Another case in which a machinery loan comes in handy is when you receive a large and unplanned order from a client. Fulfilling this requirement may necessitate that you increase your dependency on machines. If you do not opt for a machine, manpower may take much longer to complete the order. Your employees may be doubling up on their shifts leading to added costs for you. In this case, a machinery loan provides you with the essential funds needed to either purchase or lease new machinery.
In these high-pressure unexpected situations, it is wise to choose a lender that is likely to give you access to a machinery loan as soon as possible. Bajaj Finserv Commercial Loan on Finserv MARKETS makes for a convenient and hassle-free option to apply for as the process is completely digital with the same-day loan approval feature and disbursal in 24 hours.
When you buy new machinery, this is added to your balance sheet as a tax-exempt asset. You not only save on taxes by adding assets to your business balance sheet but also grab the attention of prospective investors. Hence, a machinery loan can help you secure any tax-reducing assets like the equipment that you wish to showcase as part of your business’s functioning.
Another way to reduce your costs is to buy your machinery in installments. Certain loans like the Bajaj Finserv Commercial Loan on Finserv MARKETS have a Flexi loan feature that allows you to make unlimited withdrawals from your loan amount and pay interest only on the money you use. This feature not only saves you interest costs but also finances your machinery in easy instalments.
Over time, every machine undergoes natural wear and tear. You also have to factor in the cost of maintenance and repair for these machines. In some cases, the purchase of a new machine requires that you hire a technical expert who can train your team to work with that particular device. Certain machines require deep cleaning or periodic software updates. In case there are electrical output fluctuations, an outdated machine is at risk of getting spoilt.
Luckily, you can easily finance these unanticipated costs through a machinery loan. A machinery loan is not solely a loan for machinery purchases. It is for any cost related to machinery that will aid your business. Hence, a machinery loan can help you secure a new machine as well as keep it running smoothly.
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