Machinery loan can be used to support new equipment purchase and financing or for maintenance and repair of existing equipment thereby increasing the overall productivity for the business.
Machinery loans are suitable for micro, small and medium scale manufacturing units, which are in need of urgent capital to buy and upgrade equipment and also for increasing overall productivity. The loan offers much-needed support to any manufacturing business.
For instance, if you have a printing business and you had to purchase printing machinery with the latest technology and expand your business, but don't have the necessary funds to buy the expensive machinery. You can approach the financial institution for machinery loan and can purchase the machinery for fuelling your business requirements.
Machinery Loan FAQ
There is no need to pledge any collateral for the machinery loan. This makes the application process hassle-free and convenient. It also makes it easier and faster for you to apply, while also taking your lender less time to approve your application as it doesn’t need to assess any collateral.
Typically, you need to meet the following criteria:
1. You should be between 25–55 years of age
2. Your business should be at least 3 years old
3. Your business should have filed its Income Tax returns for at least the last financial year
4. The previous year’s turnover should be audited by a chartered accountant
You can apply for a loan in the following ways:
Fill in the online details and our representative will get in touch with you
Call one of our Phone Banking numbers provided on the website
Visit your nearest branch
Our existing liability customers may also get in touch with their Relationship Managers to know more and apply for machinery loan
