Coimbatore, one of Tamil Nadu’s leading industrial cities, is known for its strong presence in manufacturing, engineering, and textile sectors. To stay competitive and grow efficiently, businesses in Coimbatore often require modern and reliable equipment. A machinery loan from Bajaj Finserv can help you finance new purchases or upgrades, ensuring your operations stay productive and up-to-date.
Features and benefits for machinery loan in Coimbatore
Businesses in Coimbatore can access a range of financing options tailored for equipment purchase through a Bajaj Finserv Machinery Loan. Whether you are a small-scale enterprise or a growing industrial unit, this financial product can help meet your operational needs seamlessly.
Key features and benefits:
- Loan amount of up to Rs. 80 lakh
- No collateral required for unsecured machinery loans
- Flexible repayment tenure ranging from 12 to 96 months
- Competitive interest rates starting at 14% p.a.
- Quick disbursal with minimal paperwork
- Fully digital application process
Explore our machinery loan for MSME to understand how small and medium-sized businesses can benefit from this offering. Before applying, you may want to check your business loan eligibility to ensure a smoother process.
Documentation and eligibility criteria for machinery loan in Coimbatore
Understanding the eligibility conditions and preparing the necessary documents beforehand helps ensure a smooth loan process.
Eligibility criteria:
- Nationality: Indian
- Business vintage: At least 3 years
- CIBIL Score: 685 or higher
- Work status: Self-employed
- Age: 24 to 80 years
Documents required:
- KYC documents - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- PAN card
- Proof of business ownership
- Other financial documents
Check the complete list of machinery loan documents to stay prepared.
Interest rates and charges for machinery loan in Coimbatore
Bajaj Finserv offers competitive rates and transparent charges to help you manage your borrowing costs effectively.
- Interest rate: Starts from 14% p.a.
- Processing fee: Up to 4.72% of the loan amount (inclusive of applicable taxes)
- Prepayment charges: Up to 4.72% for full prepayment (not applicable for Flexi Term Loans)
- Bounce charges: Rs. 1,500 per instance
Review the full details on machinery loan interest rate before applying. You can also check your pre-approved business loan offer to explore personalised funding options instantly.
How to apply for a machinery loan in Coimbatore
Applying for a machinery loan in Coimbatore is simple and entirely online. Follow these steps:
- Visit the machinery loan page.
- Click on ‘CHECK ELIGIBILITY’ and enter your mobile number.
- Verify with the OTP sent to your phone.
- Fill in your personal and business details.
- Choose your preferred loan amount and repayment tenure.
- Upload the required documents and submit the application.
- A representative will get in touch for the final steps and loan disbursal.
EMI calculator for machinery loan in Coimbatore
Using an EMI calculator helps you estimate your monthly instalments and plan repayments better.
Benefits of using the calculator:
- Quick EMI estimates based on loan amount and tenure
- Helps compare different repayment terms
- Useful for financial planning and cash flow management
Try the machinery loan EMI calculator before applying.
How to convert a business loan into a machinery loan in Coimbatore?
If you already have a business loan, you can restructure it into a machinery loan to better align with your equipment financing needs.
Steps to convert:
- Contact your loan provider for conversion or refinancing options
- Provide machinery quotations or invoices
- Request a revision in loan terms or use the business loan for equipment funding
