Machinery Finance (Equipment Finance Scheme)
A programme by The Tamilnadu Industrial Investment Corporation Ltd (TIIC)
Loans to running units that buy plant, machinery or generators for modernisation, expansion or replacement.
At a glance
| Best for | Running units buying plant, machinery or generators |
|---|---|
| Duration | 7 years including a moratorium of 6 to 12 months |
About Machinery Finance (Equipment Finance Scheme)
Machinery Finance pays for identifiable plant and machinery, including generators, for modernisation, expansion, balancing or replacement. Transport, erection and related electrical work can be included in the project cost. Second hand machinery is also financed, including machinery imported directly.
What you get
- A term loan for machinery repayable over 7 years, including a moratorium of 6 to 12 months
- Two loan categories set by the promoters' credit profile, with more security needed in the lower tier
- Finance for second hand machinery, with a lower loan ceiling
Who can apply
- Units that have been in operation for 3 completed financial years
- Units that earned net profit over the last 3 years with no accumulated losses
- Green field units buying second hand machinery need prior Head Office approval
How selection works: TIIC sorts applications into category A or B by the promoters' CIBIL score and CMR, and sets the promoter contribution and collateral to match.
How to apply: Use TIIC's loan enquiry or online application.
Where to apply
Other The Tamilnadu Industrial Investment Corporation Ltd (TIIC) programmes
- Micro Small Enterprise Funding Scheme (Proto and Propel Loans for Startups)Term loans for Tamil Nadu startups, from the ideation stage through to market entry, for founders an incubator has recommended.
- New Entrepreneur cum Enterprise Development Scheme (NEEDS)A government subsidy with a term loan for educated first generation entrepreneurs in Tamil Nadu starting a micro or small enterprise.
- Flexi Working Capital Term Loan SchemeA working capital term loan for new units, cash-profit units, job work units and some service businesses in Tamil Nadu.
- General Scheme for New and Existing EntrepreneursA long-term term loan for land, buildings, machinery and vehicles for new and existing manufacturing and service units.
- Bill Finance Scheme for Public Utility ContractorsShort-term finance on each bill for MSME contractors and suppliers to Tamil Nadu public utilities.
- Capital Subsidy for Tamil Nadu MSME Manufacturing UnitsA state capital subsidy on plant and machinery for micro units across Tamil Nadu, and for small and medium units in backward or priority areas.
- Generator SubsidyA subsidy on a new captive generator of up to 320 KVA for micro, small and medium manufacturers.
Everything about The Tamilnadu Industrial Investment Corporation Ltd (TIIC)