In the present day, technology plays an important role in developing business growth. But in order to see your business expand and help you make profits; you will look for the latest machineries loan which ensures that you are able to build your business the way you want too.
This is where you can make the best use of machinery loans which allow you to either purchase new machinery or upgrade your existing machinery/equipment.
Machinery loan comes at an attractive rate of interest and flexible repayment tenure to repay your loan conveniently.
Highlights of Machinery Loan
- You can avail a loan up to 10 Crores
- The repayment tenure ranges from 12 – 120 months
- You can also get loan up to 3 Crores without collateral security
- This loan can be used as working capital or equipment finance
Machinery loan for startup is an additional benefit for new businesses
Eligibility criteria required for Machinery Loan
- If you are businessman or a trader and own small and medium sized business, then you can apply for a machinery loan scheme
- As an applicant your age group should be between 25 to 65 years
Your business must exist for at least 3 years
Your business should have its income tax filed for at least 1 year