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Location PAN India
CIBIL Score 675+
Applicant Any Self Employed Person
Loan Amount & Tenure 10 Lac-50Cr
(1 Year to 7 Year)
Loan to Value(LTV) Upto 90%
Type of Funded Equipment (i) Construction Equipment (ii) Health Care Equipment (iii) Other Equipment
Rate of Interest & Type 9% to 14% (Reducing)
Processing Fees 0.50% to 2%
TAT 7 days
Foreclosure Charges Upto 4%+GST
Applicant Age 21 Year to 65 Year
Minimum Business Vintage  3 Year
Whether Co-Applicant Mandatory Yes, If applicant is other than Proprietorship Firm
Part Payment Allowed No
Product Term Loan
Whether Collateral Required No
Moratorium Allowed Yes
Negative Profile (i) Advocate (ii) Politician
USP Unsecured Funding 
Additional (i) For Used Equipment Loan ROI will be 11% to 17% & Tenure would be maximum 5 year subject to life of equipment
(ii) Applicant should be having owned residence or office 
LOAN PROCESS

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.

01
Visit Our Website

For the first step, you will have to visit our website to explore the loan options that fit your needs.

02
Select and Apply

Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.

03
Submit Your Document

One of the most important steps. Now you will have to submit all the required documents digitally.

04
Enjoy Your Financial Freedom!

Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.

Rewrite Your Loan Story With ReferLoan

Who Can Qualify for an Equipment Loan?

Availing a Equipment Loan from ReferLoan can benefit you in multiple ways. From low-interest rates to minimal documents, the list is quite long.

  • The individuals from corporations, partnerships, trusts, proprietorships, public firms, private firms, or contractors (from the construction site or mining activity)
  • The applicant’s age must be a minimum of 21 years and a maximum of 65 years
  • The business should be making a profit for the last 3 years
  • 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
Check If You Qualify for a Equipment Loan

Eligibility for a Equipment Loan

Here's what the loan includes:

  • A loan of up to 100% of the equipment and machinery cost.
  • Flexible repayment period up to 60 months.
  • Competitive interest rates with low processing fees.
  • No need for extra collateral or guarantee.
  • Quick and straightforward loan processing and approval.
  • Custom financing options such as leasing, hire purchase, and deferred payment.

The loan can cover different types of machinery and equipment used in sectors like:

  • Construction: Including equipment like excavators, bulldozers, wheel tractor scrapers, mixing plants, forklifts, crushers, tower cranes, dump trucks, and more.
  • Healthcare: Including digital diagnostics, telemedicine, smart hospitals, etc.
  • Material Handling: Covering equipment like cranes, hoists, conveyors, elevators, loaders, stackers, etc.
  • Material Processing: Including machinery like cutting machines, welding machines, grinding machines, milling machines, drilling machines, etc.

If you're interested in applying for the Tata Capital Equipment Loan, you must meet the following conditions:

  • Your business should be a registered entity operating in any sector.
  • To be eligible, your business must have a minimum operational history of 2 years.
  • You should have a minimum annual turnover of Rs. 50 lakhs.
  • You should have a good credit history and a record of loan repayments.

Additionally, you will be required to furnish the following documentation:

  • KYC documents for the applicant and any co-applicants.
  • Proof of business registration.
  • GST registration certificate.
  • You are required to submit your income tax returns for the two years prior to the loan application.
  • You will also need to provide audited financial statements for the two preceding years.
  • Bank statements from the last 6 months.
  • A quote or invoice for the equipment or machinery being bought.
Always Keep a Strict Check on Your Documents

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

Eligibility 

Documents Required 

  • The applicant should hold Indian citizenship and be a resident of India.

  • The applicant's age should fall between 25 and 65 years.

  • The applicant's business should have been operational for a minimum of three years.

  • The business should have a minimum annual turnover of Rs. 40 lakhs.
  • The applicant needs to provide the purchase invoice for the machinery or equipment.

  • Both the company and its directors' KYC and CIBIL records are required.

  • Business bank statements from the past 12 months need to be submitted.

  • The applicant should provide Books of Accounts or audited financials from the previous three years of business operation.

  • Sales data from the past 12 months needs to be supplied.

  • The applicant must provide a declaration of any existing loans.

  • Proof of residence or office location is required.

What is an Equipment Loan?

Not having a budget to afford a Equipment Loan? 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.

Leave Your Question

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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