Overview of Machinery Loan in Sohna
Sohna, a growing industrial and agricultural hub in Haryana’s Gurgaon district, offers machinery loans for 2025 to support businesses and farmers. These loans finance the purchase of equipment like tractors, industrial machines, or processing units. Loanpao connects Sohna residents with lenders like SIDBI, HDFC Bank, and ICICI Bank, offering loans up to ₹1 crore with interest rates starting at 8.5% p.a. and tenures up to 7 years.
Eligibility Criteria for Machinery Loan in Sohna
| Criteria | Details |
|---|---|
| Age | 21 to 65 years |
| Business Type | Registered business or agricultural enterprise in Sohna |
| Income | Minimum annual turnover of ₹5 lakh or stable agricultural income |
| Credit Score | Minimum 650; higher scores improve terms |
| Residence | Valid Sohna address proof |
Documents Required for Machinery Loan in Sohna
- Identity Proof: Aadhaar, PAN Card, Driving License, Passport, or Voter ID.
- Address Proof: Utility bill, Aadhaar, or rental agreement (Sohna address).
- Business Proof: GST registration, business license, or agricultural land documents.
- Income Proof: ITR (last 2 years), bank statements (last 6 months), or agricultural income proof.
- Equipment Details: Quotation or invoice for machinery to be purchased.
- Photograph: Recent passport-size photograph.
Benefits of Machinery Loan in Sohna
- Loan amounts up to ₹1 crore for equipment purchase.
- Competitive interest rates starting at 8.5% p.a. in 2025.
- Flexible repayment tenures up to 7 years.
- Quick disbursal within 5–10 days post-approval.
- Support for both industrial and agricultural machinery.
Factors Affecting Machinery Loan in Sohna
Interest Rate
Rates range from 8.5% to 12% p.a., based on credit score and business stability.
Loan Amount
Up to ₹1 crore, depending on business turnover and equipment cost.
Credit Score
A score above 650 ensures better rates; lower scores may increase costs.
Equipment Type
Loans for high-value or specialized machinery may have stricter terms.
How to Apply for a Machinery Loan in Sohna
Follow these steps to apply for a machinery loan in Sohna through Loanpao:
- Visit loanpao.in and select "Machinery Loan in Sohna."
- Fill out the online application form with details (name, Sohna address, business details).
- Upload required documents (Aadhaar, business proof, equipment quotation).
- Compare offers from top Sohna lenders like SIDBI, HDFC, and ICICI Bank.
- Get approval and funds disbursed within 5–10 days in Sohna.
Loan Eligibility for Machinery Loan in Sohna
Check your eligibility for a machinery loan in Sohna with Loanpao’s tool:
- Enter your business turnover (minimum ₹5 lakh annually).
- Provide your credit score (preferably above 650).
- Specify equipment details and business type in Sohna.
- Include your Sohna address for localized offers.
Loanpao will assess your eligibility and suggest the best machinery loan offers in Sohna.
Check Eligibility NowTrack Your Machinery Loan Application in Sohna
Loanpao provides a seamless tracker for your machinery loan application:
- Submit your application ID on the Loanpao Tracker page.
- Get real-time updates on status (e.g., under review, approved, disbursed).
- Receive notifications for disbursal updates in Sohna.
- Contact Loanpao support for assistance with delays in Sohna.
Machinery Loan Comparison in Sohna
Compare machinery loan offers from top lenders in Sohna:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SIDBI | 8.50% p.a. | Up to ₹1 crore | Up to 7 years | 0.50% of loan amount |
| HDFC Bank | 9.00% p.a. | Up to ₹75 lakh | Up to 6 years | 0.75% of loan amount |
| ICICI Bank | 9.50% p.a. | Up to ₹50 lakh | Up to 5 years | 1.00% of loan amount |
Frequently Asked Questions
A minimum annual turnover of ₹5 lakh is required for a machinery loan in Sohna.
Machinery loans in Sohna are disbursed within 5–10 days after approval.
The maximum loan amount is up to ₹1 crore, depending on business turnover and equipment cost.
Collateral may be required for higher loan amounts; some lenders offer unsecured options.
Missing an EMI may incur late fees and negatively impact your credit score.