Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Equipment Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 20% Fixed
    0.25% to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Ad
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.50% - 19.50% Fixed
    0 One time fee
    25L Max
    1-6 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 18.49% Fixed
    2.5% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    0.25% to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 17% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 20.15% Fixed
    1% to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13% - 20% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    14.00% - 16.25% Fixed
    1.25% to 1.75% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    15.95% - 18.95% Fixed
    2% One time fee
    20L Max
    1-3 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    Personal Loan BYTES FROM OUR KITCHEN

    What are Equipment Loans

    Equipment loans are considered ideal for customers who own business whether SME or large enterprises requiring long life equipment needs, who prefer the ownership and the associated tax benefits of owning equipment’s through loans. There is also the option of equipment leasing which includes operating leases, finance leases, hire purchase arrangements and other customized products. However, when you own an equipment through a loan the ownership benefits are varied.

    Types of Equipment Loans

    There are a variety of equipment loans available to businessmen whether large corporations or SMEs with a variety advantages:

    • Construction Equipment: This type of loans are taken by construction companies and businesses for equipment that is necessary for construction.
    • Manufacturing Equipment: This type of loan is seeked by people with people who require to use equipment’s for manufacturing goods.
    • Corporate Aviation: People who are in the corporate aviation industry will seek loan for the same mainly to deal with airport and on-flight equipment.
    • Automobiles and Allied Industries: Any businessmen who has requirements in their automobile and related industries including manufacturing of parts, assembling or related manufacturing can avail this type of equipment loan.
    • IT and Office Equipment: This is exclusive of the equipment necessary for any business that obviously has to function with an office and hence needs IT equipment’s such as computers, servers, projectors, other office supplies and electronics.
    • Electronics & Appliances: This is to take a loan amount for electronic and appliance for a company to function reasonably.
    • Health Care: For any business related to healthcare, loans can be taken to buy equipment’s and goods required for the business to run smoothly.

    How Does Equipment Loans Work?

    When a businessman needs equipment, getting a business equipment loan could be an intelligent financial move. He or she can use these loans to make purchases for virtually any type of business equipment as mentioned in the last section, but the amount that can be borrowed is based on the type of equipment that the entrepreneur is buying as well as whether the equipment is brand new or used. A car loan and an equipment loan functions similarly. The equipment serves as a collateral to secure the loan, so an additional collateral is not necessary. Most equipment loans are usually come with fixed interest rate around 8% and 30%offering a fixed term length ensuring that the monthly payments are always the same.

    The term extension is based on the nature of the equipment and the life expectancy of the equipment. Only some lenders would be agreeable to extend the term of an equipment loan beyond the fixed expected useful life of the equipment itself.

    Equipment Loan V/s Equipment Leasing

    Some entrepreneurs choose to lease equipment instead of getting an actual loan. There might be advantages to equipment leasing, but with an equipment loan, he or she will own the equipment after the loan is paid off. With a lease, he or she will have to give back the equipment once the lease term is done with.

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