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One of India’s oldest and most reliable public sector banks, the Central Bank of India is a complete bouquet of financial services for individuals, SMEs, and corporate segments. With infrastructure growth and business development being its strategic focus areas, the bank is mainly involved in offering finance solutions for diverse industries. As a government bank with a huge network of branches, the Central Bank of India is accepted uniformly for its transparent loan processes, fair interest rates, and down-to-earth approach.
To support India’s booming infrastructure and construction sectors, the Central Bank of India offers a specific Construction Equipment Finance Scheme. The scheme is crafted specifically for contractors, builders, and civil engineering organizations to purchase new or used construction equipment. Whether it’s a backhoe loader, excavator, road roller, or crane, Central Bank of India’s construction equipment loan offers a maximum funding of ₹5 crore. With a repayment period ranging from flexible to 60 months and a construction equipment loan rate of interest that’s competitive and reasonable, this scheme facilitates easier procurement of high-value assets for construction firms.
Through offering tailored construction equipment loans, the Central Bank of India allows companies to increase or renew their businesses without overburdening their budgets. Their equipment finance products in India are crafted to offer immediate sanction, low documentation, and low-cost EMI offers. The product introduces streamlined project durations, improved productivity, and reduced downtime. For businesses seeking a reliable and transparent construction equipment finance company in India, the Central Bank of India is one of the top options due to its brand reputation, good loan terms, and industry-focused lending strategy.
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Construction Equipment Loans from Central Bank of India are offered to individuals, proprietors, partnership firms, private and public limited companies engaged in infrastructure development, construction, and mining. Applicants must have a stable income source, valid business documentation, and a good repayment capacity.
PAN card, Aadhaar, voter ID, passport, or driving license and lates passport size photographs for identity verification.
Utility bill, Aadhaar, passport, voter ID, or rent agreement showing current residence or business location.
GST registration, partnership deed, company incorporation certificate, or trade license.
6-month bank statements, 3-year ITRs, P&L statements, audited balance sheets, VAT/CST if applicable.
Pro forma invoice or valuation report of the equipment to be financed, whether new or used.
Details of hypothecation, insurance premium, and existing machinery for asset-backed loan processing.
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The Central Bank of India Construction Equipment Loan is a financing scheme that helps individuals, contractors, and MSMEs purchase new construction machinery to support infrastructure, roadwork, mining, and other industrial operations.
Any contractor, builder, MSME, or infrastructure developer with a stable business, proper documentation, and creditworthiness is eligible to apply for the Central Bank of India Construction Equipment Loan.
The Central Bank of India Construction Equipment Loan covers new machinery such as backhoe loaders, excavators, cranes, wheel loaders, compactors, batching plants, and other essential construction equipment from reputed manufacturers.
Borrowers can avail up to ₹5 crore under the Central Bank of India Construction Equipment Loan, depending on their business needs, credit profile, and repayment capacity.
The interest rates for Central Bank of India Construction Equipment Loan are linked to MCLR, ranging from MCLR + 0.50% to MCLR + 1.00%, with customized rates for loans above ₹1 crore.
The Central Bank of India Construction Equipment Loan offers flexible repayment tenure of up to 60 months, allowing businesses to repay in easy EMIs starting one month after the loan disbursement.
Under the Central Bank of India Construction Equipment Loan, borrowers need to provide just 25% of the equipment cost as margin money, while the remaining 75% is financed by the bank.
For the Central Bank of India Construction Equipment Loan, the primary security is hypothecation of the equipment, along with collateral covering 25% of the loan in the form of property or liquid assets.
The Central Bank of India Construction Equipment Loan has no processing fee for loans up to ₹5 lakh, and for higher amounts, it charges ₹200 per ₹1 lakh, up to a maximum of ₹1 lakh.
Documents required for Central Bank of India Construction Equipment Loan include KYC proofs, business registration, income tax returns, bank statements, proforma invoice of equipment, and collateral documents if applicable.
No, the Central Bank of India Construction Equipment Loan is strictly for the purchase of brand-new construction equipment and does not cover second-hand or used machines.
No, there are no prepayment or foreclosure charges on Central Bank of India Construction Equipment Loan with a floating interest rate, as per RBI guidelines for MSME loans up to ₹7.5 crore.
The loan is usually processed within 7 to 10 working days after submitting all required documents.
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