Banks customise construction equipment loans to suit the needs of all its clients; right from new entrepreneurs to large business houses. Leading banks provide value added services by tying up with leading construction equipment manufacturers to provide a wide variety to its clients. Such loans can also fall under the category of personal loans.


Maximum Loan offered by Banks for Construction Equipment Loans:
The amount of loan depends on a number of factors like the purpose of loan, repayment capacity, past and present financial standing and also various bank records and statements furnished by the customer. The loan amount is repayable through Equated Monthly Installments or EMI.


Interest Charged by Bank on Construction Equipment Loans:
Interest rates are generally fixed according to the prime lending rate. They can be on fixed or floating basis. Interest rates also depend on the customer's profile, tenure and amount of loan.


Process Of Construction Equipment Loans Application:
Customers can apply for loan online or visit the nearest branch of leading banks. Leading banks also provide value added services by sending their representatives to the client's house or workplace.


Documents Required for Construction Equipment Loans:
-Proof of Identity (Passport, Ration card, Driving license)
-Proof of Residence
-Proof of Income (Income statement for last two years and bank statement for the last 6 months)
-Proof of Existence of Business/Office