Compare best Collateral Free Machinery Loan, Medical Equipment Loan Rates in TamilNadu

Get the latest Machinery Loan or Medical Equipment Loan interest rates for TamilNadu on BankVallet.com.

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How to Get a Machinery Loan in TAMILNADU?

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Know your loan eligibility

Wondering how much you can borrow? We can help you with that. Your loan amount is determined by your Fixed Obligations to Income Ratio (FOIR) or Debt-Service Coverage Ratio (DSCR) or Banking Transactions or Repayment Track Record (RTR) or Self-Assessment ratio implemented by banks and Financial Institutions. Reach out to us, so you can find out your loan eligibility quickly.

Get your In-Principle Approval (IPA)

Gone are the days when you’d have to visit banks for your In-Principle Approval. We’ve streamlined the process to make it easier and faster for you to get one. Simply gather the required documents, submit everything to us and wait for approval.

Apply for machinery loan

Once you get your IPA, you’re all set for the next step – getting the best machinery loan in TAMILNADU. With the help of our knowledgeable Machinery Loan Specialists, you can be confident that you’ll be getting the highest loan amount at the lowest interest rates.

Machinery Loan - Overview

Two types of Machinery Loans are issued by Banks and Financial Institutions,

  • Machinery Loans for SMEs
  • Medical Equipments Loans for Medical Personnel
Machinery Loans for SMEs:

Machinery equipment loans are normally used by small and medium enterprises for enhancing their existing production capacity or replacing old machinery with new machinery. Machinery equipments are the most important assets as it determines the amount of goods that can be produced and determines production cost of the goods. Timely upgrade & maintenance of machinery equipments ensures that the business stays competitive and profitable. Machinery loan can also be used by manufacturing firms for expanding business in new business vertical.

Medical Equipment Loans for Medical Personnel:

In today’s modern age, medical equipment plays an important role in the detection and cure of every infection. With hospitals equipped with sophisticated equipment that can win the trust of all people today.

Many leading Banks/NBFCs offer medical equipment loans at low interest rates without any collateral to buy medical equipment for advancement in health checkups for hospitals, nursing homes, clinics, practicing doctors, Pathology labs, Diagnostic centers, IVF clinics, ENT clinics, Dialysis centers, endoscopy centers, medical colleges, Trusts, Societies and limited Companies.

For small manufacturers and everyone in the medical field, collateral free machinery loan and collateral free medical equipment loan can be very helpful. At BankVallet.com, we help small and medium business, professionals in medical industry to compare & apply for various options for collateral free machinery equipment loans, medical equipment loans through our business partners.

You are just required to apply online giving details of your finance requirement and we will take it further.

Key Benefits and Features

Features of Machinery loan Features of Medical Equipment loan
Collateral Free Loans Collateral Free Loans
Loan against old machine invoice up to 12 months Loan for purchase of new or refurbished machinery
Loans up to Rs. 5 crores Loan against 12 months old invoice also
Repayment tenure maximum up to 60 months loans up to Rs. 5 crores
Loan maximum up to 85% of Asset/Invoice cost Special Product program for loan amount up to Rs.50 Lakhs
Attractive interest rate Repayment tenure maximum up to 84 months
Customized repayment options for lowering interest cash flow Loan maximum up to 90% of Asset/Invoice cost
Hassle free process and quick decisioning Attractive interest rate
Customized repayment options for lowering interest cash flow
Hassle free process and quick decisioning

Who could be eligible for a Machinery Loan?

Are you thinking of availing machinery loan anytime soon? Browse through Banks/NBFCs machinery loan eligibility criteria mentioned below, to make sure your machinery loan is approved at the very first go:
Machinery loan Medical Equipment loan
The applicant should be a Sole Proprietor / Partnership firm / Private Ltd Co. / Trust / Limited Liability Partnerships / Closely held limited companies involved in the business of Manufacturing, Trading or Services, Self employed Individuals Hospitals, nursing homes, clinics, practicing doctors, Pathology labs, Diagnostic centers, IVF clinics, ENT clinics, Dialysis centers, endoscopy centers, medical colleges, Trusts, Societies and limited Companies.
The applicant has to be in business for last 3 years with a minimum turnover of Rs.40 Lakhs The applicant has to be business for last 3 years with a minimum gross receipts/turnover of Rs.25 Lakhs
The company’s profit after tax (PAT) for the last two years should be positive The company’s profit after tax (PAT) for the last two years should be positive
The applicant should be a Sole Proprietor / Partnership firm / Private Ltd Co. / Trust / Limited Liability Partnerships / Closely held limited companies involved in the business of Manufacturing, Trading or Services, Self employed Individuals The applicant should be a Sole Proprietor / Partnership firm / Private Ltd Co. / Trust / Limited Liability Partnerships / closely held limited companies
The main applicant should be minimum of 25 years of age & should be no older than 68 years at the time of loan maturity. The main applicant should be minimum of 25 years of age & should be no older than 68 years at the time of loan maturity.
Good credit rating score in credit bureau Good credit rating score in credit bureau
  • Eligibility may vary as per Banks/NBFCs scheme chosen
  • Banks/NBFCs may offer machinery loans/medical equipment loans to only certain cities and towns.

*If you are not sure if your business falls under a restricted category or location, you can contact us @ 90470 45470 to confirm your eligibility.

Loans for following machinery equipments in various sectors, is available:
Sector Type of Machine
Plastics Injection Molding Machine - Hydraulic IMM, Electric IMM, Vertical IMM , Pet Preform IMM
Blow Molding - Extrusion Blow Molding , Injection Blow Molding & Stretch Blow Molding
Extrusion Machines - Sheet / Film Extrusion , Blown Film Extrusion , Single screw & Twin Screw Extrusion, Tubing Extrusion , Pipe - PVC Extrusion Plant & Palletizing Plant
Forming & Thermoforming
Auxiliary Equipments - Chillers , Dryers , Granulators , Robotics , Water Cooling Towers
Machine Tools CNC Lathe, VMC & HMC
EDM & Wirecut, Presses, Press Brake, Punch Press & TPP
Milling, Boring, Grinding, Crimping & Shearing Machine
Laser Cut, Plasma cut, Waterjet Cut & CNC Engraving
Robot System
Food Packaging Form Fill seal machine - VFFS , HFFS , FFS
Labeling Machine ,Filling & Sealing machine , Capping Machine ,Shrink Wrapping machine
Pharmacy Packaging Rotary Tablet Press , Capsule Filling Machine , Lidding Machine , Rapid Mixer Granulator , Fluid Bed Dryer , Tablet Coating Machines
Gensets 75 KVA - 1000 KVA

Machinery Loan Documents

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MACHINERY LOAN
For Proprietorship Business:
For Company:
Business Proof:
  • Professional Tax Receipt or SSI Certificate or Company’s RC (TIN No) Copy or Any other old business proofs
  • GST Certificate copy
Income Proof:
  • Latest two Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (Current/OD/CC) owned by the applicant for the last one year
For Proprietor:
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph :
  • Two passport size recent photographs
Own House Proof :
  • Own House EB bill or Latest House Tax Receipt
For Machinery :
  • Performa invoice / Quotation for machinery to be purchased
For Co-Applicant :
Identity Proof :
  • PAN
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
For Partnership Firm :
For Firm :
Business Proof :
  • Professional Tax Receipt or SSI Certificate or Company’s RC (TIN No) Copy or Any other old business proofs
  • GST Certificate copy
  • Partnership Deed
  • Company PAN
Income Proof:
  • Latest two Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (Current/OD/CC) owned by the applicant for the last one year
For Partners (51% share holding partners should come into the loan proposal):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph :
  • Two passport size recent photographs
Own House Proof :
  • Own House EB bill or Latest House Tax Receipt
For Machinery :
  • Performa invoice / Quotation for machinery to be purchased
For Co-Applicant :
Identity Proof :
  • PAN
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
For Pvt Ltd/LLP Company:
For Company :
Business Proof :
  • Professional Tax Receipt or SSI Certificate or Company’s RC (TIN No) Copy or Any other old business proofs
  • GST Certificate copy
  • AOA/MOA Copy
  • Company PAN
  • Directors Identification Number (DIN) copy
Income Proof:
  • Latest two Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (Current/OD/CC) owned by the applicant for the last one year
For Directors (51% share holding directors should come into the loan proposal):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph :
  • Two passport size recent photographs
Own House Proof (for any one director) :
  • Own House EB bill or Latest House Tax Receipt
For Machinery :
  • Performa invoice / Quotation for machinery to be purchased
MEDICAL EQUIPMENT LOAN
For Self Employed Professionals (SEP – Doctors/Other Professionals) :
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph :
  • Two passport size recent photographs
Qualification Proof:
  • Certificate of Qualification (for Doctors/C.A. and other professionals)
  • Medical Registration Certificate (for Doctors)
Income Proof:
  • Copy of Form 16 or Latest two Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (SB/Current/OD/CC) owned by the applicant for the last one year
Own House Proof (for any one director) :
  • Own House EB bill or Latest House Tax Receipt
For Medical Equipment :
  • Performa invoice / Quotation for medical equipment to be purchased
For Co-Applicant :
Identity Proof :
  • PAN
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs

*Requirement of Machinery Loan, Medical Equipment Loan documents might vary according to the scheme chosen. Banks/NBFCs may require additional Machinery Loan, Medical Equipment Loan documents which will be intimated to you while processing your application.

Machinery Loan, Medical Equipment Loan Interest Rates

Compare the lowest machinery loan and medical equipment loan interest rates starting from 10.50% p.a. and apply for the best machinery/medical equipment loan. Get the complete list of current machinery and medcial equipment loan rate of interest in India from all leading banks and financial institutions.

Machinery Loan & Medical Equipment Loan
Bank/NBFCs Interest Rate (%) Processing Fees (%) Tenure (yrs.)
min max min max min max
Yes Bank 10.5 10.75 1.5 2 1 6
Capital Float 16 24 1.5 2 1 3
Bajaj Finserv 18 21 1.5 2 1 4
OfBusinss 17 19 1.5 2.5 1 4
LendingKart 12 24 2 2.5 3 10
Profectus Capital 14.5 21 2 2.5 1 8

Machinery loan Fees and Charges

Depending on the type of loan you are applying for, the following charges may be levied:
Processing fees :

This is a one-time non-refundable fee that is to be paid to the machinery loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.

Prepayment charges:

Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your machinery loan before the completion of the loan tenure.

Foreclosure Charges:

Foreclosure penalty is the fee you will have to pay the lender if you plan on foreclosing your machinery loan before the completion of the loan tenure.

Cheque dishonor charges:

The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.

Insurance:

This is a one-time non-refundable fee that is to be paid to the machinery loan provider after the loan application has been approved. Some Banks/NBFCs add this charge with the approved loan amount and deducted with EMIs.

Default charges:

Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Installments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.

Incidental charges:

This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly installments on time.

Charges On Account Of Delayed Payments:

Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.

Calculators

FAQs on Machinery Loans

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Do I need to go to a Banks/NBFC branches to get a machinery loan?

No, there is no need to visit Banks/NBFC branches to apply for a machinery loan. We have made the process simple; you can apply for a machinery loan through our website.

You can submit required details through our website and we will call you back and let you know about eligibility and application status. BankVallet will have the necessary documents picked up from your residence or office.

If you have any questions regarding the machinery loan application process, please feel free to contact our customer care at +91- 90470 45470 or write to us at wecare@bankvallet.com.

How secure is my information when I provide it during the BankVallet loan comparison process?

All your sensitive information like personal/financial information is encrypted and safeguarded with our best in class security systems. We don't share your information with any marketing agencies or any 3rd party without your consent.

How long does it take to get a machinery loan?

At BankVallet, we have simplified the process of obtaining a machinery loan. You can visit our website and apply for the machinery loan by submitting your details. We will call you back and notify you if you are eligible. Thereafter, you can submit your documents to our representative who will visit either your home or office as per your convenience. We strive to process the complete application within 48 hours of complete document submission. If you have any questions regarding the machinery loan application process, please feel free to contact our customer care at 90470 45470 or write to us at wecare@bankvallet.com.

How will Banks/NBFCs determine my machinery loan eligibility?

There are a number of factors that are taken into consideration before we approve your application for a machinery loan. These include:

  • The corpus for a machinery loan depends on numerous factors such as the amount of profit it makes annually, valuation of the business, and operating industry of the business in addition to the number of years it has been operational.
  • Your yearly business turnover which is showed in last 2 years ITR
  • Your latest 6-12 months Banking transactions which is transact in SB/Current/OD/CC accounts
  • Your work experience: Banks/NBFCs require self-employed individuals should have been in business for at least 3 years and SEPs at least 3 years of experience.
  • Your age: You should be at least 25 years at the time of loan application and maximum 68 years of age at the time of loan maturity.
  • Good credit rating: Banks/NBFCs examine your CIBIL record; they extend credit to individuals and entities with a good credit rating.
Do I need to provide any security or guarantor or collateral to apply for a machinery loan?

Banks/NBFCs provide unsecured machinery loans without any collateral. There is also no need for any co-signee or guarantor either. Lenders provide you with machinery loans without security so that you can get easy access to credit for your business expansion needs.

Is the interest on my machinery loan flat or reducing?

Many Banks/NBFCs levy the reducing interest rate on our machinery loans. You will only need to pay interest on the outstanding principal amount.

What is the maximum loan amount I can get?

You can get a machinery loan up to Rs. 5 crores.

What is the tenure for which I can apply for a machinery loan?

All lenders offer flexible tenures so that the EMI is always affordable and serves your needs instead of being a burden. You can choose loan tenure between 12 and 84 months when you take a Machinery loan.

Is the interest rate for the machinery loan standard between lenders?

No, the interest rates offered by lenders vary.

Is there any CIBIL impact if I close my machinery loan?

Machinery loans are given in the name of businesses, and not individual names. There is no impact of closing a machinery loan early on your CIBIL score.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

How To Apply for a Machinery loan

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Compare the best Machinery loan packages

At BankVallet, we give you an overview of the latest Machinery loan packages available in the market. With just a few clicks, you’ll be able to compare the best interest rates from our Banks and Financial Partners.

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Get in touch with our Machinery loan Specialist

From knowing your loan eligibility to getting your IPA, we’ll fill you in with all the pertinent details regarding Machinery loan. Our Machinery loan Specialists will help you throughout the process and give you unbiased advice.

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Apply for your Machinery loan

Once you have your IPA, we can get started with your Machinery loan application. We understand that this is a major life decision and we’re here to guide you. With our help, the Machinery loan application process can be completed within 1 working day. Although, some banks and financial institutions may take up to 2 working days to complete.

Why Get Your Machinery Loan
Through Us?

Simple, Fast, Convenient

Leave your Machinery loan research to us and we will break it down for you in simple terms. Our Machinery loan Specialist will contact you directly so you can save time for other important things in life.

We compare so you get better deals

Feeling so spoilt for choice you cannot decide? Settling for the first option is like being forced to marry the first person you come across on a matrimony app. Don’t feel pressured. We compare across all banks in TamilNadu to ensure that you get the best deals.

Most importantly it's free!

Our service to you is free. But, of course we are not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.

We have helped thousands of Tamilnadu consumers choose and apply for their Machinery loans

Very knowledgeable people. Best Machinery loan service provder in tamilnadu. I strongly recommend bankvallet to all.

Preethika Kannan
Employed full time

Bank vallet is really working for our wallet, Very kind and straight forward and excellent service. Their work is very loyal and rapid. I just love bank vallet😁😁😁.

Ragavendra Prasad
Employed full time

Hi, I availed my machinery loan from ICICI Bank. BankVallet team members are fast and very helpful in loan processing. They are very transparent and very knowledge in loan analysis and step by step process. They advise me a lot about loan planning. Rate of Interest and processing fees are very low. I am happy. I strongly suggest BankVallet company to all machinery loan seekers.

Ganesh Ganesh
Employed full time

We Work with All Major Machinery loan Providers