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APPLY FOR A MACHINERY LOAN AT SHUBHBANK




Machinery loans are generally used by small and medium enterprises for enhancing their production capacity or replacing old machinery. Machinery is the most important asset as it determines the amount of goods that can be produced. Timely upgrade & maintenance of machinery ensures that the business stays competitive and profitable. Machinery loan can also be used by manufacturing units for expanding business in vertices. For small manufacturers, machinery loan without security can be very helpful. At ShubhBank, we help small and medium enterprises to compare & apply for various options for machinery loan, through our business partners. You are just required to "Apply Online Machinery Loan" giving details of your requirements. The equipment financing is a financial product that provides funding to business owners to purchase new machinery or upgrade existing machinery. This financing comes handy for both small and large enterprises. The interest rate, loan amount and tenure may differ from lender to lender. Additional options linked with loan include finance leases, hire purchase arrangements, operating leases, etc.


BENEFITS OF MACHINERY LOAN
There are major benefits for businessmen who are availing for machinery loan, some of the benefits are mentioned below:

• Some of the lenders offer up to 100% finance for new purchase, many at 90% or low.
• Equipment Finances offered by banks and NBFCs needs collateral or termed as secured loans as the purchased machinery itself pledged as security asset.
• The financial institutions will give pre-approval in equipment financing, so it will be hassle-free procedure for the business owners.
• Flexible loan tenures are provided to borrowers to repay the amount as per their convenience and budget.
• Rates of interest offered are competitive and depends upon the repayment history and creditworthiness of the borrower.

DOCUMENTS REQUIRED TO APPLY MACHINERY LOAN
There are some documents that will be required while applying for machinery loan. They are used to verity your details and will help you to secure the loan. The following documents will be needed to submit when you "Apply For Machinery Loan" they are as follows:

• ID proofs: Aadhaar card, PAN card, Passport, Voter’s ID etc.
• Resident proof and business address proof.
• Business registration proof :- Partnership deed.
• Last 6 months bank statement.
• Recent passport size photos of applicant.
• Last two year report of income tax returns and audited financials.
• Quotations for machinery to be purchased with loan amount.

TYPES OF MACHINERY LOAN
There are several types of equipment loans which are offered by banks and NBFCs based on the requirements of the business owners and enterprises that are mentioned below:

Manufacturing equipment loan
This loan funds the businesses that use the equipment for manufacturing goods in their business.

IT and office equipment loan
This loan is exclusive for businesses that need IT equipment like computers, laptops, projectors, servers and other electronic appliances etc.

Construction equipment loan
This type of loan is for business industries that are into constructing and the loan will fund the equipment used in construction.

Medical equipment loans
This loan is provided for medical industry and the equipment is related to hospital and clinical stuff.

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