Loan for Machinery

A type of business loan that helps startups, entrepreneurs, business owners, self-employed professionals and other business entities in acquiring finance to buy new machinery/equipment or upgrading the existing ones .

Businesses need to update and upgrade their machineries from time to time to scale their operations and boost their productivity. However, the task of upgrading machineries is cost-heavy. Loan for machinery helps businesses fund the purchase or upgradation of machineries without disrupting their cash flow.

Interest rates offered by Banks/NBFCs for their loan for machinery shall vary depending on the borrower’s credit profile. Borrowers can apply for a business loan for the purchase of machinery at Paisabazaar with interest rates starting from 13% p.a.

• Flexible loan repayment options available with easy EMIs
• Collateral-free loans available
• Competitive interest rates offered by lenders
• High LTVs offered, up to 80% to 90%
• Easy and quick loan disbursal

Step 1: Visit the business loan section on the Paisabazaar App

Step 2: Select from the options available your annual turnover

Step 3: Select the loan tenure and loan amount from the top section

Step 4: Choose and apply for the best-suited offer from the list of offers available

Step 5: Complete the application process by filling in the required details

Step 5: If the application and documents are approved, the lenders shall approve the loan within defined working days

Step 6: After loan approval, the money shall be disbursed to the mentioned bank account of the applicant

Additional documents, as required by the lender

Machinery loan finance is also offered to small and new businesses, as well as to start-ups for the purchase of new equipment and to buy machinery items that shall help increase the productivity of their business and eventually result in their business growth and expansion. Individuals with no or less credit history can also avail machinery loans from NBFCs and MFIs at comparatively higher interest rates as compared to banks.