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A machinery loan is a business loan that helps administrative, business owners and other business individuals in obtaining finance to buy and upgrade machinery and equipment for many business purposes.
There are many lenders, financial bodies, or Non-Banking Financial Institutions (NBFCs) that provide machinery loans at an affordable rate of interest with a flexible repayment schedule.
Benefits of a machinery loan
- A Machinery Loan is also known as equipment financing, as it allows the borrowers to purchase machinery or upgrade equipment.
- This loan is also used to start a new business.
- It is a collateral free loan that is provided by many banks or financial institutions.
- Such loan assists in increasing the profit without growing the working capital.
- It has a choice of flexible repayment schedule with easy Equated Monthly Installment (EMIs).
- This Loan for Machinery is used for modifying, renovating, redeveloping, and modernizing existing equipment.
Eligibility criteria for Machinery loan
Eligibility criteria depend on various factors i.e., business or sales turnover, age of the borrower, creditworthiness, repayment history, and total work experience etc.
For self-employed individuals:
- The Age limit of a self-employed individual are ranges between 24 years to 65 years of age.
- Both Public and Private companies are eligible for machinery loans.
- The Balance sheet of a company should be audited by a registered CA.
- Income tax (ITR) must be filed for a minimum of previous 1 year.
- The Business record should be in profit for the last 3 years.
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