.
Payment Logo Part-payment Charges
  • We do not levy any charges on part-payment after repayment of 6 EMIs. This means you can easily make part-payment and minimize the overall borrowing cost without worrying about additional charges.
Foreclosure Charges Logo Foreclosure Charges
  • Foreclose your loan ahead of time and clear your debt without paying high charges. We levy 0% foreclosure charges if paid from your own sources and 4% on the outstanding loan amount, plus taxes if paid from other sources.
Foreclosure Charges Logo Default Interest
  • The Default Interest on the Machinery Loan are 24%* p.a. If you miss EMI payment during the loan tenure, you will have to pay these charges.
Fee And Charges Logo Other Charges

*T&C Apply

Factors Affecting Machinery Loan Interest Rate and Charges

Several factors affect the Machinery Loan Interest rates and charges, some of which are mentioned below:

Interest Rate Logo Credit Score
  • A credit score or CIBIL score represents your creditworthiness. It includes a credit mix, repayment history, new debt, and credit utilization ratio. We consider your credit score to decide interest rates for your loan. A higher credit score results in more favourable interest rates. In contrast, you may have to pay high-interest charges with a low credit score.
Loan Fees Logo Repayment Tenure
  • The loan repayment tenure also affects the interest rates and charges. An extended repayment tenure provides the convenience of manageable EMI amounts but leads to higher interest rates on the loan amount. On the other hand, shorter repayment tenure minimizes the interest rates.
Payment Logo Your Annual Revenue
  • Businesses with good annual revenue can secure a Machinery Loan at competitive interest rates. A high revenue provides lenders with confidence in your loan repayment capability.
Foreclosure Charges Logo Down Payment
  • A down payment is the sum of money that you pay at the time you purchase a machinery. It helps in reducing the overall amount you owe to the lender. This results in lower interest rates and the cost of borrowing.
Who can avail of Machinery Loans?

Anyone who meets the following eligibility criteria can avail of a Machinery Loan:

  • Age: Applicant must be between 25 and 65 years of age
  • Citizenship: The applicant must be an Indian citizen.
  • Business Vintage: Applicant must have a business vintage of at least 3 years.
Do I have the option of pre-paying the entire machinery loan amount?

Yes, by securing a Machinery Loan from Poonawalla Fincorp, you can have the option to pre-pay the entire Machinery Loan without any charges if paid from your own sources. If you pre-pay the loan with any other source, 4% foreclosure charges will be applied.

Can I get a Machinery Loan at competitive interest rates?

Yes, with a good CIBIL score, you can get a Machinery Loan at competitive interest rates.

Are there any hidden costs or charges for an industrial equipment loan application?

No, there are no hidden charges; all the charges are clearly disclosed.

How do I calculate the EMI amount on the machinery loan?

You can calculate the EMI amount on the Machinery Loan with the help of the Machinery Loan EMI calculator provided on our website.

*T&C Apply

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