Chennai, a major industrial and manufacturing hub in South India, is home to several thriving sectors such as automotive, electronics, textiles, and engineering. To keep up with increasing demand and evolving technology, businesses in Chennai often need to invest in modern and efficient machinery. A machinery loan can help business owners access funds quickly and easily to purchase, upgrade, or repair equipment essential for growth.
Bajaj Finserv Machinery Loan in Chennai
The Bajaj Finserv Machinery Loan is a tailored financial solution for business owners in Chennai. Whether you are looking to upgrade your equipment, improve operational efficiency, or expand your infrastructure, this loan offers the perfect support.
Key features of the Bajaj Finserv Machinery Loan
A machinery loan in Chennai is designed to support businesses of all sizes with tailored financial solutions. Whether you're a small enterprise or a large industrial unit, this loan provides the necessary support to scale operations efficiently.
Key features and benefits:
- Loan amount of up to Rs. 80 lakh
- Flexible repayment tenure between 12 and 96 months
- No collateral required for unsecured loans
- Quick approval and disbursal
- Competitive interest rates starting at 14% p.a.
- Minimal documentation with a fully digital application process
These features ensure that businesses can continue operations and scale up without financial bottlenecks. Before applying, you can check your business loan eligibility to see if you qualify.
Documentation and eligibility criteria for machinery loan in Chennai
Before applying, it’s important to understand the eligibility criteria and have the required documents ready for a smooth and speedy loan process.
Eligibility criteria:
- Age criteria: Applicant must be between 21 and 80 years old at the time of loan maturity.
- Business stability: Minimum of 2 years of business operations required.
- No past defaults: Applicant should have no history of loan or credit card EMI defaults.
- Creditworthiness: A good credit score and strong repayment track record are preferred.
Required documents:
- KYC documents
- Proof of business ownership
- Income tax returns filed for the last 1 year
- Profit and loss statements and balance sheets of the previous 2 years
You can also check your pre-approved business loan offer to avail instant loan offers.
Interest rates and charges for machinery loan in Chennai
Understanding the cost of borrowing helps you plan your repayment effectively. Here's an overview of applicable interest rates and charges for machinery loans in Chennai.
- Interest rate: Starts at 14% p.a. and may go up based on profile
- Processing fee: Up to 4.72% of the loan amount (inclusive of taxes)
- Prepayment charges: Up to 4.72%
- Bounce charges: Rs. 1,500 per instance
How to apply for machinery loan in Chennai
Applying for a machinery loan in Chennai is quick and convenient.
Steps to follow:
- Visit the official Bajaj Finserv website
- Navigate to the 'Machinery Loan' section and click ‘CHECK ELIGIBILITY’
- Enter your 10-digit mobile number and verify via OTP
- Fill in basic personal and business details
- Choose loan type (Term Loan, Flexi Term Loan, or Flexi Hybrid Loan)
- Select the required amount and repayment tenure
- Upload documents and submit your application
- Once approved, funds are disbursed swiftly to help you meet your business needs.
EMI calculator for machinery loan in Chennai
Estimating your monthly instalments can help you plan repayments better. Use the machinery loan EMI calculator to:
- Calculate EMI instantly
- Compare tenure options
- Plan monthly cash flow efficiently
How to convert a business loan into a machinery loan in Chennai?
Already have a business loan and need funds specifically for machinery? You can convert your existing loan into a machinery loan by:
Steps to follow:
- Contact your lender for conversion or restructuring
- Provide equipment purchase invoices or estimates
- Request modification in loan terms to align with equipment funding needs
This helps redirect existing credit facilities towards machinery investments, optimising the use of available funds.
