How does Machinery Loan Work?
We offer machinery loans without security ranging from Rs. 1 lakh to 5 lakh at attractive interest rates and flexible loan tenures. Our eligibility criteria are very easy to meet, and we require minimal documentation to process the application.
To avail of a loan for machinery, visit our website and check your business loan eligibility. If you meet our eligibility, fill the loan application form with your information and the loan amount that you require. Next, upload the documents on our website. We will process your application, and if you meet the eligibility criteria, we will approve your application.
After signing the contract with us, the funds will be credited in your bank account. Once you get funds, you can use the funds to buy equipment or machinery as per your requirements.
The machinery loan is an unsecured type of business loan. You do not have to provide any security and collateral for getting the loan amount. The loan amount varies from 1 lac to 7.5 lac rupees, and the interest rate is not so higher. As the loan tenure is more, the business owner will get ample time to clear the loan amount.
However, the financial institution has set specific terms and conditions for the loan. The term and condition vary for different organizations. First, you have to meet the eligibility criteria, and then after particular document verification and processing of the application, the MSME loan amount gets sanctioned.
Previously it was a hectic process to fill the application form and running to the bank repeatedly. But now, you can fill the application form instantly from your home, and you do not have to run to the bank repeatedly. To fill the application for first visits the Institution's official website, fill the application form with your information but the required amount of MSME Business loan and submit it.
In the next step, you will be asked to upload the documents to the website. Then the processing of the application will start. One of the executives will review your application form, and if you have met the requirement, then your form will be approved immediately.
Finally, you have to sign a contract with the financial institution, and after that, the loan amount will be credited to you. After that, you can use the fund in buying the necessary machinery for your venture.