Features and benefits of construction equipment loans
Here are some key benefits you can expect:
High loan amount: Get funds up to ₹80 lakh to purchase or upgrade machinery.
Quick disbursal: Loan amount is credited within 48 hours of approval.
No collateral required: Most loans are unsecured, so you don’t have to pledge assets.
Flexible repayment: Choose tenure from 12 to 96 months based on your cash flow.
End-to-end online process: Apply from anywhere and track status online.
Cost-effective: Competitive construction equipment loan interest rates make repayment manageable.
Eligibility criteria for the construction equipment loan
To apply, you must meet these basic criteria:
You should be an Indian citizen between 24 and 80 years of age.
Your business must be operational for at least 3 years.
A CIBIL Score of 685 or above is preferred.
Self-employed contractors, builders, and business owners are eligible.
Documents required for a construction equipment loan
While applying, you need to provide valid construction loan documents, such as:
KYC documents (Aadhaar card, passport, voter ID, or driving licence)
Proof of business ownership
Income Tax Returns for the last one year
Profit and loss statements and balance sheets of the last two years
Proof of registration and address of business
To borrow smartly and plan your repayment, always check the fees and charges applicable on the loan. You can even opt for a machinery loan for which you need a similar set of machinery loan documents.
Interest rate and charges on a construction equipment loan
The construction equipment loan interest rate depends on the lender, your eligibility, and repayment capacity. Bajaj Finance offers competitive rates and along with interest, you may also have to pay processing fees, penal charges for late payment, and part-prepayment fees (if applicable).
To calculate your monthly outgo, check the machinery loan interest rate and use the machinery loan EMI calculator. This helps you plan finances better and choose the right tenure.
How to apply for a construction equipment loan?
Applying for a construction machinery loan is simple. Here’s a step-by-step guide:
Visit the lender’s official website and click on ‘Apply’.
Enter your 10-digit mobile number and verify with OTP.
Fill in your personal and business details.
Choose the loan amount and tenure.
Upload the required documents.
Submit and wait for approval.
Once approved, the funds will be credited quickly.
Additional loan options for construction equipment
If you need more funding options, you can also explore:
These loans give you more choices based on your requirements, repayment capacity, and future growth plans.
