WHAT DOCUMENTS ARE REQUIRED FOR A MACHINERY LOAN FROM SHUBHBANK

           

A machinery loan from ShubhBank is a type of credit extended by the various financial institutions of India. The funds availed under this loan are meant to be used for buying machinery or equipment used in your business. It is a type of business loan that lets a businessperson buy machinery or equipment without taking up any portion from the working capital and stress the liquidity. You can avail so many of benefits with "Online Machinery Loan" from ShubhBank. With the help of funding, you can buy new or upgraded equipment or machinery by which the business can produce better quality products at a lower cost per unit. In addition to that you can produce a number of products more than it previously produced. Before applying for machinery loan, you must decide if you want to avail this loan with security or without security.

            Every bank or NBFC has its own specific requirements, criteria and eligibility factors before sanctioning a loan to you. When you "Apply For a Machinery Loan " it is easy to manage the cash flow, upgrade business equipment and grow your business. You can look for the eligibility criteria laid by our bank after deciding upon the loan amount you require. A CIBIL score is more than the any required threshold while applying for a machinery loan. If everything seems fine to us, the loan quantum will be disbursed in your bank account in a few days. Here is a list of what documents are required for a machinery loan from ShubhBank to furnish to our lending institute in tricity.

DOCUMENTS REQUIRED FOR MACHINERY LOAN

·       Identity proof: PAN card/Voter ID card/Driving License.

·       Residence proof: Ration card/electricity bill/Passport/Sales Tax certificate.

·       Bank statement: Latest ITR along with balance sheet, income and Profit and Loss account for last 2 years.

·       Proof of continuation.

·       Other documents: Sole Proprietorship declaration and certified true copy of Memorandum.

·       Last two years audited financials.

List of Common Documents Required for Machinery Loan

·       Valid Proof of ID: Passport, PAN card, Voter’s ID card and Driving License.

·       Address Proof: Ration card/electricity bill/Passport/Sales Tax certificate/Passport/Lease agreement.

·       Age Proof: PAN card/ Voter’s ID, Passport.

·       Financial documents: IT returns for last two years along with latest bank statements.

·       Self-employed individuals – Professionals: It returns for the last 2 years and last 6 months bank statement, Profit and Loss and balance sheet for 2 years.

·       Self-employed- Non Professionals: Profit and Loss and balance sheet for last 2 years and IT returns and bank statement for last 2 years.

The above mentioned list can vary from lender to lender. Sometimes, some additional documents may be required for you to be eligible for machinery loan. It is easy to navigate through our website shubhbank.com to check the required documents for the machinery loan type required. As equipment loan falls under the category of business loan, you will have to check for the exact requirement. You can also contact our representative and ask them to forward you the list of documents required to avail a machinery loan.