Equipment Loan
Step into the future of business with our equipment loans, where innovation meets affordability
Equipment Loan
Help your business succeed by getting our equipment loan. Created exclusively for small enterprises, startups, and entrepreneurs, our equipment loan provides an easy way to obtain the necessary equipment needed to expand your operations. Our flexible terms and affordable interest rates make it easier than ever to get the equipment you need without breaking the bank, whether you’re wanting to improve your technology, invest in machinery, or buy necessary tools. With loan durations customized to suit your business requirements and a straightforward application procedure, you can receive approval quickly and start using your new equipment without delay. Take advantage of our equipment loan today to grow your business and overcome financial barriers
Equipment Loan Benefits And Features
Tax
benefits
Equipment loan interest may be tax-deductible.
Reduced maintenance
costs
New or updated equipment can help businesses reduce maintenance costs.
Reduced
downtime
This can lead to increased production and efficiency.
Increase
productivity
Upgrade gear, boost productivity, and fuel profits.
Amount
of loan
Equipment loans can provide up to 75% of the cost of used equipment and up to 90% of the cost of new equipment.
Repayment
tenure
Tenure up to 60 months with flexible repayment options.
Interest
Rate
The current interest rates for this loan range from 15% to 20%.
Quick
Approval
Loans up to Rs. 50 lakh can be approved in 24 hours.
Types of Equipment Loans
A construction equipment loan is a specific financing choice created to assist enterprises in the construction sector in obtaining the machinery and equipment that they require for their projects. The purchase, leasing, or maintenance of heavy equipment, including excavators, bulldozers, cranes, and other items, is often covered by this kind of financing. Construction equipment loan interest rates can vary from 8.50% to 16% and are customized to meet the specific requirements of construction firms. These loans offer flexible repayment options. They let companies grow their skills, finish projects quickly, and stay competitive in their field without having to pay for expensive tools all at once. These loans are an important asset for construction companies to purchase new equipment while maintaining their existing ones.
A manufacturing loan is a form of funding specifically created to assist enterprises involved in the manufacturing of goods. These loans help manufacturing companies with their unique wants and problems, like acquiring machinery and equipment, expanding production capacity, hiring skilled labor, and managing inventory. Manufacturing loans can be provided in different ways, such as term loans, equipment financing, working capital loans, or lines of credit, allowing manufacturers to obtain the required capital to expand and improve their production operations. These loans have a significant impact on promoting innovation, competitiveness, and sustainability in the manufacturing industry by offering the necessary financial support for growth and progress.
A Corporate Aviation Loan also known as Business Aviation Loan is a financial arrangement designed to facilitate the purchase or leasing of aircraft for business purposes. These loans are typically tailored to corporations, high-net-worth individuals, and organizations that require private aircraft for corporate travel, cargo transportation, or other specialized needs. Corporate Aviation Loans can cover a range of costs, including the acquisition of new or used aircraft, upgrades, maintenance, and operational expenses. Lenders often consider factors such as the borrower’s creditworthiness, the aircraft’s value, and the specific terms of the loan, which can vary significantly depending on the lender and the borrower’s requirements. This type of financing enables businesses to access the benefits of private aviation while spreading the cost over time.
An “Automobiles and Allied Industry Loan” is like a financial toolbox specially crafted for businesses in the car world. Whether you’re building cars, selling them, or making parts, this loan is designed just for you. It’s like a helping hand that can be used for various things like buying new tools, keeping the business running smoothly, growing bigger, or coming up with new ideas. The best part is that these loans are offered by folks who really understand the car business, so they can create a loan that fits perfectly with what you need. In a nutshell, it’s a fuel boost for your auto-related business to drive success and keep the wheels turning in the automotive world.
An IT and Office Equipment Loan is a specially crafted financial tool tailored to support businesses in upgrading their technology and office essentials. This type of loan offers a helping hand to companies looking to invest in new computers, software, printers, furniture, and other office equipment. Whether you’re aiming to boost productivity, enhance your workspace, or stay current with the latest technology trends, this loan can be your ticket to success. It’s like giving your business a digital and physical makeover, ensuring you have the tools and equipment needed to thrive in today’s fast-paced business landscape. With flexible terms and competitive rates, it’s your key to keeping your IT and office environment up to date and efficient.
An Electronics and Appliances Loan is a tailored financial solution designed especially for businesses in the electronics and appliance industry. This specialized loan assists companies involved in the manufacturing, distribution, retail, or servicing of electronics and household appliances. It provides the necessary capital to support a wide range of needs, such as upgrading technology, expanding product lines, managing inventory, or optimizing operations. By addressing the specific requirements of this industry, this loan empowers businesses to stay at the forefront of innovation, enhance their product offerings, and meet customer demand effectively.
A healthcare equipment loan is a special type of loan that is only available to healthcare groups and professionals. It’s like a personalized prescription for getting important medical technology and tools. This loan provides you with the capital you need to buy medical devices, diagnostic tools, or even improvements to your facility, whether you’re a hospital, clinic, or solo practitioner. It’s your partner in making sure patients get the best care possible by giving you flexible payment choices and low rates. A healthcare equipment loan is more than just a loan; it’s an investment in your patients’ health and the success of your healthcare business.
Eligibility and Documents required for Equipment loan
Note: This is an indicative list that may vary depending on your unique loan application.
- Eligibility
- Nationality: Indian resident
- Occupation: Self employed
- Age limit: 18- 70 years
- CIBIL Score: At least 700
- Work Experience: Business operation for at least 2 years
- Documents
- Proof of identity: Pan Card, Aadhar Card, Passport, Driving License
- Address proof: Telephone bill, Electricity bill, or rental agreement
- Business registration proof: Udyam, Partnership deed or certified copies of MOA or AOA
- Proof of income: Last 2 years of audited Income Tax Returns, Last six months bank statement and GST
- Details of suppliers and machinery names
Frequently Asked Questions
Higher interest rates: Loans for equipment may have interest rates that are higher than loans for other purposes. It's because loans for equipment are more risky than various other types of loans.
Collateral: In some cases, businesses may need to provide collateral for an equipment loan. It means that if they default on the loan, the lender can seize the collateral to recoup their losses.
Lease payments: Lease payments can be a significant expense for businesses. It is important to make sure that the lease payments are affordable before signing a lease agreement.
- Check our Equipment loan page
- Check the requirements and eligibility criteria.
- Click on 'Apply Now' and fill the application form
- Submit the required documents
- Get the best equipment loans option available
- Get loan sanctioned
An equipment loan is a type of loan that businesses can use to purchase equipment. The business owns the equipment and is responsible for making the loan payments. An equipment lease is a type of agreement that allows businesses to rent equipment for a specified period. At the end of the lease term, the business has the option to purchase the equipment, return it to the lesser, or renew the lease.
The repayment terms on equipment loans in India will vary depending on the lender and the borrower's needs. However, most equipment loans have repayment terms of 3 to 7 years.
In some cases, businesses may need to provide collateral for an equipment loan in India. If they don't pay back the loan, the lender might take the security to cover their losses. However, not all equipment loans require collateral.