What is a machinery loan?
A machinery loan allows you to finance the purchase of machinery and equipment essential for smooth operations of your business. It helps in funding the lease or purchase of new machinery, as well as the repair of existing machinery that may have broken down.
Machinery loans are suitable for micro, small and medium scale manufacturing units, which are in need of urgent capital to buy and upgrade equipment and also for increasing overall productivity. The loan offers much-needed support to any manufacturing business.
For instance, if you have a printing business and you had to purchase printing machinery with the latest technology and expand your business, but don't have the necessary funds to buy the expensive machinery. You can approach the financial institution for machinery loan and can purchase the machinery for fuelling your business requirements.
Machinery loan can be used to support new equipment purchase and financing or for maintenance and repair of existing equipment thereby increasing the overall productivity for the business.
Eligibility & Documents Required
When applying for a machinery loan, make sure you meet the eligibility requirements below:
Also, make sure that you have all the relevant supporting documents listed below before you apply.
How to Apply for a Machinery Loan?
You can apply for our equipment loans in 3 easy steps:
Once we receive a completed form and the relevant documents, our business loans are usually disbursed in 3 days.
Fees and Charges
The interest rate to be charged on a machinery loan varies from case to case depending on the facilities offered, the financial position of the borrower, etc. Exact details can be provided by your relationship officers. Here is a list of the processing fees and charges.
Why Tata Capital?
If you're looking for easy, hassle-free machinery loans that offer you complete transparency and convenient repayment options, opt for Tata Capital equipment loans. Our expertise in this field and association with leading equipment manufacturers in India, enable us to offer you customized solutions for your equipment financing needs. We provide multiple benefits to our customers such as:
Q: What is the maximum machinery loan you are eligible for?
A: You can avail a maximum funding up to 100% of your equipment value.
Q: What is the typical tenure for machinery loans?
A: Loan tenure varies from 3 months to 5 years.
Q: How much EMI do I need to pay?
A: You can use our business loan EMI calculator to calculate the EMI you need to pay based on your convenience.