A Machinery Loan is a type of business loan specifically designed to help businesses purchase new or used machinery and equipment. It provides financing to improve operational efficiency, production capacity, or business expansion.
Eligible applicants include:
- Small, medium, and large-scale businesses.
- Manufacturers, traders, and service providers.
- Self-employed individuals and professionals needing machinery for business operations.
- Start-ups (subject to specific criteria).
Jessicafincorp finances various types of machinery, including:
- Manufacturing equipment.
- Industrial machines.
- Construction equipment.
- Agricultural machinery.
- Textile machinery.
- Printing, packaging, and food processing machines.
The loan amount typically ranges from ₹1 lakh to ₹10 crores, depending on the type of machinery and the applicant’s eligibility. The loan amount is based on the value of the machinery and the financial standing of the business.
Jessicafincorp offers flexible repayment tenure ranging from 12 months to 84 months. The tenure can be chosen based on the cash flow and repayment capability of the business.
- Collateral-Free Option: For small loans up to a certain amount (usually ₹1 to ₹10 lakhs), no collateral is required.
- Secured Loans: For higher loan amounts, Jessicafincorp may ask for the machinery itself or other assets as collateral.
Interest rates are competitive, generally starting from 9% to 16% per annum, based on factors such as:
- Loan amount.
- Business financials.
- Credit history and repayment capacity.
The typical documents include:
- KYC Documents: Identity and address proof (Aadhaar, PAN, Passport).
- Business Financials: Bank statements for the last 6 to 12 months, profit and loss statement, balance sheet.
- Income Tax Returns: For the last 2-3 years.
- Quotation or Invoice of Machinery: From the seller or dealer.
- Business Proof: GST registration, shop and establishment certificate, or any business license.
- Collateral Documents (if applicable): Property papers or any other collateral offered.
The loan processing time typically takes 3 to 7 working days, provided all required documents are submitted and verified on time.
Yes, Jessicafincorp allows online application through its website or mobile app, ensuring a smooth and hassle-free process. You can upload the necessary documents and track the loan application status online.
