Machines and Equipment are crucial parts of any business module. Without this, the production process is incomplete. But the new startups and the existing ones want to update the machines, for which huge finance is required. Machinery loan facilitates periodic upgrades or buying of new machinery for better productivity and to remain profitable and competitive in the market.
Here are the details of some banks with the interest rate charging for the providing machinery loan.
Banks Interest rates (min.)
Bank Of India
Bank Of Maharashtra
United Bank Of India
Union Bank Of India
Punjab National Bank
Punjab & Sind Bank
Tata Capital Financial Services Limited
State Bank of India
Small Industries Development Bank of India (SIDBI)
Indian Overseas Bank
Hero FinCorp Limited
Central Bank Of India
Bank Of Baroda
How to calculate Machinery Loan EMI Calculator?
Machinery loan EMI calculator helps to calculate loan EMIs or monthly installments. To get this, applicants are required to enter basic loan variables, such as desired loan amount, loan duration, and offered interest rate. It helps applicant to decide the Loan amount as per the repayment capability and helps in managing finances better.