Machinery loans are designed for every business and special segments that offer revenue generating opportunity through the acquired asset to start as a new entrepreneur or for expansion based on skills and expertise you have gained, to scale up your business operations. It can be useful for a business in number of ways and its productivity. Running any kind of business is not an easy task because you have to meet your daily manufacturing targets to meet demand of your products. For that reason, you should keep your machinery and equipment updated. There are times when business unit doesn’t have enough funds to upgrade or purchase new machinery and then a machinery loan comes to your mind. It can be availed from banks, NBFCs and other financial institutions. ShubhBank offers you an equipment financing based on collateral funding that helps you to acquire new machinery in healthcare, printing, construction, plastics, packaging, manufacturing tools and other industry equipment. The 75% of loan value is available for new machinery and 50% for used machinery upon the valuation price at lucrative interest rates.
Our bank caters to the needs of large and small scale industries, traders and self-employed. There is lot of benefits in availing machinery loan as with upgraded equipment, you can produce more units in lesser time that helps you to enjoy the benefits of greater sales. The advancement in machine technology makes you able to produce products of improved quality that will increase the trust of customers in you. So the higher productivity in lesser time will lead to improved operations which will result in increased profit margins and decreases the cost per unit. With the help of latest machinery, the chance of delivering products on the promised date with improved machinery increases that will also help you in building a reputation in the market. The long list of benefits with machinery loan can be enjoyed by applying it online or offline whichever suits you the best. You can compare the loan features on our website and choose the one which will best serve your needs. The ultimate purpose of getting a machinery loan is to keep the production running smoothly, by ensuring timely purchase and maintenance of machinery.
Before “Applying a Machinery Loan” prepare a proper allocation plan for efficient working and understand the other requirements that are essential. The loan can be availed based on a very simpleset of eligibility criteria with minimum documentation. The basic eligibility criteria include minimum turnover, applicant’s age, business activity duration and credit score. In terms of documentation, we will ask you for the PAN card, bank statements of last 6 months, quotation of machinery to be purchased, ID proof, income proof and tax invoice copy of the purchased machinery. Our automated evaluation and verification process makes it possible to get fast approvals. We require minimal processing time and disburse the sanctioned amount within a few working days. So get in touch with us if you are looking at growing your enterprise.