Machinery loan
Machinery loan
A machinery loan, also known as equipment financing or machinery financing, is a type of business loan specifically designed to help businesses acquire machinery, equipment, or tools needed for their operations. These loans are structured to provide funding for the purchase of new or used machinery or to lease equipment necessary to enhance productivity, expand capacity, or replace outdated equipment.
Age Criteria
The applicant needs to be between the ages of 25 to 55 years to be eligible for the loan. The applicant should have the business running for at least 3 years. The business should have filed an Income Tax Return (ITR) of at least 1 year.
Documents Needed
Business Documents
- Business Plan
- Business Registration: Proof of your business's legal structure, such as a certificate of incorporation, partnership agreement, or articles of organization. Business Financial Statements
- Bank Statements
- Tax Returns
- Ownership and Management Details
Equipment-Related Documents
- Equipment Quote or Invoice
- Equipment Appraisal
- Equipment Description
Personal Documents
- Personal Identification
- Aadhar or etc
- Personal Financial Statements
Additional Documents
- Trade References
- Business Licenses and Permits
- Insurance Documents
- Collateral Documents
Our Benefits
- Equipment finance facilitates the acquisition of new equipment/machinery
- Allows for the rehabilitation, modification, or replacement of current machinery/equipment
- Can be used to repair broken machines or equipment
- Loan repayment choices that are flexible and have low EMIs - It is possible to utilise it as a working capital loan
- A machinery loan for a new firm is an added benefit when getting started
- A few NBFCs, Small Finance banks, and others offer collateral-free loans.