Skip to main content

HOW TO AVAIL A MACHINERY LOAN FROM SHUBHBANK



Nowadays it is necessary to upgrade and improve the efficiency of manufacturing unit of business with various types of machinery and equipment in the ever-changing world of client’s product requirement. Machinery loans are availed by any business owner to improve the productivity and efficiency of their business. ShubhBank provides you with best suited machinery loan to purchase the new and automated machinery. The most common type of equipment that are availed by equipment loan are earth moving equipment, CNC machines, industrial machines, medical machines, precision tool cutting equipment etc. We provide you the complete guide of how to "Avail a Machinery Loan" from ShubhBank.

CONDITIONS FOR EQUIPMENT LOAN:

• You have to show the minimum 2 years of ITR and profitability in the Balance Sheet.
• No bad remarks on company of any court case.
• CIBIL criteria to be fitted.
• The amount borrowed is inclusive of 80 % of the total invoice value which is inclusive of GST.

BENEFITS OF MACHINERY LOAN:

• Quickest loan sanctioning
• Depreciation/Tax benefits
• Funding up to 80% of invoice value
• Flexible repayment option

REQUIREMENTS OF MACHINERY LOAN

Two Years of Business Existence:  We usually fund the project backed by renowned investors to assure the business continuity and the performance of the business.

Good CIBIL Score:  Credit Information Bureau India Limited is a rating agency which, maintains and rate your credit risk, which we use to assess your credit history and determine your eligibility basis and track record of the past repayments on loan. An outstanding credit history is the prerequisite to determine your loan eligibility.

 Robust Business Plan: We need to have a robust business plan to meet the terms of funding. Your business plan should be well designed in a few paragraphs giving the crux of the business. Most of the times the quantum is funded directly to the seller than company account, unless it’s a reimbursement of machinery already purchased.

Company Profile: We seek company’s profile to have insight about the company’s vision and products line. Educational qualification and experience of business are sought to make sure about the person behind the business.

Cash Flows: We check your financial recordings confirming the cash flow before "Equipment Loan" is sanctioned. The financial reporting is what we consider while funding business loan requirement.

Loans are offered by various lending institution depending upon the cost of funding. The lending rate of interest offered by banks would vary between 9.5%-12.5%, which is usually backed by some security as collateral along with CIBIL, Credit Rating and Equipment Type. The rate of interest for NBFCs starts from 12.75% -15% & is offered without security or you can say it as collateral free. Machines bought are itself used as collateral by lending institution till the time of complete repayment. The processing fee for all machinery loans typically ranges between 0.5%-1.5%. ShubhBank provides access to multiple lenders and bring insight to attractive interest rates, flexible repayment options, products offered and structures best suited for all business requirement.

Labels:

Comments

Post a Comment

Popular posts from this blog

A COMPREHENSIVE GUIDE TO APPLYING FOR A USED CAR LOAN ONLINE

In today's fast-paced world, possessing a car isn't simply an extravagance but a need. For many, a used car is a magnificent choice to satisfy their transportation needs without breaking the bank. Notwithstanding, financing a used car purchase could appear to be daunting. Fortunately, to apply for a used car loan online has become a convenient and accessible choice. Here is a comprehensive guide to navigating the process without a hitch. Understanding Used Car Loans Before jumping into the application process, it's crucial to grasp the fundamentals of used car loans. These loans are specifically designed for purchasing pre-owned vehicles. Lenders offer varying terms and interest rates based on factors like credit history, upfront installment, and the vehicle's age and condition. Preparing for the Application 1. Know Your Budget: Decide your budget by assessing your financial situation. Consider factors like a month-to-month income, existing expenses, and potential init...
Post a Comment
Read more

DRIVING TOWARDS APPROVAL: UNRAVELING THE CRITERIA FOR USED CAR LOAN ELIGIBILITY

In today's speedy world, possessing a car is, as of now, not simply an extravagance but a need for some. Nonetheless, buying a pristine car may not generally be squeezed into everybody's financial plan. This is where the choice of purchasing a used car becomes engaging. Used cars offer a more affordable other option, permitting people to claim a vehicle without burning through every last dollar. To work with the purchase of these pre-owned vehicles, financial organizations give used car loans. However, what are the " Used Car Loan Eligibility Criteria " for acquiring such loans? We should dive into the subtleties. Understanding Used Car Loan Eligibility Used car loan eligibility alludes to the arrangement of conditions that people should meet to fit the bill for a loan to purchase a recycled vehicle. Lenders lay out these criteria to survey the borrower's financial capacity and limit the gamble related to loaning. Essential Criteria for Used Car Loan Eligibility ...
Post a Comment
Read more

UNLOCKING THE BEST DEALS BY EXPLORING THE LANDSCAPE OF CHEAPEST LOANS IN INDIA

In the vibrant landscape of India's financial sector, finding the cheapest loans is akin to finding an unlikely treasure. With various lenders, products, and interest rates in play, navigating the realm of loans can be both daunting and rewarding. In this aid, we dig into the intricacies of getting the " Cheapest Loans In India " exploring key aspects and choices available to borrowers. Understanding the Dynamics of Cheapest Loans in India In the journey for affordable financing, it's essential to fathom the factors that impact loan costs. Interest rates, loan tenure, processing fees, and eligibility criteria all shape the affordability of the remainder of a loan. Borrowers should assess these components prudently to unearth the most financially savvy borrowing choices tailored to their requirements. Exploring Loan Choices ● Personal Loans: A versatile financial instrument, personal loans offer adaptability and comfort for various costs, ranging from medical emerg...
Post a Comment
Read more