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Machinery loan for MSME
A machinery loan is a credit facility that helps the individual, business owners, entrepreneurs, and other business entities in borrowing funds to lease, repair, purchase, or upgrade for several business purposes. Loans for purchase of machinery help business owners in obtaining more productivity while the utilization of new machinery and equipment.
Interest rate of financeseva for machinery loan
Rate of interest @5.50% onwards
Loan amount Up to Rs. 100 Crores
Flexible loan tenure Up to 10 years
Processing fees @1.00%
Compare interest rates and processing fees by banks
Bank name Interest rates Processing fees
Central bank of India 8.50% 1%
Bank of India 8.50% 1%
Canara bank 8.00% 1%
Indian Overseas bank 8.45% 1%
State bank of India 8.45% 1%
Punjab National Bank 8.50% 1%
UCO Bank m 8.70% 1%
Union Bank of India 8.80% 1%
United Bank of India 8.50% 1%
Tata Capital Financial Services Limited 12.00% 4%
Small Industries Development Bank of India (SIDBI) 8.00% 1%
Punjab & Sind Bank 9.00% 1%
Indian bank 8.75% 1%
Hero FinCorp Limited 12.00% 1%
Bank of Maharashtra 9.00% 1%
Bank of Baroda 9.35% 1%
Eligibility criteria of Machinery loan for MSME loan
- The age criteria for self-employed is from 24 to 65 years of age.
- The business record should be in profit for the last 3 years.
- Both sectors i.e., public, and private sectors, are eligible for this loan.
- The balance sheet of the company must be audited by registered CA.
- ITR (Income Tax Return) should be filed for a minimum of 1 year.