Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Business > 5 Things You Should Know about Machinery Loan Application Online

Loan for Business

5 Things You Should Know about Machinery Loan Application Online

5 Things You Should Know about Machinery Loan Application Online

A loan for machinery purchase is one of the best financing tools to grow your business, whether small or big. But, visiting a nearby branch of a lending institution can often be an inconvenience; however, we have good news for you. Now, you can apply for machinery finance from the comfort of your home, right at the tip of your fingers!

Find Out More

That’s right, getting a loan for machinery purchase has become easier than ever since digitisation. But before you begin, here are five things you need to know about while applying for a machinery loan online.

1. Online submission of details

After logging into your machinery finance lender’s website, you are required to fill in your online details, mostly about your business and identity. A few things like the ones below are required to be typed in –

  • Personal details: Name, phone number, OTP, email ID, city of residence, pin code, PAN number, etc.
  • Business details: Date of incorporation, company PAN, type of business, business residence, etc.
  • Loan obligation details: Required tenure, loan amount, type of loan, etc.

The details may vary a little bit among lenders; however, the ones mentioned above are the most basic information required while applying for machinery loan finance.

2. Submission of documents

Along with the basic machinery loan application form, you will also be required to submit relevant documents and proofs as asked by your lender. These documents serve as authentic records of the existence of your business and impact your machinery loan eligibility. There are multiple documents that you need to present such as –

  • Photo Identity Proof documents – machinery loan application form along with two passport-size photographs, copy of Voter ID/Passport/Driving License/Aadhaar Card
  • Bank Statements – Copy of your certified bank statements for the previous six months
  • Business Proof documents – Trade License/Establishment/Sales Tax Certificate, Ownership documents, Sole Proprietorship Declaration or certified copy of Partnership Deed, Income Tax Returns (ITR) for the last two years, Profit/Loss statement and balance sheet for the past two years 

3. Credibility assessment

Once all documents have been submitted along with the application form, the lender will verify them for purposes of authentication and assessment of your business’ credit-worthiness. A great thing to note about online machinery finance is that you don’t have to provide any collateral since the desired machinery to be purchased using the machinery loan acts as the security.

Once your documents have been approved, your loan will be sanctioned following which the loan amount will be transferred to your bank account.

Additional Read:- How Does a Machinery Loan Help You Boost Your Business?

4. Prompt assistance

In case you have queries related to your machinery loan application process, you can contact your lender’s customer care support for resolution. There are many ways in which a lending institution assists a borrower, even without the use of its website. Tools like phone calling, SMS, emails, and WhatsApp calling allow the lender to render maximum support regarding your machinery loan without you having to go to the branch.

5. Provision of EMI calculator

If you want to know the direct impact of the amount and interest of your machinery loan on your business expenses, you can always use the EMI calculator provided on the lender’s website. It lets you know the EMI amount you would have to pay after taking your machinery loan amount, rate of interest, and tenure as inputs.

Provision of EMI calculator

Additional Read:- All You Need to Know About Machinery Loans in India

Applying for a machinery loan online

Time is the new currency, especially for busy business owners like yourself. Apply online for your machinery loan with India’s leading lending institution – Tata Capital! Besides offering customised loan products, we also offer structured EMI options, high eligibility, and a completely streamlined application process. Visit our website and know more about our machinery loan finance today.

Apply Now

Give Your Business the Right Boost: Apply for a Business Loan Today

Apply now
Popular Searches
business idea udyogini scheme hsn code full form low investment business ideas top 10 most successful businesses to start transport business import export business in india mineral water plant cost collateral free loans
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.