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Location 50Km from Branch
CIBIL Score 650+
Applicant Any Self Employed Person
Loan Amount & Tenure 10 Lac-5 Cr
(1 Year to 7 Year)
Loan to Value(LTV) Upto 90%
Type of Funded Equipment (i) Construction Equipment (ii) Medical Equipment 
Rate of Interest & Type 12% to 16% (Reducing)
Processing Fees 1.50% to 2%
TAT 3 days
Foreclosure Charges Upto 4%+GST
Applicant Age 21 Year to 70 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 No
Negative Profile (i) Advocate (ii) Politician
USP Unsecured Funding 
Additional (i) For Used Equipment Loan ROI will be 14% to 18% & Tenure would be maximum 5 year subject to life of equipment
(ii) Applicant should be having owned residence or office (iii) Lease Financing not doing
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 an Equipment Loan

Eligibility for an Equipment Loan

Age of applicant

The age of the applicant always plays an important role in the rate of interest as well as the tenure of the Equipment Loan and the minimum age should be 18 Years and the maximum age decided is 65 Years.

Income of applicant

The loan amount is decided by the income of the applicant and the income should not be less than Rs.20,000/- per month

Continuity of Job

This differs from different bank policies and requires a minimum 3-month job or more.

CIBIL score

It was always recommended to have a CIBIL score of 700 and if your CIBIL score is no less than 650 then you’re also eligible for the loan amount.

Occupation

The eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, and private limited companies are applicable.

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 

  • You must be an Indian citizen.

  • The applicant must be aged between 21 and 65 years.
  • The applicant must have a landline number either at the residence or office.

  • The applicant's business must have been operating for a minimum of 3 years.

  • For salaried individuals, the last three months' salary slips from the current employment must be provided.

  • Self-employed individuals must provide proof of income and business stability.
  • KYC documents of the applicant.

  • Proof of the applicant's business.

  • Financial statements of the applicant's business.

  • The applicant's bank statements.

  • Income tax returns of the applicant.

  • Other relevant documents as required by the specific loan scheme.

What is an Equipment Loan?

Not having a budget to afford a Equipment ? 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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