Bandhan Bank, founded in 2015, is a private bank based in Kolkata with more than 6250 outlets in more than 35 states. The Commercial Vehicle & Construction Equipment Loan allows contractors, fleets, small and medium enterprises (SMEs), and the self-employed to purchase new or used machinery. Loans above 3 years also have a low starting interest rate of 9.52% p.a., flexible tenure of up to 84 months, 100% LTV, and funding available up to 5 crores.
The loan is used for construction equipment, such as excavators, loaders, dump trucks, cranes, and road rollers, as well as commercial vehicles. Its loans are hassle-free with less paperwork and faster disbursement, and are easy to understand. Processing fees are capped at 1% of the loan amount, plus GST. Borrowers have the flexibility to choose repayment structures tailored to their cash flow needs.
Through its partnership with Mahindra & Mahindra, Bandhan Bank also has access to the entire range of CV and equipment models as well as repayment plans. The eligibility criteria for applying are an age between 21 and 65 years, a good credit history, and sufficient income. The bank is transparent about their terms, there are no hidden fees and the process is personal, which makes them a favorable lender for financing machinery.
