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Machinery Loan

Machinery loan is a type of business loan that enables business owners, entrepreneurs and other business entities in acquiring finance to buy machinery/equipment for various business purposes.

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Machinery Loan

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  1. Machinery Loan

  2. Machinery loan is a type of business loan that enables business owners, entrepreneurs and other business entities in acquiring finance to buy machinery/equipment for various business purposes. Loan for machinery purchase helps business entities in gaining more productivity while using new equipment and machinery. Increase in production or output results in higher profits from sales and distribution.

  3. Benefits of Machinery Loan • With a machinery loan, you can purchase new machinery/equipment  • Used to refurbish, modify or change existing  • To repair faulty machines or equipment or to upgrade  • Buying machinery loan for new business  • Flexible loan repayment options with easy EMIs  • Used as working capital loan or equipment finance  • Machinery loan for startup is an additional benefit for new businesses  • Most lenders also offer collateral-free loans  Eligibility Criteria • Applicant must be between 21 years to 65 years to apply for machinery loan  • Business vintage to be minimum 2 years  • Last 2 years ITR  • Last 12 months’ bank statement  • Applicant should not have defaulted on any previous loan

  4. Steps to Apply for Machinery Loan • Machinery loan can be applied via online and offline procedures  Online Process • Step 1: Borrower needs to visit the official website of the bank or lender  • Step 2: Fill in and submit the loan application form online  • Step 3: Submit all the required documents along with proofs and photographs  • Step 4: After documents submission, bank’s representative shall contact the applicant to proceed the loan procedure  • Step 5: If the application and documents are approved, bank shall approve the loan within defined working days  • Step 6: After loan approval, money shall be disbursed in the mentioned bank account of the applicant

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