How to get loan for machinery purchase?
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 for macinery purchase.
The bank has a list of machine dealers. If you take the machine from those listed machine dealer, then the bank gives you the loan more easily.
In which you get a lot of convenience in the interest 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 low amount on the loan amount and the interest may increase a bit.
What is the loan amount for machinery loan?
Loan is available up to 75% of the total value of the machine for standard machines
Loan is available up to60% of the total value of the machine for non standard machines
The rate of interest for machinery loan ranges from 9.5 to 15% depending on the profile of the customer and the company the machine is being taken from.
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