Most manufacturers are dependent on machinery loans to buy new machinery or upgrade it to the latest version. The manufacturers require state-of-the-art machines and specialized equipment to produce better quality products and services. Having the right machinery helps in producing better quality products and also boosts profitability by increasing output.
However, investing in new or upgraded machinery and equipment is a big investment which the business income is often unable to meet. Also, no manufacturer would ever want to block his working capital. So, machinery loans are the best option here. Machinery loans without security or with security are the hassle-free finance option which comes with flexible repayment tenure.
Minimal Documentation & Fast Sanctioning
also read: the a-z guide to all the documents required for business loan
There are times where the manufacturer gets a short deadline to fulfill an order. For this, he requires to buy new or additional machinery. The business owner can avail tailor-made equipment loans. He is not required to spend hours or days to organize documents. The FinTech lenders require minimal documentation, such as PAN, bank statement, ITR, and address proof. Also, the manufacturer can upload the documents online.
also read: how to plan loan repayment in the most effective manner?
A loan for machinery is available at the best interest rates in the market which makes its repayment easy and affordable. The manufacturer can prepay the loan as well with the lenders offering at no prepayment charges. The machinery loan in Panipat is offered at a low processing fee with no hidden charges.
How to get a Loan for Machinery?
also read: what are the considerations to make before availing unsecured business loans?
The NBFCs operating in Panipat offer machinery loans of up to Rs. 5 lakhs at minimal documentation. Additionally, they offer loans at minimal documentation, low processing fee, no prepayment charges, basic eligibility criteria, and online loan application. The businessman can apply for a machinery loan with them. Also, they offer a 3-step application form where the borrower can apply for a loan in just 3 steps. The following are the 3 steps:
Check Eligibility: The borrower first has to check his eligibility on the lender’s website. Here, he just has to provide details such as business vintage, last year’s sales, name, city, and contact number. If the borrower is eligible according to the lender, he will be redirected to the business loan application form page.
Fill Personal & Business Details: In the loan application form, the borrower has to fill personal details, such as first and last name, phone number, PAN, date of birth, gender, address, and if the business property is self-owned or rented. After this, he will be directed to the business details page. Information including business vintage, bank statement, ITR, and turnover is to be filled here.
Upload Documents: The last step is to provide the business loan documents. All the documents required by the lender has to be uploaded on the website in the PDF format.
Once the borrower fills all these details, his application will be completed and submitted. The lender’s representative will further process the loan application. And now that you know how to apply for machinery loans, you can avail one easily at the time of need to improve or double production output. Additionally, you can also register your business for free at the Connect App by ZipLoan to build your business network. Through the e-marketplace, you can create a business profile, list your products/services, find business, discover new business opportunities, and build connections.
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