Advantages of Taking a Machinery Loan

Is your business machinery wearing out? Do you need finances to upgrade the machinery of your business for better performance? Equipment machinery loans can help you do just that. Worn-out machinery can have an adverse effect on your business’s production and productivity, in turn hampering your revenues and profits. Equipment financing enables you to keep your machinery up to date, thus ensuring that the production process is a smooth one at all time. Small businesses too can apply for these loans. Small Business Loan terms and eligibility are not just simple, but also affordable for proprietors.

Why You Should Opt for a Machinery Loan?

Improve efficiency of production: Purchasing machinery can increase the overall efficiency of your business. Faulty or outdated machinery is likely to stagnate your operational efficiency.

Gain from line of credit: The line of credit is a unique facility that allows the borrower to borrow sums of any amount at any frequencies or intervals up to a specified credit limit and tenor. In this facility you only have to pay interest over the total amount you have borrowed. This is ideal for businesses that have recurring needs for cash to purchase equipment parts or other supplies. It also provides you with the flexibility to convert it to a term loan as and when needed.

No collateral: These loans are unsecured and do not require you to submit any asset as collateral. Thus, you do not have the added worry of putting your business assets at stake to secure the loan.

Flexible prepayment: This loan offers you a part prepayment facility, which means that you can prepay an amount equivalent to the first 3 EMIs of your loan. Prepayment of the loan is a facility that is not offered by all lenders. Most lenders have strict rules and prepayment penalties in order to discourage prepayment. However, at Bajaj Finserv, you have the provision to prepay your loan as and when you like.

Better transparency: The easy online account access feature lets you access and view the details of your loan any time you desire. After entering your user ID and password, you can access all your account details like statements, and the balance due.

Pre-approved offers: Pre-approved loans are those which are approved immediately and do not have long application procedures. Bajaj Finserv offers its existing customers pre-approved loan offers. Hence, if you are current borrower, you can get this loan without going through a tedious application process.

Simple eligibility requirements: The eligibility criteria for these loans is fairly simple and easy to meet. All you need are KYC documents, business proof, bank account statement and the proof of residence.

Don’t wait up! It is time to increase the efficiency of production in your business by purchasing new machinery using the Machinery Loan by Bajaj Finserv. The loan is customized and created to suit the nature of various businesses and their need for finance. So avail a loan instantly and have it approved and disbursed to you within 24 hours.