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Business Loan for Machinery

Highlights

  • Get to know the advantages of machinery loan.
  • Compare interest rate, loan amount, tenure and processing fee.
  • Know the Eligibility criteria, features and Benefits of Machinery Loan.

As we all know that business development is the main objective of every business, therefore machinery loan proves very helpful in developing the business. A machine loan is a loan in which you buy a new asset for your business. It helps to increase your business productivity. If productivity is high, it indicates that your business is going to make a profit. Therefore below the many machinery loan providers compare interest rate, loan amount, tenure and processing fee. So choose the best one for you.

Advantage of Machinery Loan

These are various advantages that help your business more profitable. 

Increase Output of Business:- If you are using new technology and the updated machine then the output will be more in less time. So a large number of units can be produced in a short time, this will significantly affect your sales.

Improve Quality of Products:- If you have a better machine and technology, product quality will automatically be good. Better products will always impact your sales and increase customer confidence.

Saves Time and Energy:- The machine always takes less time than manpower. If you make the product with the help of a machine then there will be no possibility of delay in the product. Even the customers will be happy with your product and services and will help build a good relationship in the market. 

No Chances of Defect Products:- Yes if you use updated technology and the latest machine then production will be high and there will be no possibility for defect products. So this has a positive impact on the buyers.

Increase Profit:- As we all know that more productivity in less time will improve your sales. If sales are high then it automatically shows that your business is profit-making. However higher production also reduces costs and will give you higher profit margins.

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    These are the some Non-Banking Financial Institutions (NBFCs) who Offer Machinery Loan Without any Collateral

    NBFCs NameLoan AmountInterest RateTenureProcessing Fee
    Bajaj FinservUp to 30 Lacs18% Per Annum onwardsUp to 96 MonthsUp to 2% of the Loan Amount
    DHFLUp to ₹ 2 CroreCompetitiveUp to 6 Years2% + GST
    LendingKart₹50,000 to ₹1 Crore1-2% Per Month1 Months - 12 Months2% of the loan amount
    Ziploan₹1 Lacs to ₹5 Lacs23%-29% (Reducing)12 Months - 24 Months3% of the loan amount
    Tata Capital₹5 Lacs to ₹75 LacsStarts from 19%12 Months - 36 Months2.75% of the loan amount + GST

    Bajaj Finserv

    Bajaj Finserv is the top NBFC so get a machinery loan from Bajaj Finserv without any collateral. This loan can be used for various purposes such as updating your old machinery, choosing new technology and more.

    Features and Benefits

    • Avail funds up to ₹30 lacs for your working capital requirement.
    • There will be no need for any collateral and guarantor.
    • It offers Flexi loan facility on you loan.
    • Get online access to your machinery loan account information. 
    • It facilitates a pre-approved machinery finance scheme.
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    Eligibility Criteria

    • The minimum age of the applicant is 25 years and the maximum age is 55 years.
    • The borrower should run the business for at least 3 years.
    • Business Income Tax Return (ITR) shall be filled with a minimum of 1 year.
    • Last 6 months bank account statement is needed.

    Fees and Charges

    ParticularsDetails
    Cheque Bounce ChargesUp to ₹3000 + Taxes
    Documentation Processing Fees1449 + Taxes
    Penal Interest2% Per Month

    DHFL

    Upgrade your running business with a machinery loan from DHFL. With the help of machinery loan, you can increase your business profit by choosing new technologies. So without thinking more apply for machinery loan from DHFL and enjoy the benefits.

    Features and Benefits

    • Avail machinery loan up to ₹ 6 crores as per your capability.
    • There is no requirement for the collateral up to ₹2 Crore. 
    • Get a high loan amount at an attractive interest rate.
    • This loan is a complete hassle-free loan with minimal documents.
    • The loan process is simple and secure.

    Eligibility Criteria

    These are the categories which are eligible to avail machinery loan.

    • Proprietorships
    • Partnerships
    • Limited Companies
    • Private Limited Companies
    • Limited Liability Partnerships

    Fees and Charges

    ParticularsCharges
    Application login FeesFor New - No Fee
    For Used - ₹5000 +  GST
    ECS and Cheque Bounce Charges₹500 + Taxes
    Cheque/ ESS Swapping Charges₹250 + Taxes
    Pickup Collection Charges on a Per Visit₹250 + GST
    Foreclosure Statement Charges₹500 + GST
    Foreclosure ChargesWithin 6 Months - no foreclosure is allowed
    07-24 Months - 5% + GST
    25-36 Months - 3% + GST
    After 36 Months - 2% + GST

    Lendingkart Business Loan for Machinery

    Machinery loan is a loan that helps in increasing the overall productivity of your business. It also increases productivity and makes more profit from sales and distribution. Hence apply for machinery loan without any collateral from LendingKart.

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    Features and Benefits

    • Get loan up to ₹1 crore without any collateral and guarantor.
    • There are no hidden charges on the loan application.
    • Repayment option is flexible from 1 month to 12 months.
    • The loan will be disbursed to your account within 3 working days.

    Eligibility Criteria

    • Minimum age of the borrower is 21 years.
    • Maximum age is 65 years at the time of loan maturity.
    • 12 months bank statement is needed.

    Things Include in Eligibility Form

    These are the fundamentals involved in eligibility form which helps in checking soft approval of the loan.

    • First Name
    • Last Name
    • E-mail Id
    • Mobile Number
    • Require Loan Amount
    • How soon do you want a loan amount
    • 12 Months Turnover
    • How long you are running a business
    • Type of Business

    ZipLoan

    It offers machinery loans at very attractive interest rates and the loan process requires fewer documents. So apply for machinery loan online with Zip loan without thinking and this machinery loan without security.

    Features and Benefits

    • Get unsecured machinery loan from 1-5 lacs according to capacity.
    • The repayment method is very flexible from 12 months to 24 months.
    • It does not charge any penalty and foreclosure fees.
    • Loan disbursement process is very quick.
    • It provides door to door facilities on your loan.
    • There is no need for a balance sheet.

    Eligibility Criteria

    • The minimum age is 23 years.
    • The maximum age at the time of loan maturity is 65 years.
    • Minimum turnover required Minimum 10 Lacs in 12 months.
    • The requirement of 2 years ITR with more than 2.5 lacs.
    • The business should be operated for the last 2 years.
    • Need 12 months bank statement of your savings and current account.

    TATA Capital

    Tata Capital is developing NBFCs who offers machinery loan without any collateral. It provides quick and hassle-free funds with flexible repayment options. Take advantage of machinery loans so that you can increase the productivity of your business.

    Features and Benefits

    • It offers many products to meet the basic needs of your business.
    • This loan is the unsecured loan. It does not require any collateral and security.
    • It has structured the EMI option to repay the loan instalment.
    • Minimum documents required for loan processing.
    • Get a doorstep loan facility.

    Eligibility Criteria

    • The minimum age should be 25 years.
    • Maximum age is 65 years.
    • The business should be profitable for the last three years.
    • Your business should be in an upward direction.
    • The balance sheet should be audited by a Chartered Accountant.

    Fees and Charges

    ParticularsCharges
    Cheque Bounce ChargesPer Cheque ₹2000 + GST
    Documentation Processing Fee₹999 + GST
    Foreclosure Charges 4.5% of the outstanding amount + GST
    Loan Cancellation Charges2% of the loan amount
    ₹ 5750 whichever is higher + GST
    Cheque Swap Charges₹550 + GST
    Post Dated Cheque Fee₹850 + GST
    Outstation Collection Fee₹100 + GST

    Documents for Machinery Loan

    To Get a Machinery Loan, you need to submit the following documents:-

    • Passport Size Photographs
    • Pan Card (Individual/ Firm/ Company)
    • Identity Proof (Any One) – Adhar Card, Driving Licence, Voter Id, Passport
    • Address Proof (Any One) – Adhar Card, Driving Licence, Voter Id, Electricity Bill, Rent Agreement
    • Business Proof Continuation Proof (Any One) – ITR, Trade licence, Establishment, Sales Tax Certificate
    • 2-year Income Tax Return (ITR) with computation of income
    • Balance Sheet 
    • Profit & Loss Account
    • Partnership Deed
    • Memorandum & Article of Association 
    • Repayment Track Record (RTR) of the existing loan, if any
    • Proforma invoice of machinery

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