Machinery loans in Sonipat provide financing for businesses and farmers to purchase industrial or agricultural equipment, boosting productivity and supporting Sonipat’s industrial and agrarian growth.
Eligibility Criteria
Criteria
Details
Applicant Type
Businesses, farmers, MSMEs
Business/Farming Experience
Minimum 2 years
Turnover
₹50 lakh p.a. (businesses), stable agricultural income (farmers)
Credit Score
700+
Collateral
Equipment, property, or land (optional)
Equipment Details
Quotation or invoice for machinery
Documents Required
Identity Proof: Aadhaar, PAN Card
Address Proof: Utility bill, Aadhaar
Business/Farm Proof: GST registration, land records
Financials: ITR, audited balance sheets (2 years)
Bank Statements: Last 6 months
Equipment Quotation: Invoice or supplier details
Benefits of Machinery Loan in Sonipat
High loan amounts up to ₹50 crore
Competitive rates starting at 8% p.a.
Flexible tenures up to 7 years
Financing for new or used machinery
Quick approval for creditworthy applicants
Compare Machinery Loan Lenders in Sonipat
Lender
Interest Rate
Loan Amount
Tenure
Processing Fee
HDFC Bank
8% p.a.
Up to ₹50 crore
7 years
0.5%
ICICI Bank
8.5% p.a.
Up to ₹40 crore
6 years
0.75%
SIDBI
9% p.a.
Up to ₹30 crore
5 years
1%
Frequently Asked Questions
What types of machinery can be financed?
Industrial equipment, agricultural machinery, or specialized tools for manufacturing or farming.
Is collateral required for machinery loans?
Collateral is optional; the machinery itself can serve as security in some cases.
How long does it take to get a machinery loan approved?
7–15 days, depending on documentation and equipment valuation.
Can I finance used machinery?
Yes, but lenders may require valuation and impose stricter terms.
Are there government schemes for machinery loans?
Yes, schemes like PMMY or SIDBI’s equipment finance programs offer subsidized loans.
What happens if I default on a machinery loan?
Lenders may repossess the machinery, seize collateral (if applicable), and report to credit bureaus, impacting your credit score.
Promotional Offers for 2025
Interest rates starting at 8% p.a. for machinery loans in Sonipat
Waived processing fees for applications before 31st May 2025