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Loan for machinery purchase :-
Are you doing business? Are you in the business of manufacturing? Do you want buy machine? Do you need Money to buy the machine? So you can get loan from banks and NBFCs. Now a days bank and finance company is giving loan to you to buy machine, Which we call machinery loan. If you want, you can apply for machine loan by visiting the branch of the bank or finance company.
You can apply for machinery loan. If you have a bank account then you can apply for machine loan. If you do not have an account with the bank, then the bank will offer you to open a current account than will offer loan.
The bank has a list of machine dealers. If you take the machine from that listed machine dealer, then the bank gives you the loan more easily. In which you get a lot of convenience in the interest rate and loan amount you get on the machine. If you buy a machine from a non-listed company of the bank, then may be the bank will give you small amount of the loan amount(50% of machine value) and the interest may increase a bit.
The interest from the bank ranges from 9% to 14%. It depends on the profile of the customer and the policy of the bank, how much interest the bank offers you. The loan repayment tenure of the bank is minimum 2 years and maximum 7 years. The bank can offer you a moratorium ranging from 3 months to 6 months, If you need.
Machinery Loan: Eligibility Conditions
- Applicant age should be between 21 years to 60 years for machinery loan.
- Business vintage must be at least 2 years old.
- Cash profit in business should be in profit in last 2 years.
- ITR for the last 2 years along with balance sheet, profit and loss sheet, all notes, and audit reports.
- If you have applied between April and October, then you need the latest year’s Provisional Balance Sheet, Profit and Loss Sheet with all notes along with 2 years financials.
- An Indian citizen without a criminal record.
- The applicant should not defaulter on the previous loan.
- If applicable on your machine, NOC of Pollution Control Board is also required. Your plant is there, the electricity bill is required.
- If the power of your purchased machine is high, then receipt of application for new electricity connection is required in advance.
- If the plant is your own, then proof of ownership is required and if it is rented then rent agreement and bill bill of the landlord is required.
मशीनरी लोन कैसे ले ?(Hindi Article)
Documents Required: –
Documents Required: – |
|
| Identity Proof Identity | Card PAN Card / Driving License / Passport / Voter / Aadhar Card |
| Address Proof | Passport / Driving License / Voter ID / Aadhar Card / Utility Bill / Bank Details / Bank Account Passbook (Updated and 2 Months) Not Old) ) |
| Ownership Proof | Contract Copy / Electricity Bill / Maintenance Bill with Share Certificate / Municipal Tax Bill / Share Certificate |
| Business Continuity Proof / Office Address Proof / Company KYC | Shop Establishment Certificate / Tax Registration-VAT / Service Tax /GST Registration/Company PAN Card |
| Firm Constitution | MoA , AOA, Partner Ship Deed, GST Registration Certificate, Company PAN Card |
| Financials | 1. Latest Two Year Financials (Balance Sheet, Profit & Loss , Details of immovable property List, Depreciation,, All Schedule 2. Latest Tax Audit Report. |
| Banking | Bank Statement for the last six months (Business Accounts) |
| Office Address Proof / Company KYC | Shop & Establishment Certificate / Tax Registration – VAT / Service Tax / GST Registration |
Miscellaneous Charges:- other Charges
| Type of Fee | Charges Applicable |
| Bounce Charge | dropline Rs.2,000 + GST |
| Mandate Rejection Service | Rs.450 + GST |
| CCOD Annual Maintenance Charges | amount 0.25% or Rs.1,000 per annum, whichever is higher
|
| Document processing fee | Rs.999 + GST |
| outstation collection fee | Rs. 100 + GST per repayment period |
| of accounts statements | Soft copy
Branch Walk-in – Rs.250 + GST |
| Loan Cancellation Charges | of the loan amount 2% or 5,750, whichever is higher + GST |
| Equipment Swap Fee | 550 Rs |
| Duplicate Repayment Schedule | Soft Copy – No Charges
Branch Walk-in – Rs.550 + GST |
| Duplicate NOC | 550 Rs |
| Post Dated Check Fee | 850 + GST |
Foreclosure Charges:-
| Fee Type | Applicable Fee |
| Foreclosure fee | existing loan + GST on future principal outstanding on 4.5%
No foreclosure allowed for first nine months |
| top-up | existing loan + GST on 2.25%
will be applicable only if the new rate is less than the existing rate |
| CCOD reasons | drop down GST on 4.5%
No foreclosure allowed for first nine months |
| Foreclosure letter fee | Soft copy – No charges
Branch Walk-in – Rs.199 + GST |
Benefits of Machinery Loan: –
You can easily get the money to buy the machine. This is just a 4 day process. Loan gets disbursed in 4 days. Some banks give loan of 80% and some banks 100% loan of the machine value. It depends on the policy of the bank.
FAQ(Machinery Loan)
Some Important article link, Read also
- How can we get Personal Loan?
- How can we get Car Loan?
- How can we get Home loan?
- Education Loan in India