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A equipment machinery loan carries innumerable advantages that include:
Offers Better Productivity: A machinery loan allows you to adapt to better technologies available in the market. The business can generate better results quickly. This helps the business evolve and generate higher profit.
Better Product Quality: When a business purchases high-end machinery, the manufactured product is of better quality. This is an excellent way of strengthening the trust of your customers in your business venture.
Higher Profits: Improving the productivity of a business unit will eventually ensure improved sales. The increase in productivity eventually gathers higher profit value as it reduces the cost of production per unit.
A machinery loan, also known as an equipment loan, comes with a host of benefits that include:
Aids in buying new equipment or machinery
The funding can be used to refurbish, modify, or replace existing machinery
Allows flexible loan repayment options and easy EMIs
A machinery loan is an excellent opportunity for start-up businesses as it offers an incredible funding opportunity
The eligibility criteria for a machinery loan are simple:
An established MSME that has a business vintage of at least two years
The business should have an annual turnover of ₹ 10 Lakhs
There must be no default history associated with the business
Systematically filed income tax reports
The borrower should own a business or residential property
Follow the simple given steps to apply for a machinery loan:
Step 1: Visit the official Finserv MARKETS website.
Step 2: Enter all the information pertaining to your business and financial information.
Step 5: The lender will verify your machinery finance loan application.
If the loan is approved, the funds will be disbursed into your account without any delay.
Identity proof: PAN, Aadhaar, passport, driving license, etc.
Address proof: Passport, voter’s ID, driving license, utility bills, etc.
Business Continuity Proof: ITR, Trade licence, Establishment, Sales Tax Certificate (any one)
Existing facility sanction letter
Original quotation of machinery you want to purchase with the loan
By getting a collateral-free business loan through Finserv MARKETS, you can get the funds needed to purchase machinery for your new business. You can get small business loans at attractive interest rates for undertaking various business operations such as expanding your business, acquisitions, or getting new machinery or equipment, etc.