If you are the owner of a manufacturing business, you need to buy new equipment or upgrade the existing one for better productivity. Bajaj Finserv Machinery Loan comes in handy to fulfil such big-ticket expenses. The nominal equipment loan interest rates, low processing fee and no hidden charges make this credit facility a perfect choice for entrepreneurs. The flexible repayment tenor of up to 84 months allows borrowers to repay the loan with ease without affecting their monthly budget.
The Machinery Loan Interest Rates offered by Bajaj Finserv are minimal, ranging from 18%. At low interest rates, you can now take a Business Loan with EMIs that are light on your pocket.
MSME stands for Micro, Small and Medium Enterprise. It was introduced by the Government of India in agreement with the Micro, Small and Medium Enterprises Development (MSMED) Act of 2006. As per this act, MSMEs are the enterprises involved in the production, processing or preservation of goods and commodities. Vital for economic growth, this sector contributes around one-third of the country’s GDP and generates employment for around 110 million of the population.
It also plays an important role in the socio-economic development of the country as many of these enterprises operate in rural India. According to the Government's annual report of 2018-2019, more than 6 lakh MSMEs operate in the country.
Initially, MSMEs were classified based on two factors - investment in plant/machinery and an annual turnover of the enterprises. However, the Ministry of Micro, Small and Medium Enterprises has recently revised the classification by combining these two factors into a single criterion.
Convert your existing loan | Pay lower EMIs by up to 56%KNOW MORE
Funds to upgrade machinery
Up to Rs. 20 lakh | Pay only interest as EMI
Manage operational expenses
Up to Rs. 20 lakh | Flexible tenor options
Avail customized loans
Up to Rs. 20 lakh | Minimal documentation