Discover the ease of acquiring new business machinery through machinery loans
✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!
Whether you're a large enterprise or a small business, a machinery loan provides a streamlined path for growth, ensuring you have access to the latest equipment. As part of equipment financing, the loan is secured by the purchased machinery itself, eliminating the need for additional collateral. Tailored for business needs, it's an ideal choice to upgrade machinery and enhance operations.
Features and Benefits of a Business Loan For Machinery
Let’s have a look at the various advantages of a machinery loan that helps upgrade your business operations:
Simple Application Process
Enjoy a streamlined application procedure with minimal documentation requirements for quick verification and approvals
Flexible Loan Amount
Get tailored financing options to match your machinery investment needs and borrow according to the specific requirements of your business
Competitive Interest Rates
Benefit from competitive interest rates and minimise the cost of borrowing while also exploring fixed or floating interest rate options
Customised Repayment Tenure
Choose a short or long repayment tenure as per your business requirements
Quick Disbursement
Receive swift access to funds with the rapid approval and disbursement process for timely acquisition of machinery
Collateral
Get the loan without having to submit any additional collateral as the newly purchased machinery acts as security for the loan
Here are some common eligibility criteria you may be required to fulfil when applying for a machinery loan:
You must fall under the age bracket of 25 to 55 years
Your business must have a vintage of at least 3 years
ITR filing of at least 1 year is required
The requirements may differ from one lender to another. Make sure to check with the financial institution and understand the eligibility criteria for the loan.
The interest rates and charges applicable to machinery loans are as listed below:
Our Partners |
Interest Rate Range |
Processing Fee |
20% onwards |
Up to 3% of the loan amount |
|
28% onwards |
2.5% of the loan amount + GST |
|
12% onwards |
1.5% - 2.5% of the loan amount |
|
18% onwards |
2% - 6% of the loan amount + GST |
|
20% onwards |
2% -5% of the loan amount |
|
16% onwards |
Up to 3% of the loan amount + GST |
|
15% onwards |
Up to 6% of the loan amount |
|
12% onwards |
Up to 2.75% of the loan amount |
|
1.25% p.m. onwards |
1% onwards |
*Disclaimer: The aforementioned details are subject to change at the lender’s discretion
How to Apply for a Machinery Loan
Follow these simple steps to apply for a machinery loan:
-
Visit the official website of the lender of your choice
-
Go to the application section
-
Fill in your personal and business details in the form
-
Choose the required loan amount and preferred tenure
-
Verify the information and submit your application
-
Following this, a representative will reach out to you for further proceedings.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
FAQs
Can I get a loan for used machinery?
Yes, many lenders offer machinery loans for used equipment. However, the eligibility and terms of the loan may vary from one lender to another.
What is the maximum tenure for a machinery loan?
The maximum tenure for a machinery loan typically ranges from 5 to 7 years. Longer tenures offer flexibility in repayment, allowing you to align it with your business cash flow.
What is the maximum loan amount available for machinery loans?
The maximum loan amount usually ranges up to ₹50 Lakhs. Generally, it depends on factors like your business's financial health, credit score, and the specific machinery you intend to finance.
