Manufacturing industry known to be growth sector of India globally recognized biggest manufacturing industry hub. Government of India introduced various credit scheme to encourage & promote manufacturing sector. Here are some of those we are going to discuss below.
Whether it might be a small or big unit, each business requires essential funds to ensure smooth cash flow takes place without facing any financial crisis.
Manufacturing business engaged in following activities are eligible-
- Transportation & equipment
- Fast Moving Consumer Goods
- Pharmaceutical Industry
- Electronics
- Paper Industry
- Fashion Industry
- Printing & Publishing
- Industrial Equipment
- Chemical Industry
How to increase Project Loan possibilities?
There are certain points you need to consider to increase the possibilities of project loan approval.
Maintain Good Credit Score:-
It's totally upto you, whether you want to raise funds through acquiring equity or debt in both terms company credit score matters! Because it’s the ideal way to know company creditworthiness to determine whether it has repayment capability or not, hence at initial stage itself considering this point will help to increase project loan possibilities.
Prefer to opt Smaller Loan Amount:-
The most important part considered in terms of deciding approval of application is required loan amount, it is the core vital evaluated & sometimes your application get rejected due to high loan amount expectation with average credit history. Therefore, it's highly recommended in such circumstances that to opt for smaller loan account to get easy project loan approval.
Also Read:-SBI Home Loan
Cash Flow Management:-
When business doesn’t have good hands-on management, it collapses the ongoing cash flow & creates financial crisis. Make sure each investment are worth to spend, avoid unnecessary expenses this can help to manage Good cash flow management system which has the potential to mitigate risk & eventually unlock various financial opportunities.
Clear Projection:-
Project report for bank loan is the essential part of project funding, project report depicts project cost it includes product & services, project estimate cost, survey, market growth & similar. So, it must present a well-structured clear projection.
Project Loan Calculator for Manufacturing Industry
Various banks & financial institutions offer different interest rates featuring their own benefits. It's your duty to compare rates from various lenders to get best & affordable deals. After your thorough research & comparison- you can able to choose the right lenders.
Before applying for project loan, you should know monthly payable EMI. To ensure its budget-friendly & won’t affect business cash flow. Project loan calculator helps to portrait scheduled monthly payable EMI Charges, estimates balance principal amount with respective months just by entering the value like required loan amount (Note- Lenders funds 65% - 85% of project cost as loan amount) So, when you enter the loan amount consider this point to get most accurate calculations following interest rate & finally tenure period for repayment is required to analyze specific requirements.
How to apply for Manufacturing Industry Project Loan?
Start researching & Comparison on banks & financial institutions rates & other features which seems to be more suitable your requirements.
Once you have chosen your financial banking partner try to reach them out either by visiting their official website & quote a request or visit nearest bank branch to get loan application.
After getting application online or offline you just need to fill them out with attaching all relevant documents & finally submit them. Once the application reviewed by lenders, if it seems all well & good shortly representative will get in touch.
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