5. Machinery Finance
Concept
A machinery loan helps you obtain financing to buy new machinery and equipment for your business. It helps you improve business productivity, without affecting normal operations. Increase in production or output, results in higher profits from sale and distribution.
Types of Equipment Loans
- Manufacturing equipment loan
This loan is for those people who want to use this equipment for manufacturing goods in their business.
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IT and office equipment loan
This type of loan is exclusive for office business that need IT equipment like computers, laptops, projectors, servers and other office supplies and electronics etc.
- Construction equipment loan
This type loan is for business companies who are into constructing and the loan will provide equipment used in construction.
- Corporate Aviation equipment loan
This type of loan is for aviation industry and the loan will provide equipment related funding that can be used at airports and on-flight.
- Medical equipment loans
This type of loan is for medical industry and the loan will provide equipment related to hospital and clinical stuff.
- Electronic and appliances
This type of loan will provide a loan amount for electronic and appliances for a company.
Benefits
Used to refurbish, modify or change existing machinery/equipment
To repair faulty machines or equipment or to upgrade
Helps new business to finance new machinery and equipment
No collateral required from most of the lenders
Flexible loan repayment options with easy EMIs
Used as working capital loan or equipment finance
Documents Required
KYC documents
Latest passport-sized photographs
Identity Proof: PAN Card, Aadhaar Card, Passport, Driving License, etc.
Address Proof: Passport, Voter’s ID card, driving license, utility bills, etc.
Business registration proof : Partnership deed/ Certified copies of MOA / AOA
Last 3 years’ Income Tax Returns and audited Financial Statements
Last 1 years’ bank statement
Existing facility sanction letter
Original and valid quotation of machine – to be purchased
Additional documents, as required by the bank or lender