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| Bank/NBFC Name | CIBIL | Rate of Interest | Processing Fee | Maximum Loan Amount | Apply for Loan |
|---|---|---|---|---|---|
| Axis Bank Equipment Loan | 700+ | 9% to 14% (Reducing) | 0.50% to 2% | No Limit | Apply Now |
| Bajaj Finserv Equipment Loan | 720+ | 11% to 14% (Reducing) | 1% to 2% | Upto 6 Cr | Apply Now |
| Cholamandalam Equipment Loan | 650+ | 12% to 16% (Reducing) | 1.50% to 2% | Upto 5 Cr | Apply Now |
| Clix Capital Equipment Loan | 650+ | 11% to 16% (Reducing) | 1% to 2% | Upto 5 Cr | Apply Now |
| HDFC Bank Equipment Loan | 700+ | 9% to 14% (Reducing) | 1% to 2% | No Limit | Apply Now |
| Kotak Bank Equipment Loan | 700+ | 9% to 14% (Reducing) | 0.50% to 2% | Upto 100 Cr | Apply Now |
| Profetectus Capital Equipment Loan | 650+ | 12% to 16% (Reducing) | 1% to 2% | Upto 3 Cr | Apply Now |
| Tata Capital Equipment Loan | 675+ | 9% to 14% (Reducing) | 0.50% to 2% | Upto 50 Cr | Apply Now |
Making the Process Easier, So You Can Get Faster Equipment loan!
We don’t want you to wait further for your Equipment loan. Therefore at ReferLoan, we have made the Equipment Loan process as easy and smooth as possible for all applicants. All it takes is just a few steps.
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.
Who Can Qualify for an Equipment Loan?
Availing an Equipment Loan from ReferLoan can benefit you in multiple ways. From low-interest rates to minimal documents, the list is quite long.
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The individuals from corporations, partnerships, trusts, proprietorships, public firms, private firms, or contractors (from the construction site or mining activity)
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The applicant’s age must be a minimum of 21 years and a maximum of 65 years
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The business should be making a profit for the last 3 years
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Business should be stable and be located in the same demography for the last 2 years
Note - The eligibility may vary depending on the credit profile of the borrower
Eligibility for an Equipment Loan
Age of applicant
The age of the applicant always plays an important role in the rate of interest as well as the tenure of the Equipment Loan and the minimum age should be 18 Years and the maximum age decided is 65 Years.
Income of applicant
The loan amount is decided by the income of the applicant and the income should not be less than Rs.20,000/- per month
Continuity of Job
This differs from different bank policies and requires a minimum 3-month job or more.
CIBIL score
It was always recommended to have a CIBIL score of 700 and if your CIBIL score is no less than 650 then you’re also eligible for the loan amount.
Occupation
The eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, and private limited companies are applicable.
Required Documents for Equipment Loan
PAN Card
Aadhaar Card
Driving Licence
Voter ID
Passport
Registered rent agreement
Current passport size photograph
Salaried income documents
Self Employed person documents
Salaried income documents
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Last 3 months' salary slip
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Form 16 of last 2 years
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Last 3 months' bank statement if the salary directly credited in the bank account
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Certificate of employment from current employer
Self Employed person documents
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Income tax returns of previous 2 years
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Statement of finances with a proper balance sheet with profit and loss in that sheet
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Bank statement with continuity of business
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GST registration evidence of business
Other documentations
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Cancel cheque or bank passbook front page copy
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Any recent loan with a proper repayment sheet
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Details of suppliers and machinery name
Note - The documents may vary depending on the lender and the credit profile of the borrower
Factors You Should Consider Before Applying for an Equipment Loan
Before applying for an Equipment Loan, it is good to do your homework and stay prepared. Below mentioned are a few factors that could help you make an informed decision while applying for an Equipment Loan.
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Examine your loan’s needs.
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Do proper research to get the best rate
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Examine your credit report
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Carefully read the fine print on your loan agreement.
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Assess your repayment ability before deciding on a loan term
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Select a reasonable interest rate.
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Examine your EMIs thoroughly
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Examine the processing costs
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Depending on your option, choose a fixed or variable interest rate
What is an Equipment Loan?
Not having a budget to afford an Equipment? Our Equipment Loan is Your Saviour!Our equipment loans allow you to finance the equipment you need to keep your business running smoothly. Whether you need new computers, machinery, or vehicles, we've got you covered. With competitive interest rates and flexible repayment options, our equipment loans are designed to fit your specific business needs. Plus, our quick and easy application process means you can get approved in no time. Don't let a lack of funds hold your business back. Apply for an equipment loan today and start growing your business with the tools you need to succeed.
FREQUENTLY ASKED QUESTIONS
Yes, usually it is possible for the borrowers to pre-pay an equipment loan without having to pay any penalty. However, we will recommend you check with your bank first to ensure there are no prepayment penalties or fees on your equipment loan.
If you can't make your equipment loan payments on time, the bank may charge you with a penalty. In case of all failed payments, the lender may repossess the equipment and sell it to recover their losses.
The amount you can borrow with an equipment loan will depend on the lender and your financial situation. Most of the lenders finance up to 100% of the equipment's value.
No collateral is usually required for an equipment loan as the equipment being financed serves as collateral for the loan.
Almost any type of equipment or machinery can be financed with an equipment loan. This includes industry equipment and machinery, construction machinery, office furniture, computers, vehicles, machinery, and medical tools.
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