In summary
An unsecured machinery loan can help businesses finance equipment purchases without pledging collateral, with loan amounts of up to Rs. 80 lakh, repayment tenure of up to 96 months and disbursal in as little as 48 hours after approval.
- Loan amount: Bajaj Finance offers up to Rs. 80 lakh without requiring collateral, making it an unsecured loan for machinery.
- Repayment tenure: Borrowers can choose a flexible tenure of up to 96 months (8 years) based on their repayment capacity.
- Flexi facility: Eligible borrowers can withdraw and repay funds as needed within the sanctioned loan limit.
- CIBIL score: A CIBIL score of 650 or higher is preferred, although the overall applicant profile is considered during assessment.
- Disbursal: Approved loan amounts can be disbursed in as little as 48 hours, subject to fulfilment of applicable requirements.
Use the Bajaj Finance Business Loan EMI calculator to estimate your monthly repayment before applying.
What is Unsecured Machinery Loan?
An unsecured machinery loan helps businesses acquire or upgrade machinery and equipment without pledging any collateral. This type of loan is designed to support MSMEs and other enterprises in enhancing their production capabilities quickly and conveniently. With minimal documentation and flexible terms, an unsecured machinery loan provides hassle-free access to funds to boost your business operations. Check your business loan eligibility to see if you qualify for this convenient financing option.
Features and benefits for Unsecured Machinery Loan
An unsecured machinery loan offers businesses access to equipment financing without pledging assets, helping preserve working capital while funding machinery purchases of up to Rs. 80 lakh. A machinery loan for MSME can help eligible businesses manage equipment-related expenses.
| Feature | Detail | Benefit to your business |
|---|---|---|
| Loan amount | Up to Rs. 80 lakh | Finance large equipment purchases without liquidating existing assets. |
| Collateral | No collateral required | A collateral-free machinery loan can suit asset-light businesses without asset pledging. |
| Repayment tenure | Up to 96 months | Spread repayment over a longer period to manage EMI outgo. |
| Flexi facility | Withdraw and repay as needed within the sanctioned limit | Improve cash flow management as funding requirements change. |
| Pre-approved offers | Available for eligible existing customers | Potentially faster processing and less documentation. Check you pre-approved business loan offer to see if you qualify. |
For suitable financing options and eligibility details, explore the Bajaj Finance Business Loan page before applying.
Documentation and eligibility criteria for Unsecured Machinery Loan
- 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
For a detailed list, check the required machinery loan documents.
Interest rates and charges for Unsecured Machinery Loan
Machinery loan interest rates vary based on the applicant’s profile, loan amount and other factors; check the Bajaj Finance interest rate page for the applicable rate before applying.
| Charge type | Amount | Notes |
|---|---|---|
| Processing fee | To be confirmed | Applicable fee and taxes should be verified with Bajaj Finance before application. |
| Foreclosure charges | To be confirmed | Charges, if applicable, depend on the loan terms. |
| Part-prepayment | To be confirmed | Check the applicable offer terms before making a part-prepayment. |
| Penal interest | To be confirmed | Applicable in case of delayed payments, as per the loan agreement. |
Use the unsecured machinery loan calculator or machinery loan EMI calculator to estimate your monthly outflow based on the applicable rate.
How to apply Unsecured Machinery Loan
- Go to the Bajaj Finance website and navigate to Machinery Loan
- Click on ‘Apply Online’ to access the application form.
- Provide your basic details and verify the OTP sent to your registered mobile number.
- Enter your KYC and business information.
- Upload your bank statements for the past six months and submit the application form.
- Please wait for a representative to contact you with further instructions regarding your loan application.
Start your application now for a Machinery Loan and boost your business productivity.
Using the EMI calculator for Unsecured Machinery Loan
The unsecured machinery loan EMI calculator helps you estimate your monthly EMI by entering the loan amount, interest rate and repayment tenure. You can calculate your expected repayment in 4 steps:
- Enter the loan amount of Rs. 50 lakh.
- Enter an assumed interest rate of 14% p.a..
- Select a repayment tenure of 60 months.
- Check the estimated EMI and total interest payable.
For example, a Rs. 50 lakh unsecured machinery loan at 14% p.a. for 60 months would have an estimated EMI of approximately Rs. 1,16,341. The actual EMI will depend on the interest rate offered to the borrower.
