An equipment loan is a type of loan that helps businesses acquire new or used equipment, machinery, or other assets. The loan is typically secured by the purchased equipment itself.

To be eligible, applicants should be between 21 to 60 years old, with a minimum monthly income of Rs. 25,000 and at least 2 years of business experience. A good CIBIL score (650 or above) is also required.

The loan amount varies depending on the cost of the equipment, your eligibility, and your repayment capacity. Typically, you can borrow up to 90% of the equipment’s value.

You can use the loan to purchase a wide range of equipment, including office machinery, construction equipment, computers, medical devices, and more.

Repayment terms generally range from 12 to 60 months. The interest rate and tenure will depend on the loan amount, your credit profile, and the lender’s policies.

Loan approval typically takes 3 to 7 business days, provided all required documents are submitted and eligibility criteria are met.

Yes, the equipment itself acts as collateral for the loan. If you default, the lender can seize the equipment to recover the loan amount.

Yes, most lenders allow prepayment of the loan, but some may charge a prepayment penalty. It’s best to check with your lender for specific terms.

Yes, most lenders charge a processing fee, which is usually a percentage of the loan amount. The fee is deducted upfront or added to the loan amount.

You can apply for an Equipment Loan by visiting the lender’s website, filling out the application form, and submitting the required documents. Alternatively, you can apply in person at the lender’s branch.