Machinery Loan

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Overview

Machinery Loan: Fuel Your Business Growth

A Machinery Loan is designed to help businesses acquire new or used machinery and equipment without straining their finances. At RED FINCORP, we understand that investing in machinery is crucial for enhancing productivity and operational efficiency. Our tailored loan solutions provide the financial support you need to purchase machinery, ensuring that your business can meet its production demands while maintaining cash flow.

With competitive interest rates and flexible repayment options, our Machinery Loans are crafted to suit your business needs. Whether you’re in manufacturing, construction, or any other industry, choose RED FINCORP to empower your business with the right tools and machinery today!

Machinery Loan Details

  • Loan Type: Machinery Loan
  • Loan Amount: Up to 80% of the machinery cost
  • Interest Rate: Starting from 10%*
  • Loan Tenure: 12 to 60 months
  • Collateral: Machinery purchased with the loan
  • Loan Feature: Quick disbursal, flexible repayment options

  • Apply Now
Machinery Loan Image

Documents Required for Machinery Loan

To ensure a smooth application process, please prepare the following documents:

  • Business registration documents
  • Financial statements (profit & loss, balance sheet)
  • Quotations for the machinery
  • Bank statements for the last 6 months

Our Lending Partners

ICICI Bank Federal Bank SBI Canara Bank Yes Bank Kotak Mahindra Bank IDFC First Bank Karur Vysya Bank Indian Overseas Bank HDFC Bank

Machinery Loan FAQs

Frequently Asked Questions

A: A Machinery loan is a type of financing specifically designed for purchasing or upgrading Machinery and equipment used in business operations. Eligible applicants typically include manufacturers, contractors, and small and medium enterprises (SMEs) across various sectors. Both new and existing businesses can apply, depending on the Bank’s requirements.

A: Commonly required documents include Identity proof (Aadhaar, PAN, passport), address proof, business registration documents (GST certificate, partnership deed, etc.), financial statements for the last 2-3 years, bank statements, quotes or proforma invoices for the Machinery to be purchased, and a detailed project report outlining how the Machinery will be used.

A: The loan amount usually depends on the cost of the Machinery being purchased and the applicant’s repayment capacity. Most Banks finance 70%-90% of the Machinery’s value. The exact percentage will vary based on the Bank’s policies, the applicant’s creditworthiness, and the type of Machinery.

A: Interest rates on Machinery loans in India typically range from 10% to 15% per annum. The rates depend on factors such as the applicant's credit score, business financials, loan tenure, and the lender’s policies. Some lenders may offer lower rates for new or energy-efficient Machinery.

A: The tenure for Machinery loans usually ranges from 1 to 7 years, allowing borrowers to choose a repayment period that suits their cash flow. Many lenders permit early repayment or loan foreclosure, although some may impose prepayment charges.

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redfincorp99@gmail.com

+91 99442 64799

About Us

RED FINCORP is your trusted partner for all your financial needs. From personal to business loans, we offer a wide range of solutions to support your financial goals.

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