- Quick access to liquidity in a short time
- No Collateral required
- Fast processing
- Low Interest Rates
Machinery Loan @6.80% Onwards
• Loan upto 20 Crore
• Maximum tenure 10 Years
• Loan upto 5 Crore without security
• Maximum tenure 10 Years
• Loan upto 5 Crore without security
Feel free to use our Our Finance Calculator
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Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
Eligibility Criteria
What you mean by Machinery loan Eligibility Criteria?
For any business without machinery & equipment is totally incomplete to compete with their competitor & successfully grow in industry, where machinery loan help in getting it done in very seamless way. Even some bank provide the relaxation of no collateral/assets required to pledge to avail machinery loan & subsidy on machinery loan also available. Then what are you waiting for check your eligibility criteria to apply for loan.
Machine loan Eligibility Criteria
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness …etc.
Eligibility Criteria for Self-Employed Individuals
- • Age Limit of Self –Employed Individuals – 24 to 65
- • Public & private both sector companies are eligible
- • Company balance sheet must be audited by a registered CA
- • Last 3-year business record should be in profitable
- • Income tax must filed at least for the past 1 year
Note: – As a minimum loan amount you can avail 50,000 to maximum loan amount of 1 Cr.
What are the factors generally affecting Machinery loan Eligibility Criteria?
There are few factors that generally affects Eligibility Criteria as given below: –
Capability of business: – Your business capability determines your willingness to pay back the loan. Therefore, try to manage business with profit, if it seems to be going lose in past year then probably your application approval chances reduces.
Lack of required documents: – There will be multiple documentation required at the time of document verification, when you were unable to submit that mandatory document, you will result with application rejection.
What are the ways to increase Machinery loan eligibility?
To increase Machine loan eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level.
Make payments on time: – Make sure you make all payments on time, avoiding late payment, nil payments bills & having multiple credit card also affects your eligibility, by considering these points you will able to increase your eligibility.
Get ready the documents in handy :- Always try to keep the necessary documents handy while your verification, as it will enhance your eligibility
Documents Required
- PHOTOGRAPHS 2
- PAN CARD COPY
- AADHAR CARD + PASSPORT
- ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
- LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
- LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT
- LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
- COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
- PROCESSING FEE CHEQUE IN FAVOUR OF BANK
- MACHINE QUOTATION
- ORDER IN HAND
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- MACHINE QUOTATION
- ORDER IN HAND
- PAN CARD CLEAR COPY PROPRIETOR
- ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
- OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
- FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
- LAST 1 YEAR GST RETURN COPY
- FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
- PROVISIONAL FINANCIAL AY 2019-20
- BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
- 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
- IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS WITH CHAIN SANCTION MAP
- PHOTOGRAPH PARTNERS
- PAN CARD – COMPANY, ALL PARTNERS
- ADDRESS PROOF – ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
- FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
- PARTNERSHIP DEED COPY
- GST CERTIFICATE
- GST RETURN LAST 1 YEARS
- 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
- PROVISIONAL FINANCIAL AY 2019-20
- 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
- FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
- ALL PARTNER SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH MAP
- MACHINNE QUOTATION
- ORDER IN HAND
- ALL DIRECTORS PHOTOGRAPH
- CLEAR PAN CARD – COMPANY AND ALL DIRECTORS
- ADDRESS PROOF – COMPANY AND DIRECTORS
- LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
- MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
- GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
- 1 YEAR GST RETURNS
- ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
- LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
- PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
- COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
- ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
- MACHINE QUOTATION
- ORDER IN HAND
Frequently Asked Questions
You can get up to 10 Crore as a maximum loan amount.
Applicant age should be between 21 –65 years, business continuity should be 2 years with ITR Filed. Make sure you have faced any loan rejection in the past as it will affect your criteria.
No, as this credit facility doesn’t ask for any Collateral or Assets to pledge.
Generally, Machinery Equipment requires high expenses to purchase wherein not every business would able to purchase, while machinery loan facility helps the business owner to meet their specific requirements.
It’s easy to get finance for your machinery now as there are several Banks & NBFC’s are funding. You can get loan directly from visiting respective bank visit & fill an online application form visit your nearest bank branch to request a loan form, just fill required details with attaching mandatory documents.
You can apply online also, choose your preferred financial institution & visit their website online where you can get loan application form & other documents upload section after successful submit respective bank customer representative will contact you for further confirmation.
Machinery Loan Interest Rate starting at 5.50% onwards.
It requires 3 major documents like identity proof, address proof & business proof as well as one coloured photograph below followed: –
Identity proof (Any one of the following) –
- Pan Card
- Aadhar Card
- Driving License
- Passport
Address proof (Any one of the following) –
- Electricity Bill
- Bank statemen
