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
- Collateral-free machinery loans up to Rs. 80 lakh at attractive interest rates
- Flexible repayment tenor of up to 96 months
- Convenient Flexi facility allowing you to manage cash flows better
- Pre-approved offers that further simplify the process of getting the loan
Explore more about the machinery loan for MSME to see how this loan can empower your business. Check your pre-approved business loan offer to take advantage of faster approvals and easier processing.
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
Interest rates for unsecured machinery loans vary depending on the lender and the borrower’s creditworthiness. Generally, the rates are competitive to help businesses manage repayments easily. Charges may include processing fees and late payment penalties as applicable.
Stay updated with the latest machinery loan interest rate to plan your finances effectively.
How to apply Unsecured Machinery Loan
- Go to the Bajaj FInserv 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
- Enter the loan amount, tenure, and interest rate.
- Calculate your estimated monthly instalments.
- Adjust tenure or amount to fit your repayment capability.
- Plan your finances with better clarity and control.
Try the Machinery Loan EMI calculator for easy EMI estimation.
How to convert a Business Loan into an Unsecured Machinery Loan?
- Check eligibility criteria for converting an existing business loan.
- Provide us with a formal request and necessary documentation.
- Complete any additional formalities required for the conversion.
- Review and accept the new loan terms specific to machinery financing.
- Begin using the funds as an unsecured machinery loan to upgrade your equipment.
