To keep up with the market demand, your business needs continuous expansion and expansions require hi-tech equipment to upgrade. However, the cost of purchasing such equipment and machinery will be expensive, and most businesses find it difficult to procure them. That’s why machinery loan stands here!
Ranging from small to big enterprises, each one requires certain equipment to facilitate their production. Whether you want to purchase a new, upgrade existing or repair faulty equipment/machinery.
A machinery loan is also known as a business loan that enables entrepreneurs to procure machinery or equipment for various business operational purposes. These funds help business owners to purchase new machinery or upgrade their existing equipment. You can increase your business productivity with the aid of machinery loans. This will ultimately result in higher profits from the rapid distribution and sale of products.
Several banks and NBFCs offer machinery loans at competitive rates and shall vary depending on business requirements and applicant profile.
Key Features & Benefits -
Most of the banks and NBFCs offer machinery loans without collateral or security required to pledge by the applicant. It provides the flexibility to avail loans without worrying about assets. Almost all private and public sectors banks offer business funding to procure equipment and machinery including new and existing machinery. Some of the popular banks are ICICI, State Bank of India, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, Punjab National Bank, Axis Bank...etc. Even some NBFCs also provide a business loan with no collateral.
To avail unsecured business loan, one can visit financeseva.com to check and compare from different lenders offered by different banks and NBFCs. Applicants must consider certain points while applying for a business loan, such as the interest rate is higher compared to secured loan. Usually, the repayment tenure is short-term. However, it is easier to opt within 5 – 7 working days.
Machinery loans can be availed via 2 platforms, via online or offline. It's depending on the borrower's preference of approach whether he/she wants to apply online or offline. Following are the steps that need to be taken into consideration by the applicant.
Step 1: - Applicant must compare & choose the best offering lender, then visit the lender’s official website
Step 2: - Navigate to machinery loan page – click on apply now, fill in and submit the application form online
Step 3: - You will be asked to submit required documents along with passport-sized photographs.
Step 4: - Bank’s representative will review your application and get in touch to proceed with the loan procedure further.
Step 5: - If the lender gets satisfied with your credit profile, you will be shared a sanctioned letter over your registered email address.
Step 6: - Shortly after your loan approval, credit shall be disbursed to your mentioned bank account details.
Get a customized loan offer, working capital loans are widely preferred by small business owners and MSMEs micro small and medium enterprises to fulfill the right kind of financial assistance.
Financeseva makes your loan process even easier by initiating various possible loan options that suit your requirements. Along with suggesting you for best deals to make it convenient.
Also Read:- MSME Loan for New Business - Check Eligibility & Interest Rate
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