Machinery is the lifeblood of any business that uses it. So, ensuring that your business has the right machinery and can service or upgrade it in a timely manner is crucial for growth. In case you’re falling short of funds, you can avail a machinery loan to buy new equipment, repair faulty equipment or upgrade to more advanced machinery. You can also use this loan to install equipment and train your staff on its usage. Take a look at 5 reasons why turning to a machinery loan makes for a sound business decision.
Avail a big loan amount in one go
To ensure that your production line functions smoothly without any roadblocks, you can avail a machinery loan of as high as Rs. 45 lakh. You can use this amount either to purchase new machinery and equipment or upgrade the existing setup. Bajaj Finserv’s Equipment Machinery Loan is a collateral-free loan that offers funding up to this amount. You can use it for any machinery-related need and make use of the Flexi Loan facility for even more flexibility.
Besides, you can enjoy added conveniences such as pre-approved offers, flexible tenor and online loan application and management.With this loan, not only will you be able to meet your current business objectives, but you will also be able to expand your business’ scope and operations.
Enjoy credit on unsecured, easy terms
When applying for this loan, you need not arrange for a guarantor or collateral in the form of property or other business assets. The loan is available to you on a completely collateral-free basis. In addition, the loan’s policies are extremely transparent, so you can rest assured that there will not be any unwanted surprises by way of hidden clauses. Subsequently, the loan application process is simple and you can complete it without meeting extensive eligibility criteria or submitting several documents.
Additional Read: How to Choose The Right Machinery Supplier
Get access to funds instantly
When it comes to machinery, you want things to move swiftly to ensure that your business’ productivity isn’t affected. Time is precious and so, the funds are disbursed to you far quicker than what is offered by most other loans. You can expect disbursal directly to your bank account in as soon as 24 hours. This ensures that you don’t waste any time in using the capital to scale operations or boost your business.
Flexi Loan facility
Flexi Loan is a unique feature that allows you to make use of a machinery loan on your terms. You can withdraw funds as and when the need arises from the total Flexi Loan sanction. You only have to pay interest on what you use, so you can rest assured that you won’t be paying extra for this facility. Besides, you have the option to pay only the interest on your loan as the monthly installment. Then, you can 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 to, during the tenor.
Benefit from pre-approved offers
If you take this loan from a lender you have already been a customer of, you can avail it on a pre-approved basis. 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 get access to a machinery loan. This results in quicker approval and disbursal.With scores of benefits on offer, a machinery loan is the ideal way to fund your business’ equipment needs, regardless of whether it is a simple repair or a complete overhaul.
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