Machinery Loan

Features, Eligibility, Documents, and Fees.

A Machinery Loan is a specialized financial product designed to assist businesses in acquiring or upgrading machinery and equipment. It plays a crucial role in enhancing operational efficiency, productivity, and competitiveness by providing the necessary funds for machinery investments.

Eligibility:

Business Vintage: A minimum operational period may be required.
Turnover: A minimum annual turnover criterion to showcase business stability.
Creditworthiness: A healthy credit history and repayment capacity.
Nature of Business: Lenders may consider the type of industry and business stability.

Features:

Customized Loan Amounts: Tailored to meet specific machinery procurement or upgrade requirements.
Quick Processing: Expedited approval and disbursement processes to minimize downtime.
Flexible Repayment Options: Adjustable tenures to align with the business’s cash flow.
Secured Nature: Generally secured against the machinery or equipment being financed.
Competitive Interest Rates: Rates structured to be competitive and industry-relevant.
Expert Guidance: Dedicated support to help businesses choose the right financing solution.

Documents:

Business Registration Documents: Incorporation certificate, business licenses.
Financial Statements: Audited balance sheets, profit and loss statements.
Quotation/Invoice: Details of the machinery or equipment to be financed.
KYC Documents: Identity and address proofs of business owners.
Bank Statements: Business bank statements for the specified period.

Fees and Charges:

Processing Fee: Charged for processing the loan application.
Interest Rates: The cost of borrowing, either fixed or floating.
Valuation Charges: Applicable for assessing the value of the machinery.
Prepayment Charges: Fees for repaying the loan before the stipulated tenure.
Late Payment Fees: Imposed for delayed EMI payments.

Get in touch with us for expert guidance and personalized support.

Enquire Now

GO!