<aside> <img src="/icons/forward_red.svg" alt="/icons/forward_red.svg" width="40px" /> Bajaj Finserv leads the field of construction equipment finance as they provide loans for all kinds of equipment. Apart from that, HDFC Bank is a close competitor of other private sector banks owing to low-interest rates. However, the Bank of Baroda also provides loans for mining equipment.
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https://www.paisabazaar.com/business-loan/equipment-financing/
| Bank/NBFC | Interest rate (p.a.) (2023) | Type of Equipment Loan |
|---|---|---|
| Bajaj Finserv | 9.75% – 30% p.a. | All equipment |
| Bank of Baroda | Competitive interest rate | Construction and mining equipment |
| HDFC bank | Bank IRR: Min. 7.50% – 14.92% p.a. | For commercial or construction equipment only |
| ICICI bank | At the sole discretion of the bank | Construction loan |
| Kotak Mahindra bank | As per min. prevailing MCLR & max. up to 24% p.a. | Farm equipment, Construction equipment |
Note: The mentioned interest rates, fees, and charges are subject to change and depend on the sole discretion of the bank, NBFC, and RBI. GST and service tax shall be levied extra on the mentioned fee & charges.
https://indianconstructioninfo.com/best-construction-equipment-loans/
Here’s a snapshot of the interest rates offered by different banks and NBFCs for construction equipment loans: