Machinary & Equipment Loan

(Machinery and Equipment) Financing

You can use our (HP) Hire Purchase facility to finance your purchase of machinery & equipment. This is a funding arrangement for your machines and equipment purchase whereby we will pay the retailer directly. The Bank acquires & retains licit proprietorship of the financed asset, while you become the hirer. The proprietorship of the financed asset will be transmitted to you when the final instalment is fully paid. This is un-like a term loan wherever the debtor holds legal title to the goods from the outset.

At Commercial Banking, we provide / offers financing for a wide range of machinery & equipment. With our eye-catching rates of interest & flexible re-payment period, you can now acquire the machinery & equipment you need / want for your business whereas better managing your cash flow.

BENEFITS:

With eye-catching Machinery & Equipment Financing Package, you’ll be able to finance the purchase of your assets with ease. We offers competitive rate of interest and maximum financing of up-to 90% of the estimate or purchase price, either is lower, with a maximum loan tenure of 4 yrs.

  • Unique finance products
  • Flexible tenure options
  • Very easy process
  • Less documentation

Features:

  • Avail loans up-to Rs. 10 Crore
  • Tenure up-to 6 yrs.
  • For purchase of brand new & refurbished Industrial Machinery
  • Primary Security will consist of Industrial Machinery being financed

Eligibility:

  • Self-Employed Customers
  • Entities:
  • Proprietary
  • Partnerships
  • Limited Liability Partnership
  • Private Limited Company
  • Limited Company
  • The corporate / firm must be in business for at least 3 yrs. with profit in the last audited monetary yr.
  • Greenfield projects can be deliberate only from recognized players in that business
  • Dealer condense funding loans can be deliberate for established dealers of reputed auto-mobile OEMs

Documents needed / required:

  • Company / firm profile as well as existing product range
  • Promoter profile including (KYC) details
  • Purpose of the loan
  • Security offered
  • Audited (balance sheets) of the last 3 yrs.

The credit officer may require extra documents during the credit evaluation.

 

FAQs:

Equipment Finance

How much loan can I avail of and how is the quantum decided?

The loan quantum is decided based on your requirement, credit assessment & re-payment capacity. However, it is limited to Rs. 25 crore.

What can be approved as security?

We accept an ample range of securities. The hue cycle includes land & real estate property, plant & machinery, equipment, Fixed Deposits, Deposit Certificates, (KVP), (NSC), securities issued by Central & State Governments, gold a& other cash equivalents, life insurance policies, and many  others.

How long will it take to get the loan?

The loan will be processed with-in 10 working days provided everything is in order.

How do I re-pay my loan?

You have the flexibility of opting for Equated Instalment, Bullet Re-payment or Ballooning Re-payment (depending on the needs / requirements of your business). (PDCs), (ECS) mandate or Electronic Transfers are all accepted means of payment.

Can I pre-pay the loan?

Yes, you can pre-pay the business loan. Foreclosure charges at 2% shall be applicable on the principal outstanding.

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