For every business, most importantly manufacturing and production companies, machinery and equipment are the lifeline of operations. Running a successful business is not an easy thing as you are required to meet manufacturing targets to meet the demand of your product. For that equipment and machinery need to be upgraded over a course of time to maintain the production capacity of your business. So increase in production demands subsequent purchase of new machinery. There are times when you do not have enough funds to upgrade or buy new equipment and then a machinery loan comes into frame. A machinery loan from ShubhBank provides you the required funds to keep the production units running smoothly by ensuring timely purchase in order to increase the production. We offer a transparent online process to apply a machinery loan. Like every loan, it also needs to be repaid. So before opting this loan, consider some points and evaluate your exact needs before taking the plunge:
· Know your business needs
The first thing to keep in your mind is to understand the exact requirement. Evaluate your production output to analyse how new machinery can help in increasing productivity. Once you have analysed all the options and decided what is requires, then avail a machinery loan.
· New or second hand machinery
Used or second hand machinery is a cheaper option if it has been properly maintained as it serves the same purpose. But it may need more maintenance than a new machine, so evaluate the requirements wisely.
· Space requirements
Every equipment or machinery requires proper space in order to function efficiently. An unplanned allocation could lead to declining productivity or sometimes accidents. So prepare a proper layout plan to know the exact place where you will allocate the machinery before applying for a loan.
The foremost avenue for every business apart from family and friends would be lending institutes. The loan from ShubhBank can be availed with minimal documentation based on simple eligibility criteria. Your stable business and eligibility allows the faster disbursal of loan quantum.
Eligibility Criteria and Documentation
The basic eligibility criteria to get a machinery loan include minimum turnover, applicant’s age, credit score and business activity duration. Our bank will ask for the ID proof, residence proof, PAN card AADHAAR card, bank statements of last 6 months in terms of documentation. Sometimes lender may also ask for tax invoice copy of the purchased machinery or Performa of machinery to be purchased.
If you are looking for a machinery loan in these days, get in touch with Shubhbank. Visit our website and "Apply For a Machinery Loan" from your laptop, PC or smartphone from anywhere. Upload all the required documents online. Upon evaluation and approval, the loan quantum is disbursed for immediate deployment. In this entire procedure, our loan executives will guide you at every step with all the features and benefits associated with the loan scheme. We adheres to strict security measures to ensure that all your information will be kept safe and confidential.