Machinery Loan

Technology plays a huge role in ensuring that your business grows. In order to see your businesses, expand and help you make profits; you will need the latest machineries which would ensure that you are able to build your business the way you want to. Hence, you can avail a machinery loan which allows you to either purchase new machineries or upgrade your existing machineries. You can avail a machinery loan at attractive rates of interest and flexible repayment tenure from a suitable lender in India.

Features of a machinery loan

• You can avail loan up to Rs.50 lakh
• The repayment tenure can range between 1 year and 3 years
• It is very easy to apply for a machinery loan. You can visit the official website of any lender which offers machinery loan and apply for the scheme by uploading the necessary documents
• When you avail a machinery loan from a lender without having to pledge any type of security or collateral, then you will know the exact interest rate and processing fee you will have to pay. There are EMI calculators available on the official websites of the lenders which you can use in order to know the EMI you will have to pay.
• Once you have submitted all the documents, the lender will verify them and if they are found to be correct, the loan amount will be disbursed to your bank account within 72 hours of the time you applied for the loan
• The response mitigated by various lenders in India is fast. The moment you apply for a loan scheme, the concerned people from the bank will analyse your application and will take a decision as soon as possible.

Eligibility criteria required to be fulfilled in order to avail a machinery loan

• If you are businessman or a trader and own small and medium sized business, then you can apply for a machinery loan scheme
• Your business must exist for at least 3 years
• It is mandatory to have ownership of at least one property
• Your business should have its income tax filed for at least 1 year
• Your age should be between 25 years and 55 years

Documents required to be submitted in order to avail a machinery loan

• Proof of identity such as PAN Card, Aadhaar, Passport, driving license, etc.
• Proof of address such as Aadhaar, passport, etc.
• Latest color photograph
• KYC documents
• Proof of income
• Bank statement for the last 1 year
• Exisiting facility sanction letter
• Original and valid quotation of machine will have to be purchased

How to apply for a machinery loan

You can apply for a machinery loan from various lenders and Non-Banking Finance Corporation (NBFC) both online and offline.

Online

You can visit the official website of a lender or NBFC which offers machinery loan to its customers. You can click on the ‘Apply Now’ button. You will have to create a profile and upload all the necessary documents. The lender will verify all the documents submitted by you and if they are found to be correct, the lender will disburse the amount to your bank account.

Offline

You can visit the nearest branch of the lender or NBFC which offers machinery loan along with the required documents. A representative from the bank will get in touch with you and will help you with the process of applying for a machinery loan.