A machinery loan is a type of business loan taken for the purpose of financing the purchase of new machinery or equipment for a business. Modern business tools and state-of-the-art equipment are a wonderful way to expand your business but finding the right financing for them can be difficult at times.
A machinery loan makes equipment financing easy and removes any roadblocks to achieving business success. The Interest rate of a machinery loan is the rate at which you are required to repay your machinery loan, inclusive of the principal amount and the interest amount, which is known as the Interest rate of a machinery loan. Financeseva provides interest rate on machinery Loan @6.50% Onwards.
Here we have mentioned a list of several banks and NBFCs (Non-Banking Financial Companies) with their interest rate on machinery loans. It may help you to pick the best offer if you are looking for a machinery loan.
Bank Interest rate (min.)
Punjab National Bank 8.50%
State Bank of India 8.45%
Union Bank of India 8.80%
United Bank of India 8.50%
Central Bank of India 8.50%
Bank Of Baroda 9.35%
Bank Of India 8.50%
Bank Of Maharashtra 9.00%
Canara Bank 8.00%
Hero FinCorp Limited 12.00%
Indian Bank 8.75%
Indian Overseas Bank 8.45%
Small Industries Development Bank of India (SIDBI) 8.00%