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 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.
	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 2%* 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.
	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 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.
	Default Charges 24% per annum, on the defaulted EMI amount, as more particularly specified in the Default Charges. If you miss EMI payment during the loan tenure, you will have to pay these charges.
	Other Charges Kindly check our tariff sheet document for more details about our other fees and applicable 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:

	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.
	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.
	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.
	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.