Express Machine Loan

Express Machine Loan

The Express Machinery Loan Scheme is an initiative launched by the Small Industries Development Bank of India (SIDBI) to provide quick and hassle-free financing to Micro, Small and Medium Enterprises (MSMEs) for the purchase of machinery and equipment.

Key Features

• Quick sanction of machinery loan through automated platform using GST returns, ITRs, Bank Statement and CIBIL score
• Loan amount up to Rs. 1 Crore with immediate in-principle offer
• Upto 100% financing with 25% security in the form of fixed deposit
• Processing fees of 0.50% plus applicable GST
• MCLR Linked attractive rate of Interest

Eligibility Criteria

• Manufacturing and Service sectors are eligible
• MSME units in operation for at least three years
• Mandatory Udyam & GST registration
• No, defaults to Bank/FIs

Loan Amount

The maximum loan available in this scheme is up to Rs 1 crore, with up to 100% financing.

Interest Rate

MCLR linked, attractive rates of interest will be made available by SIDBI.

Repayment Period

SIDBI offers a repayment period of up to 5 years.

Documents Required

• Machinery (quotation)
• KYC documents
• Copy of Memorandum of Association/Partnership Deed/Trust Deed
• Copy of Udyog Aadhar Memorandum
• Bank statement of last 12 months
• Income Tax Return Documents
• Copy of GST Registration Certificate
• Proof of Identity Document
• Document of Address Proof

Application Procedure

Eligible MSMEs can visit the SIDBI website and proceed to the online application page to apply for the scheme.

The Online Registration Login page tab will appear. The applicant will click on it to register as a new user. Applicants must provide the enterprise name, phone number, email, and proposed total loan requirement. After successful registration, a username and password will be provided.

After logging into the portal, the applicant must complete the online application and built-in checklist, and upload all the required documents.

Borrowers can contact SIDBI by visiting the nearest branch. Sidbi will approve the loan application after conducting official due diligence.