The material characterization regarding sheet metal formability is usually assessed by the forming limit curve (FLC). The FLC requires specialized and expensive equipment, several samples with different geometries, and can be a very time-consuming procedure for data treatment. Alternatively, the hole expansion test (HET) and the Erichsen Cupping Test (ECT) can be used for routine evaluations of sheet metal mechanical behavior. These formability tests require fewer quantities of material and easy specimen preparation with a fast analysis of results. The HET and ECT procedures provide a proper evaluation of sheet material stretch-flangeability, formability, strength, and ductility. In this work, we developed a low-cost mechanical device capable of performing the HET and ECT tests using a universal testing machine. The equipment is designed to meet the test parameters set by ISO 16630 (HET) and ISO 20482 (ECT) standards. In order to verify its functionality, tests were carried out with the dual-phase steels DP600 and DP780. The corresponding values determined for the hole expansion ratio and the Erichsen index provided reliable results in terms of the accuracy and repeatability of the proposed testing device.