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Plant and Machinery Loan

MSME-Business Loans

Plant and Machinery Loan

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Plant and Machinery Loan

Machinery / Equipment Loan is a financial instrument that provides funding to business owners / Enterprises / Units, to purchase new machinery or upgrade existing machinery, Refinancing or Balance Takeover. Equipment finance is available without any collateral securities, based on Borrower's credit worthiness, cash flows and repayment capacity.
Business owners /enterprises availing equipment loan also enjoy tax benefits. The interest rate, loan amount and loan tenure may differ from customer to customer and bank to bank.

Documents Required for Verification and Processing

Required Documents

Eligibility
  • Minimum 3 years track record of business.
  • Proposed plant & machinery quotations / proforma invoices.
  • The business should be consistently profit making with no dip in turnover figures.
  • Promoter / Borrower should be at least 21 years of age at the time of loan application
  • And not more than 65 years of age at the end of loan tenure
Business Proof Documents
  • Incorporation certificate/Registration certificate, MOA, AOA, GST Registration Certificate/ Trade License, Certified Copy of Registered Partnership Deed (or) Sole Proprietorship Declaration.
ITRs / Income Proof
  • Last 3 years IT Returns and Computations. Audited Balance Sheets Last 12 months GST Returns
Bank Statements
  • Last 12 months bank statement.
KYC Documents of Director / Partner
  • Copy of Pan/Aadhar/Passport/Voter Id/Driving License.
Existing Loans Sanction Letters
  • Sanction Letters of Existing loans and balance outstanding as on the day. Existing loans repayment track record
Other Required Documents
  • Work Orders / Projects Confirmation Letters

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