Overview of Machinery Loan in Mahendragarh
Machinery loans in Mahendragarh support farmers and small businesses in a district with a population of ~921,680 and a rural area of 963.70 km², known for agriculture and emerging small industries. In 2025, these loans offer up to ₹1 crore with interest rates starting at 8% p.a. and tenures up to 7 years. With increasing mechanization in areas like Narnaul and Ateli, Loanpao connects borrowers with lenders like SBI, ICICI Bank, and SIDBI for approvals within 5–10 days.
Eligibility Criteria for Machinery Loan in Mahendragarh
| Criteria | Details |
|---|---|
| Applicant Type | Farmers, MSMEs, or small business owners |
| Age | 21–65 years |
| Business/Income | Minimum ₹3 lakh p.a. income or 2 years of business operations |
| Credit Score | 700+ preferred; 650+ may qualify with collateral |
| Purpose | Purchase of agricultural or industrial machinery |
| Collateral | Equipment or property (optional for smaller loans) |
Documents Required for Machinery Loan in Mahendragarh
- Identity Proof: Aadhaar, PAN Card, or Voter ID.
- Address Proof: Utility bill, Aadhaar, or rental agreement for Mahendragarh address.
- Business Proof: GST registration, shop license, or ITR (2 years).
- Income Proof: Bank statements (6 months) or audited financials.
- Machinery Details: Quotation or proforma invoice of equipment.
- Photograph: Recent passport-size photograph.
Benefits of Machinery Loan in Mahendragarh
- Competitive interest rates starting at 8% p.a. in 2025.
- Loan amounts up to ₹1 crore for equipment purchase.
- Flexible tenures up to 7 years for affordable EMIs.
- Fast disbursal within 5–10 days via Loanpao’s platform.
- Support for both agricultural and industrial machinery.
Factors Affecting Machinery Loan in Mahendragarh
Interest Rate
Rates range from 8% to 14% p.a., based on credit score, collateral, and equipment type.
Loan Amount
Up to 80% of the machinery’s invoice value, depending on lender policies.
Business Stability
Stable income or business operations for 2+ years improve approval chances.
Credit Score
Scores above 700 secure better rates; lower scores may require collateral.
How to Apply for a Machinery Loan in Mahendragarh
Follow these steps to apply for a machinery loan in Mahendragarh through Loanpao:
- Visit loanpao.in and select "Machinery Loan in Mahendragarh."
- Complete the online application with personal and business details.
- Upload required documents (Aadhaar, PAN, business proof, machinery quotation).
- Choose a lender (e.g., SBI, ICICI Bank) and loan amount.
- Receive approval and funds within 5–10 days after verification.
Loan Eligibility for Machinery Loan in Mahendragarh
Check your eligibility for a machinery loan in Mahendragarh with Loanpao’s tool:
- Enter personal and business details (income, Mahendragarh address).
- Provide machinery details (type, cost, supplier).
- Submit for instant eligibility results based on lender criteria.
Loanpao matches you with the best machinery loan offers in Mahendragarh.
Check Eligibility NowTrack Your Machinery Loan Application in Mahendragarh
Loanpao offers a seamless tracker for your machinery loan application:
- Enter your application ID on the Loanpao Tracker page.
- Receive real-time updates on status (e.g., document verification, approved, disbursed).
- Get notifications for fund disbursal in Mahendragarh.
- Contact Loanpao support for assistance with delays in Mahendragarh.
Machinery Loan Comparison in Mahendragarh
Compare machinery loan offers from top lenders in Mahendragarh:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 8% p.a. | Up to ₹1 crore | Up to 7 years | 0.5% of loan amount |
| ICICI Bank | 8.5% p.a. | Up to ₹50 lakh | Up to 5 years | 1% of loan amount |
| SIDBI | 9% p.a. | Up to ₹75 lakh | Up to 6 years | 0.75% of loan amount |
Frequently Asked Questions
Tractors, harvesters, irrigation systems, or small industrial equipment like lathes or presses.
Approvals typically take 5–10 days, with funds disbursed after document verification.
Up to ₹1 crore, based on equipment cost and lender policies.
Collateral (e.g., equipment, property) is optional for smaller loans but required for larger amounts.
Yes, most lenders allow prepayment with minimal or no charges, per their policies.
Default may lead to equipment repossession or legal action by the lender, per RBI guidelines.