Construction Equipment Loan
Build Bigger with Construction Equipment Loans
Get the financing you need to purchase or upgrade machinery, with flexible terms, competitive rates, and fast approvals to keep your projects on track.
Construction Equipment Loan
A Construction Equipment Loan is a financial product that helps businesses, contractors, and developers purchase or lease heavy construction machinery and equipment such as excavators, cranes, concrete mixers, bulldozers, and more. The loan covers a significant portion of the equipment’s cost, allowing borrowers to acquire necessary tools for building, infrastructure development, or large-scale projects without paying the entire amount upfront.
Features and Benefits of Construction Equipment Loan
Easy Access to Expensive Equipment
Construction equipment is often costly, and a loan helps businesses invest in necessary machinery without a huge upfront payment, improving affordability.Enhances Project Efficiency
Having access to the right machinery on time ensures smooth operations, faster project completion, and higher productivity, helping you meet deadlines and client expectations.Loan amounts are based on the equipment’s cost and the borrower’s eligibility, offering tailored financing solutions to meet specific project requirements.
Minimal Documentation & Quick Approval
Lenders often simplify the application process, requiring basic documents like business registration, equipment quotes, and financial records, ensuring faster approval and fund disbursement.Supports Business Expansion
Access to modern construction equipment helps businesses take on larger projects, enter new markets, and increase operational capacity.
Construction Equipment Loan Eligibility
The fundamental requirements for qualifying for a home loan include:
Age:
- You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
- Salaried Person – 21 years to 58 years
- Self-Employed Person – 25 years to 65 years
Income
- Salaried Person – Minimum Rs. 10,000 per month
- Self-Employed Person – Minimum Rs. 2,00,000 per year
Employment
- Salaried Person – Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person – Minimum 3 years of Experience in the current field
Credit Score
- A credit score of 750 is considered a good score for approval.
Required documents for Construction Equipment Loan
Income Proof Documents
1. Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Duration of Employment Evidence
2. Self-Employed Individuals
- PAN
- Trade License
- Partnership Deed
- Article of Association
- Memorandum of Association
- Import Export Code
- SEBI Registration Certificate
- ROC Registration Certificate
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet
- 6 Months Bank Account Statement
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
3. Documents Required from all Non-Resident Indians (NRIs) Applicants
- Income Proof Documents for NRI
- Property Papers
- Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property share certificate is required
- Occupancy Certificate
Features and Benefits of our Construction Equipment Loan
Easy Access to Expensive Equipment
Construction equipment is often costly, and a loan helps businesses invest in necessary machinery without a huge upfront payment, improving affordability.Enhances Project Efficiency
Having access to the right machinery on time ensures smooth operations, faster project completion, and higher productivity, helping you meet deadlines and client expectations.Loan amounts are based on the equipment’s cost and the borrower’s eligibility, offering tailored financing solutions to meet specific project requirements.
Minimal Documentation & Quick Approval
Lenders often simplify the application process, requiring basic documents like business registration, equipment quotes, and financial records, ensuring faster approval and fund disbursement.Supports Business Expansion
Access to modern construction equipment helps businesses take on larger projects, enter new markets, and increase operational capacity.
Construction Equipment Loan Eligibility
The fundamental requirements for qualifying for a home loan include:
Age:
- You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
- Salaried Person – 21 years to 58 years
- Self-Employed Person – 25 years to 65 years
Income
- Salaried Person – Minimum Rs. 10,000 per month
- Self-Employed Person – Minimum Rs. 2,00,000 per year
Employment
- Salaried Person – Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person – Minimum 3 years of Experience in the current field
Credit Score
- A credit score of 750 is considered a good score for approval.
Required documents for Construction Equipment Loan
Income Proof Documents
1. Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Duration of Employment Evidence
2. Self-Employed Individuals
- PAN
- Trade License
- Partnership Deed
- Article of Association
- Memorandum of Association
- Import Export Code
- SEBI Registration Certificate
- ROC Registration Certificate
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet
- 6 Months Bank Account Statement
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
3. Documents Required from all Non-Resident Indians (NRIs) Applicants
- Income Proof Documents for NRI
- Property Papers
- Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property share certificate is required
- Occupancy Certificate
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