Machine loan is a kind of business loan that is used by the businessperson in obtaining money to purchase any type of machinery, whether it can be new or old, which helps to enhance their business productivity. Machinery and equipment are one of the most important tools of business enterprises as it helps the overall output and the production in your manufacturing unit. Sometimes financial condition does not allow anyone to upgrade and buy any equipment and in this position, machine loan pays a very significant amount to upgrade equipment for a new version.
Moreover, timely updates and maintaining machinery ensure that the business remains competitive, successful, and profit-making. Therefore, if your business requires new machines and you have a fund issue then the SUB PARIVAR machine loan can support buying a new machine or refurbishing the business in the sole effort.
Machine Loan Benefits
- You can easily apply for a loan and avail up to 50 lakhs.
- Borrowers can avail of machine loans as their requirement and use the amount to buy new machinery, equipment or can upgrade the existing machine.
- You don’t need to arrange any guarantee, or any personal property as a mortgage. Even, the loan policy is very transparent without any hidden charges.
- The moment you apply for a loan, the lender analyses the entire document. If they are correct then you can get a loan in 72 hours.
- Machine loan gives the customer to flexible repayment option as per their budget and convenience.
Eligibility Criteria for Machine Loan
- The applicant age should be between 21 to 55 Years.
- If you are a businessperson, trader, or running MSME business, then you can apply for the machine loan.
- Your business should be present within the last 3 years.
- The income tax return must be filled for at least 1 year.
- The Applicant must have owned at least one property.
- A good credit score needs to be met.
The Document Is Required For Machine Loan
- Applicants have identity proof such as PAN card, Aadhar Card, Passport, Driving License, Voter ID card.
- Applicants have address proof like Aadhar card, utility bill, ration card, Passport, Voter ID card any one of them.
- You have to give income proof such as sales and purchase bills for at least 3 years.
- Applicants have the KYC document of their firm.
- You have to attach a certified bank account statement for the last 12 months.
Machinery Loan Interest Rate
The rate of interest depends on the cost of their fund and tenure and usually range from 9.5% to 12.5%. It can be varying.