Reasons to Get Machinery Loan For Your Business

Reasons to Get Machinery Loan for Your Business

16 Jun 2020
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Your company requires the right equipment to ensure consistent output that translates into profits and overall growth. Today the most technologically advanced machines help reduce manpower and save long term costs. In case your working capital falls short to fund your machinery requirements, you always have the option to choose a business loan that is customized for machinery. This is known as a machinery loan and is available at a nominal interest without any collateral.

It is very easy to apply for a commercial loan for machinery purchases. With online platforms like Finserv MARKETS, you get the added benefit of flexible repayment tenures. Here are a few situations where buying a machinery loan comes in handy. 

Your Industry Relies on Expensive Machines

A slew of industries today depend on the frequent use of heavy equipment, be it metallurgy, construction, agriculture, transport, or medicine. If you are part of an industry whose output is heavily dependent on machines, you are a great candidate for a machinery loan. Ensuring you have essential equipment can become a heavy expense but is necessary for your business. Hence, a loan can support these costly expenses as well as cover any repair, training, and maintenance costs. 

One of the best ways to anticipate your overall machinery-related costs is to chalk down all anticipated expenses when buying new equipment. Once you have chalked out the gross expenses, you can opt for outright purchase or a lease. If you wish to get a loan, look for flexible repayment tenures. With the commercial loan, available on Finserv MARKETS, avail up to ₹30 Lakhs with a Flexi loan feature that enables you to reduce your monthly EMIs by up to 45%.

You Want to Fund A New Business Opportunity

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. 

You Want To Save On Costs

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. 

You Want to Update/Repair Expensive Equipment

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. 

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.