Equipment Machinery Loan: Features and Benefits
Machinery loans are usually taken to either repay a faulty or broken machine or upgrade to a better version. Some unique benefits of taking machinery / equipment loan from Bajaj Finserv are:
- Loans up to ₹ 30 lakh - Bajaj Finserv offers a Machinery loan of up to ₹ 30 lakh to help companies continue running their business without any financial roadblocks.
- Unsecured Machinery and Equipment Loan - No need for a guarantor or any collateral to avail a Women’s Business Loan. Transparent policies with no hidden clauses.
Line of Credit - A unique and innovative offering that allows you to manage your cash flows in a smarter and more effective manner. Line of credit available of up to Rs. 30 lakh.
Benefits of a Line of Credit:
- Pay interest-only as monthly installment as compared to a term loan.
- Instant online facility to part prepay and withdraw (drawdown) through customer portal (Experia)
- No limit on number of part pre-payments. No charges for part pre-payment
- No charges for withdrawal (drawdown)
- Flexibility to convert to term loan as per convenience
- Bullet repayment option
- No collateral/security required
- No guarantors needed
- Pre-approved offers - On a regular basis, we introduce pre-approved machinery loan schemes which may include a top-up loan or discount in interest rates, etc..
Online access - On availing a loan for machinery or equipment from Bajaj Finserv, you will get online account access to all your loan information.
Fees & Charges
We have an in-house business loan calculator to help you check your loan interest rate. The other charges are:
- Processing fees - 2% of the loan amount will be deducted at the time of disbursal of approved loan amount
- EMI bounce charges - Rs.1000 will be charged in the subsequent month for every bounce
- Penal interest - 2.00% p.m. overdue charges will be levied basis 360 days per year
- Foreclosure Charges - 4% plus applicable taxes on the current principal outstanding
- Part prepayment charges - 2% plus applicable taxes on part payment amount paid.
The part payment made should be more than 1 EMI. There are no part payment charges for flexi accounts.
Eligibility and documents required
The following entities are eligible for Machinery or Equipment loan from Bajaj Finserv:
- Limited or Private Limited Company
- Partnership or Proprietorship Firm
- Chartered Accountant / Self Employed Professional
Here’s a list of the customer profiles that we consider:
- Self Employed Professionals (SEP) - Allopathic doctors, chartered accountants, company secretaries, self-employed engineers and architects who are practicing their profession. Proof of qualification to be documented.
- Self Employed Non Professionals (SENP) - Traders and manufacturers, Service providers, Retailers,
- Entities - Partnerships, Limited Liability Partnership, Private Limited and closely held Limited companies.
- Other constitution types depending on their profile on a case to case basis.
- KYC Documents
- Business Vintage of 3 Years
- Business proof: Certificate of practice
- Bank Account statement of last month
- Proof of residence or business/ office
How to Apply
If you’re looking to apply for a Machinery or Equipment Loan, online with Bajaj Finserv, click here.
If you want us to get back to you, just SMS BL to 9773633633.
- Q1. What is the range of loan amount I can avail of?
- Q2. What is the range of tenor available with these loans?
- Q3. Is the rate of interest fixed or floating?
- Q4. What is the mode of repayment?
- Q5. What do I need to do to avail of a Business Loan online?
- Q6.Are there any Foreclosure and Part prepayment charges?
Q1. What is the range of loan amount I can avail of?
A.With Bajaj Finserv, you can avail a Machinery or Equipment Loan ranging from Rs.3 lakh to Rs.30 lakh.
Q2. What is the range of tenor available with these loans?
A.You can avail this loan for a period starting from 12 months to 96 months or 1 year to 8 years.
Q3. Is the rate of interest fixed or floating?
A. We offer fixed rate of interest.
Q4. What is the mode of repayment?
A.You can repay through either Post Dated Cheques or ECS.
Q5. What do I need to do to avail of a Business Loan online?
A.Click the ‘Apply Now’ button on the banner above Or SMS PSBL to 57578 or call us on 1800 2094151
Q6.Are there any Foreclosure and Part prepayment charges?
- Foreclosure charges - 4% plus applicable taxes on the current principal outstanding
- Part payment charges - 2% plus applicable taxes on part payment amount paid
Nil Part payment charges for Pure FLEXI and Flexi loans.
Foreclosure/Part payment for all non-flexi normal term loans can be done post clearance of 1st EMI.
For all Pure FLEXI and Flexi loans, part payment can be made anytime & foreclosure can be done post clearance of 1st EMI.