Machinery Loan is a credit tool that bridges the gap between your
business and the machines that you need. It is a type of equipment
financing that you can opt for it with security. With this loan, you
get to buy the latest machinery and achieve your business goals
without any financial stress.
Here is everything you need to know
to get Equipment Finance in India for your business.
Benefits of Machinery Loan
Helps Preserve Your Working Capital
You can avail of Machinery Loan in
India from reputed lenders like Poonawalla Fincorp, with a loan
amount of up to ?5 Crore. With this loan, you won’t have to drain your
working capital to buy the required equipment. This becomes helpful
when a profitable opportunity or an unexpected problem arises as you
will have enough working capital to manage accordingly.
Requires Minimal Documentation
Online
Machinery Loans typically require minimal documentation and an easy
application process. This means you can get access to funds within a
short time and purchase or upgrade your machinery as per the latest standards.
Comes with a Flexible Loan Tenure
Machinery Loans usually come with a high loan amount, which you are
required to repay on time. Luckily, with a flexible tenure of up to
60 months, you can choose the tenure as per your repayment
capabilities. Always consider how each of these options could affect
your budget before making a decision.
Increases Your Productivity
Buying a
new machine with advanced features can boost your business’s overall
growth. It can maximise your productivity and enhance the quality of
the overall output while maintaining efficiency.
Upgrades Existing Machinery
Fixing
some of your existing machines or replacing their parts can be a
costly affair. Instead, you can manage such expenses with a
Machinery Loan.\
How to Apply for a Machinery Loan Online
You can easily apply for Machinery Loan for your business. Simply follow the steps below:
- Ensure that you meet the eligibility requirements.
- Go to your lender’s website and select Machinery Loan.
- Fill in all the personal information and business details.
- Upload digital copies of your documents.
- After uploading and submitting your documents, your application will be sent for verification.
- Once the loan is approved, the amount will be disbursed immediately.
Conclusion
Getting a Machinery Loan in India for your business is not easy but completely stress-free thanks to a simple and quick application process. Once you have decided on the lender, getting your loan approved is straightforward. Just follow the above-mentioned steps and you should have an approved Machinery Loan without delay.
Frequently Asked Questions About Secured Machinery Loan
1. What is the interest rate on Machinery
Loans?
Leading financial institutions like Poonawalla
Fincorp offer Machinery Loan at
competitive interest rates starting from 9.99% per annum.
2. What is the tenure for a Machinery
Loan?
You can find lenders that provide Machinery
Loans with a tenure that ranges from 12 months to 60 months. Keep in
mind that it can vary from lender to lender.
3. What is the significance of machinery in
business operations?
Having advanced and capable
machinery can positively impact your business operations. It
boosts the quality, quantity, and speed of production, which can
support business growth efficiently.
