Are you planning to invest in the newest equipment for your business but don’t have sufficient finance to manage?
With an equipment machinery loan, one can easily obtain the equipment required to expand and grow their business. Let us have a detailed look at equipment machinery loans as well as equipment financing in the section below.
Equipment financing or equipment loans allows businesses to get access to capital to procure new machinery or equipment or upgrade the existing machinery. It is a credit facility that helps you finance all the equipment and machinery-related needs of your business. Using an equipment machinery loan, one can buy, lease, upgrade or repair equipment quickly.
Whether you are classified as a small to medium enterprise or a large enterprise, you can easily opt for equipment financing. However, the loan amount, applicable interest rate, loan tenure, and other aspects of the loans vary from bank to bank and business.
When you avail of such loans, the machinery or equipment is automatically considered as an asset which means collateral against the loan. In case the borrower defaults on repayment, the lender has the authority to seize the asset and recover the unpaid losses. Hence, the risk factor for equipment finance is low as compared to other loans. The interest rate of machinery loans are lower respectively.
Equipment financing through a machinery loan offers the following attractive features and advantages –
Also Read: Machinery loan without security in India
Apart from this, it is important to know what type of equipment or machinery is permissible to avail through an equipment finance loan. So, here is the list of the types of machinery and equipment below:
|Types of Machinery and Equipment's|
|Crushing Plants||Backhoe Loaders|
|Road Rollers||RMC Plants|
|Hot Mix Plants||Rock Breakers|
|Wheel Loaders||DG Sets|
With the use of a machinery loan EMI calculator, the evaluation of EMIs or monthly installments becomes easier. You can get an instant result, applicants need to fill in some basic details which shall include the desired loan amount, applicable interest rate, and loan tenure.
Below listed are the benefits of using the machinery loan EMI calculator:
Project report for loan is one of the most important point that you should give equivalent value at the time of loan application. A project report for loan is a detailed document that contains information about the project for which finance is being sought. It entails the details about the financial, economic, managerial, and technical aspects of the project.
Machinery loans can be applied via online procedures
Step 1: To compare, search and choose the right offer, applicants can visit Financeseva.com as a one-stop financial solution point
Step 2: Under the “Unsecured Loans” category, select your ideal loan product and fill in and submit the loan application form online
Step 3: Shortly, an expert from the team will contact you to explain product features and specifications
Step 4: The department expert will conduct a basic eligibility check to know your ability to get a loan. Based on your profile and eligibility fulfillment, your application shall be taken ahead
Step 5: Following with a loan approval, the bank shall approve the desired loan amount within 5-7 working days
Step 6: After loan approval, the amount shall be disbursed to the bank account of the applicant mentioned.