What is a Machinery Loan?
A machinery loan helps you finance the acquisition of machinery and equipment that your business requires in order to continue its operations. It helps you fund the lease or purchase of new machinery, as well as the repair of existing machinery that may have broken down.
Machinery Loan: Features and Benefits
Loan up to Rs. 30 lakh in 48 hours:
With Bajaj Finserv, you get a machinery loan up to Rs. 30 lakh. The high loan value, coupled with a fast disbursal time of just 48 hours means that you get finance to acquire new machinery for your business without hassles or delay.
No collateral required:
There is no need for you to pledge any collateral in order to avail a machinery loan from Bajaj Finserv, making the application process easier for you.
When you apply for a machinery loan, you will get doorstep service to help make the loan application process faster and more convenient.
Business line of credit:
When you take a business line of credit as your machinery loan, you can save up to 45% on EMIs. A business line of credit is a pre-set credit line from which you can withdraw and repay funds whenever you need. You need to pay on the interest on the borrowed amount as EMI, thus having a lesser burden of repayment to deal with.
passport-sized photograph, KYC documents, proof of business vintage, and relevant financial documents.
Interest Rates and Charges
|Type of Fee||Charges Applicable|
|Processing fee||Up to 2%|
|Loan statement charges||NIL|
|Interest and principal statement charges||NIL|
|EMI bounce charges||Rs. 2,500 per bounce*|
|Penal interest||2% per month|
*Applicable after the first EMI is cleared.
Check your EMI using our Business Loan EMI Calculator
- Self-employed individuals who have been running a business for a minimum of 3 years.
- Entities like partnerships, limited liability partnerships, private limited companies, and closely held limited companies.
- Other applicant types, depending on their profile, on a case-to-case basis.
Certificate of business establishment as proof of business
Audited turnover of the previous year
Bank account statement of at least 2 previous months
How to Apply
You can apply for a business loan by filling in the online application form here.
In 24 hours, you will get a call from our representative, who will tell you your pre-approved loan offer.
After this, you will need to submit the required documents to our representative. Once your documents have been verified, it will take 48 hours for your machinery loan amount to be disbursed into your bank account.
Have questions? Get all your answers here.