Skip to main content

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.

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

A COMPREHENSIVE GUIDE TO AVAILING A LOAN ONLINE

In today's fast-paced world, the ability to get financial assistance rapidly and helpfully has turned into a need for many. While, you " AVAIL A LOAN ONLINE " offers a seamless answer for meeting various financial requirements, whether it's for education, starting a business, or dealing with startling expenses. Here is a comprehensive guide to navigating the process successfully. Understanding Loan Options Prior to plunging into the online loan application process, it's crucial to understand the sorts of loans available. Whether it's personal loans, business loans, or mortgages, each fills various needs and accompanies varying interest rates and repayment terms. Assess your requirements and financial situation to decide the most suitable loan type. Research and Comparison Whenever you've recognized the kind of loan you require, research various lenders. Various financial foundations, banks, and online lenders offer loans. Compare interest rates, repaymen...
Post a Comment
Read more

GUIDE TO BUYING A USED CAR: FIGURING OUT INTEREST RATES

As of now, in the fast-paced universe of today, possessing a car is neither a luxury nor a need. While considering the practicality of purchasing a used car, the vast majority of individuals arrive at this resolution. In any case, financing such a purchase can be troublesome. This blog aims to impart information regarding the intricacies of used car loans, with a particular emphasis on the critical component of interest rates. What is a Used Car Loan? A " Used Car Loan " is a financial product designed to assist individuals with the expense of purchasing cars. A used car loan, in contrast to a conventional car loan for another vehicle, is designed to accommodate the extraordinary circumstances associated with purchasing a used automobile. Factors Influencing Used Car Loan Interest Rates 1. Credit Score: An essential part of loan applications, the credit score significantly impacts the interest rate determination process. Individuals must maintain a decent credit history bec...
Post a Comment
Read more