Machinery is the lifeblood of any business that uses it. Ensuring that your business has the right machinery and can service or upgrade it on time is crucial for growth. If you’re falling short of funds, you can avail a machinery loan to buy new equipment, repair faulty ones or upgrade to advanced machinery. You can also use this loan to install equipment and train your staff on its usage.
Take a look at five reasons why a machinery loan is a sound business decision.
Avail a big amount in one go
You can avail the Bajaj Finserv Equipment Machinery Loan, which offers high funding of up to Rs. 50 lakh to ensure that your production line functions without any roadblocks. You can use this amount to purchase new machinery and equipment or upgrade the existing setup. Make use of the Flexi loan facility for more flexibility.
You can also enjoy conveniences such as pre-approved offers, flexible tenor and online loan application and management. With this loan, you will be able to meet your current business objectives and also expand your business’ scope and operations.
Enjoy credit on unsecured, easy terms
You need not arrange for a guarantor or collateral in the form of property or other business assets for this loan. It is available to you on a completely collateral-free basis. The loan’s policies are extremely transparent, so be assured that there will not be any unwanted surprises through hidden clauses. The loan application process is simple, without extensive eligibility criteria or several documents.
Additional read: How to Choose The Right Machinery Supplier
Access funds instantly
When it comes to machinery, you want things to move swiftly to ensure that productivity isn’t affected. Time is precious, so the funds are disbursed to you faster than most other loans. You can expect the funds in your bank account in 24 hours. This ensures that you don’t waste time using the capital to scale operations or boost your business.
Flexi loan facility
Flexi loan is a unique feature that allows you to use a machinery loan on your terms. You can withdraw funds when the need arises from the total Flexi loan sanction. You only have to pay interest on what you use. You also have the option to pay only the interest on your loan as the monthly installment and repay the principal at the end of the tenor. You can borrow, repay and redraw funds from the Flexi loan as many times as you wish during the tenor.
Benefit from pre-approved offers
You can avail this loan on a pre-approved basis from a lender you are already a customer of. This means that you don’t have to apply for the loan from scratch. Since the lender already has your basic details, you only have to supply the missing information to access a machinery loan. This results in quicker approval and disbursal. With several benefits on offer, a machinery loan is ideal to fund your business’ equipment needs, whether it is a simple repair or a complete overhaul.
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