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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
 
  1. Manufacturing equipment loan
  2. This loan is for those people who want to use this equipment for manufacturing goods in their business.

     
  3. IT and office equipment loan
  4. 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.

     
  5. Construction equipment loan
  6. This type loan is for business companies who are into constructing and the loan will provide equipment used in construction.

     
  7. Corporate Aviation equipment loan
  8. 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.

     
  9. Medical equipment loans
  10. This type of loan is for medical industry and the loan will provide equipment related to hospital and clinical stuff.

     
  11. Electronic and appliances
  12. 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
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