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A machinery loan is typically provided to business owners to buy new machines or equipment. Also known as machine loan finance, this is a special type of business loan that can be taken exclusively for buying new machines or upgrading existing equipment. Several lending institutions provide machinery loans for new businesses in India to ensure financial roadblocks don’t hinder them from achieving success.
With a Tata Capital machinery loan, you can get machinery finance of up to Rs. 90 lakhs with simple eligibility criteria and minimal documentation. Moreover, our machinery loan interest rate is among the lowest in the market, starting from just 16% per annum*.
Apart from the affordable machinery loan interest rate, our loan for machinery purchase comes with the following offerings:
Tata Capital can be your perfect machinery finance partner with a machinery and equipment loan. Here are some advantages of getting our machine loan finance for your business:
Tata Capital offers machinery loans for new businesses as well as established companies. To avail of a machinery loan from us, you are required to fulfill the following eligibility criteria, followed by the submission of the required machinery loan documents:
Your age should be at least 21 years at the time of applying for the business loan and not more than 65 years at the time of the last EMI
Your credit score should be at least 675 or more
Business should be profitable
Minimum 2 years of business stability
Banking balance should be at least Rs. 5000
Please note that we may also ask for some other eligibility requirements at the time of loan processing.
When applying for a machinery loan, you must produce the following documents:
Identity proof (Aadhar card, PAN card, Driving Licence, passport, etc.)
Address proof (Aadhar card, rent agreement, utility bills, etc.)
Other relevant KYC documents
Business ownership proof
Income tax returns (ITR) for the last 1 year
Balance sheets and profit and loss statements for the last 2 years
Tata Capital offers Machinery Loans to help businesses update their existing machinery and scale to greater heights. Keeping in mind the rapid advancements in technology, the latest machinery and equipment are necessary for the success of any business. For manufacturing businesses, procuring top-of-the-line machinery is even more crucial to ensure maximum productivity. They not only help them reduce the dependency on manpower but also allow them to meet peak season demand for their products. Businesses that need machinery finance to buy new machines can opt for a machinery loan in India.
With our machinery loan EMI calculator, you can estimate your monthly installments before applying for the loan. Simply enter the loan amount, interest rate, and tenure to get an instant EMI value. The machinery loan calculator saves time, removes guesswork, and helps you plan repayments better. Business owners can use it to compare different loan options, choose a comfortable EMI, and manage their cash flow more confidently.
At Tata Capital, we levy three types of charges on machinery loans - General Charges, Miscellaneous Charges, and Foreclosure Charges. The details of the particular charges under these three categories are mentioned below:
General Charges
Here are the general charges applicable to a Tata Capital Machinery Loan:
| Type of Fee | Applicable Charges |
|---|---|
|
Interest Rate |
Starts at 16% p.a.* |
|
Processing Fee |
Up to 4% of the loan amount |
|
Stamp Duty |
As Applicable |
|
Penal/Additional Interest Rate |
3% on Overdue amount per month |
The table below depicts the miscellaneous charges applicable to your Tata Capital Machinery Loan:
| Type of Fee | Applicable Charges |
|---|---|
|
Prepayment / Foreclosure Charges |
Foreclosure charges on Term Loan Facility:
Part-Prepayment/ Prepayment/ Foreclosure Charges in Hybrid Term Loan:
|
|
Processing Charges |
As Applicable |
|
Payment Instrument swapping
|
Rs. 550/- |
|
Dishonor Charges |
Rs. 600 for every Cheque/ Payment Instrument Dishonor |
|
Mandate rejection service charges |
Rs. 450/- (Charges will be levied if the new mandate form is not registered within 30 days from the date of rejection of the previous mandate form by the Borrower’s bank for any reason whatsoever.) |
|
Annual Maintenance Charges (Hybrid Term Loan) |
First Year: 1% or 1000 whichever is higher per year will be deducted from the Facility and shall be payable at the end of the 13th month Second Year: 0.75% or 1000 whichever is higher per year will be deducted from the Facility and shall be payable at the end of the 13th month Subsequent years: 0.5% or 1000 whichever is higher per year will be deducted from the Facility and shall be payable at the end of the 13th month |
|
Document processing charges |
Rs. 1999/- |
|
Cancellation charges |
2% of the Facility amount OR Rs. 5750/- Whichever is higher |
|
Duplicate Repayment Schedule |
Rs. 550/- |
|
Duplicate NOC |
Rs. 550/- |
|
Statement of Account (SOA) |
Customer portal – Nil Branch walk-in – Rs. 250 /- |
|
Foreclosure Letter Charge |
Customer portal – Nil Branch walk-in - Rs. 199/- |
|
Post Dated Cheque Charges |
Charges Rs. 850 |
|
section 138 and section 25 filing |
At Actual |
|
Arbitration Filing |
At Actual |
|
Receiver Order |
At Actual |
|
Notice |
At Actual |
|
Legal Notice |
At Actual |
|
Lawyer fees |
At Actual |
|
Execution of award |
At Actual |
Note:
Below are the foreclosure charges applicable on Tata Capital Machinery Loans:
| Type of Fee | Applicable Charges |
|---|---|
|
Part-Prepayment/ Prepayment/ Foreclosure Charges |
Foreclosure charges on Term Loan Facility:
Part-Prepayment/ Prepayment/ Foreclosure Charges in Hybrid Term Loan:
|
Several lenders allow you to apply for a machinery loan in India through their websites. With Tata Capital, you can apply for a machinery and equipment loan in the following ways:
Several lenders allow you to apply for a machinery loan in India through their websites. With Tata Capital, you can apply for a machinery and equipment loan in the following ways:
Quick loan approval: Get faster access to funds to upgrade or purchase machinery without delays.
Large loan amounts: Get the exact funding you need with loan amounts ranging from Rs. 40,000 to Rs. 90 lakh for purchasing small, medium, or large equipment.
Competitive interest rates: Affordable EMIs at interest rates starting from 12% per annum to support better cash-flow management.
Minimal documentation: Simple paperwork for a smooth and stress-free machinery equipment loan application.
Customized repayment options: Choose a tenure and EMI plan that matches your business cycle.
No collateral requirement: Get a machinery loan without security, making it easier for new or small businesses.
Dedicated customer support: Get guidance at every step, from application to disbursal.
Trusted financial partner: Tata Capital brings reliability, transparency, and years of industry experience.
Your machinery loan tenure depends on how much time you need to repay the loan. Tenures are available on a short basis, such as 36 months as well as a long basis, such as ten years.
A loan for machinery works in the same way as other financial loans. This specific category caters to loans for servicing or procuring machinery and has eligibility criteria for the business to qualify for.
Similar to other loans, machinery loans have the following documentation requirements. They are:
A loan for MSME machinery is granted to businesses willing to service or purchase new equipment. The main requirement to qualify for this loan is to come under the qualification as a micro, small or medium enterprise.
Since new equipment can cost a lot of money, you might need money to use for daily operations rather than buy new equipment. A loan for machinery can help you focus on buying equipment without having to sacrifice your daily operations, which is why it makes good financial sense.
As a machinery loan comes under a business loan, it can be moved to a different lender to avail of better interest rates.
Machinery loans offer collateral through the equipment, thus, the interest rates are lower than other types of loans. This acts as a sense of security for the lender in case of payment defaults.
Yes, you can avail of a business loan as part of the MSME enterprises. You will only have to meet the requirements set by the institution to avail of a loan.
Yes, there are various lenders offering loans for new machinery purchases. However, they would all have varying eligibility criteria, so it’s important to go through them before choosing a lender.
Yes, you can buy new machinery with a loan. Lenders offer machinery loans to enterprises willing to purchase new equipment for their operations.
You can calculate EMI for a machinery loan using the standard formula:
EMI = [P × r × (1+r)^n] / [(1+r)^n – 1], where P is the principal loan amount, r is the monthly interest rate, and n is the tenure in months. Many banks and financial institutions offer online EMI calculators to simplify this process and enable quick estimation.
A business must be profitable and have a minimum of 2 years of stability to qualify for a machinery loan. The applicant must be at least 21 years old during the loan application and not more than 65 years old at the time of loan maturity. Moreover, the credit score must be 700 or more. It is also essential to have a minimum bank balance of Rs. 5,000 when applying for the loan.
Pre-payment or foreclosure helps reduce total interest outgo by closing the loan earlier. While the interest rate itself doesn’t change, the borrower saves future interest. Some lenders may charge a small pre-payment fee, so checking terms beforehand ensures maximum financial benefit. You can check the pre-payment and foreclosure charges of Tata Capital in the tables above.
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