commercial equipment finance & refinance
The equipment financing is a financial instrument that provides funding to business owners for them to purchase new machinery or upgrade existing machinery. The equipment financing comes handy for both SMEs and large enterprises. Business owners and enterprises availing equipment loan also enjoy tax benefits. The interest rate, loan amount and loan tenure may differ from bank to bank. Additional options linked with equipment leasing include finance leases, hire purchase arrangements, operating leases, etc.
Interest rates of Equipment Financing
| Bank/NBFC | Interest rate (p.a.) (2021) | Type of Equipment Loan |
| Bajaj Finserv | 18% onwards | All equipment |
| Bank of Baroda | Competitive interest rate | Construction and mining equipment |
| DHFL | At its sole discretion of bank | · Plant and machinery· Medical equipment |
| HDFC bank | 15% onwards | For commercial or construction equipment only |
| ICICI bank | At its sole discretion of bank | Construction loan |
| Kalupur bank | 9.50% onwards | Manufacturing and service sector |
| Kotak Mahindra bank | 8.90% onwards | · Farm equipment· Construction equipment |
Documents Required
The documents will be required when applying for equipment loan. It is use to verity your details and will help you to take the loans. Thus the following documents will be needed to submit when applying for equipment loan, they are as follows:
- KYC documents
- ID proofs: Aadhar card, PAN card, Passport, Voter’s ID
- Resident address proof
- Business address proof
- Business registration proof :- Partnership deed/ Certified copies of MOA / AOA
- Last 6 months’ bank statement
- Recent passport size photos of applicant or co- applicant
- Last two years of income tax returns and audited financials
- Details of suppliers and machineries name
Get in Touch
We are at
317/432 Neo Square
P.N. Marg
Jamnagar - 361005
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