Machinery loan is a type of business loan that help manufacturers, and other such business proprietors acquire financing in order to buy and purchase more efficient and new equipment and machinery for their business. This loan allows to the business to increase its overall productivity while retaining its normal operating parameters.

Benifits You Get

  • It helps to buy new equipment/machinery and is also term as equipment financing
  • Used to refurbish, modify or change existing machinery/equipment
  • To repair faulty machines or equipment or to upgrade
  • To buy machinery loan for new business
  • No collateral required by most of the lenders
  • Flexible loan repayment options with easy EMIs
  • Used as working capital loan or equipment finance

Eligibility Criteria for Secured Machinery Loan

The eligibility criteria for Secured Machinery Loan

  • Applicant must be between 21 years to 60 years to apply for machinery loan
  • Business vintage to be minimum 3 years
  • Business should be in profit in last 2 years
  • Last 2 years’ ITR proof
  • Machinery loan without security is not provided by any bank
  • Indian citizen with no criminal record
  • Applicant should not have defaulted on previous loan

How To Apply For An Secured Machinery Loan?

At SME Paisa, you can apply for Secured Machinery Loan online or offline. Walk into our nearest branch office for a free consultation and guidance regarding an ideal funding option suiting your needs. Or, you may choose to apply online and get an instant approval for funds. Remember to keep a soft-copy of documents required for Business loan ready for upload in case of an online application

Document Required for Secured Machinery Loan

The list of documents required for a Working Capital loan application includes:

  • Business Proof
  • Past accounts
  • Residential Proof
  • Identity Proof

Frequently Asked Question

Your loan can serve a variety of needs, everything from home renovation to debt consolidation and more.

If all your documents are in order the loan should be credited to your account in 24 hours.

Yes, but it comes with a marginal charge. You can read about it

Partners /Promoter Directors will be taken as co-applicant in case of Partnership/Pvt ltd co. respectively.

We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.