What is Loan Against Machinery
A Loan Against Property for machinery is an excellent financing option for anybody seeking funds to address big-ticket expenses, especially business owners keen on investing in modern machinery to support their production and revenue generation. Borrowers can benefit from the sizeable loan sanction offered at a competitive interest rate that can be repaid over 18 years.
Loans Against Property come with no end-use restrictions, making it ideal for business owners as other loan options, such as a personal loan, would be comparatively more expensive.
Loans Against Property come with hassle-free eligibility parameters and minimal documentation asks – making it easier to secure approval on your Loan Against property application.
Loan Against Property for Machinery: Features and Benefits
The Bajaj Housing Finance Loan Against Property comes along with the following features and benefits:
Sizeable Loan Amount
Bajaj Housing Finance provides loan sanctions worth Rs.5 Crore* or higher, to eligible applicants, to allow them to address their financial needs without any hassles.
Balance Transfer Option
We offer easy balance transfer options that let you move your loan balance from your current lender to us for better interest rates. You can also avail of an additional Top-up Loan above your ongoing Loan Against Property.
Comfortable Repayment Tenor
You can enjoy an extended repayment tenor stretching up to 18 years to repay the loan without worrying about compromising your future financial goals.
No End-Use Restrictions
A notable benefit of the Bajaj Housing Finance Loan Against Property is that there are no restrictions on the use of the loan amount. One can use it to address any financial expenses they may have, such as medical bills, overseas education, wedding expenses and, in this case – the purchase of machinery.
Eligibility Criteria for Loan Against Machinery
The eligibility criteria for the Bajaj Housing Finance Loan Against Property are direct and easy to meet:
| Eligibility Parameter | Salaried and Professional Applicants | Self-Employed Applicants |
|---|---|---|
| Citizenship | Indian Resident | Indian Resident |
| Employment Type and Tenure | Should be employed with a public/private sector company, or a multinational organisation with a work experience of at least 3 years | Should be able to establish a business vintage of at least 5 years at the current enterprise |
| Ideal CIBIL Score | 750+ | 750+ |
| Minimum and Maximum Age | 28 to 58 years** | 25 to 70 years** |
**Maximum age considered at the time of loan maturity
Loan Against Property for Machinery: Application Process
If you’re looking for immediate funding to buy machinery, the Bajaj Housing Finance Loan Against Property is what can help the best. The loan amount can be deposited into your account within 72* hours from the time of application verification and loan approval. Apply for a loan today, using the following steps:
- Visit the Bajaj Housing Finance Loan Against Property application form
- Select your employment type, and the Loan Against Property you want
- Provide your identification, income, and property details
- Submit the form and await a call from our representative
*Terms and conditions apply
