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What is a Machinery Loan?
These are loans that assist companies in purchasing machinery and equipment in order to establish or develop a company or industrial unit. This is an excellent tool because it helps the company to boost overall efficiency while maintaining regular operating parameters.
Machinery loans are a profitable choice because they enable business owners and manufacturers to obtain better and more efficient machinery, allowing them to improve efficiency and benefit from sales and distribution.
Eligibility Criteria to Get a Machinery Loan
Benefits of a Machinery Loan
1. Increased productivity: Having a machinery loan helps you to buy better equipment, which in turn boosts the company's overall productivity.
2. Products of higher quality: Because machinery loans enable companies to acquire better equipment, the quality of the products manufactured by the upgraded machine is also higher and more refined.
3. Reduced defect risks: Getting better equipment by machinery loans reduces the risk of failures and improves the finesse of the supply chain and finished goods.
4. Production on time: Improved equipment allows for a quicker turnaround time. Products may be manufactured in a timely manner, increasing the overall efficiency of the manufacturing business.
Top Lenders for Machinery Loans in India
Up to 100% finance on commercial and construction equipment
8.71% – 15.52%
Up to 1% of the loan amount on new loans
Up to 1.5% of the loan amount on used loans
Overdue EMI interest of 2% per month shall be charged on the unpaid EMI amount
Up to Rs.32 Lakhs
Starts from 18%
Up to 2% of loan amount + GST
No collateral or guarantor required
Rs.50,000 – Rs.1 crore
1 – 2% per month
2% of loan amount + GST
Repayment tenure of 1 month to 1 year, to suit your needs
DHFL (Dewan Housing Finance Corporation Limited)
As per your needs
Based on your eligibility
Repayment tenure of up to 6 years
Bank of Maharashtra
Up to Rs.20 crore
Repayment tenure of up to 7 years
Rs. 1 lakh – Rs. 5 lakh
3% of the loan amount + GST
Repayment tenure of 12 months – 24 months
Note: Various NBFCs, Small Finance Banks, and Micro Finance Companies provide machinery loans without requiring collateral. These entities' interest rates can differ depending on the applicant's profile and type of company. The Credit Linked Capital Subsidy Scheme (CLCSS) for Technology Upgradation and the Small Industries Development Bank of India are two government-sponsored schemes that provide machinery loan subsidies (SIDBI).
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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