A well-known financial company, IDBI Bank provides extensive banking and lending services to the corporate, retail, MSME, and agricultural sectors. IDBI, which serves companies in the transportation, infrastructure, and construction sectors, offers specialized equipment finance that is intended for the purchase of new tools, machinery, and construction equipment.
Contractors, SMEs, owners, and businesses can obtain loans from ₹10 lakh to ₹5 crore through the IDBI Equipment Finance program, with repayment terms of up to seven years. With the exception of hypothecating the equipment itself, the plan only requires a 20% margin on the asset cost and no additional collateral. Competitive interest rates are correlated with the lending benchmarks of the bank.
This loan covers a wide range of construction tools, such as forklifts, mixers, earthmoving machines, and other tools that are important for infrastructure projects. IDBI is proud of its simple processes, few forms, and clear rules. IDBI Equipment Finance lets you use your own assets as collateral, so you don’t need to get outside collateral. This makes the plan perfect for contractors and small businesses. In addition, government-backed MSME programs like Mudra and Sanjeevani help first-time borrowers and small contractors even more.
