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About Equipment Loan

Equipment loans are mainly taken for helping different business finance equipment such as vehicles as well as big machinery equipment which are in security because of the asset which is being financed. Equipment loans can be derived from various providers such as lenders which are alternative as well as from the traditional banks. The rates of these kinds of loans can rise from 6% to 9% which depend on the qualifications and also on the lenders who charge the origination fees rising from 1-3%.

If there is a credit score which is above 600 and which includes a 5% downpayment then one might get qualified for a 250K loan by an easy, quick and hassle-free funding of the equipment.

Equipment Loan - Eligibility

  • Minimum track recording of three years in business.
  • The business should have made a profit in the last three years.
  • A turnover of minimum of 25 lacs should be there.

The process of Documentation

  • KYC documents are required of the directors as well as the partners, proprietors as well as the firms.
  • Latest ITR as well as the financials of the last couple of years.
  • Bank statements and papers for the previous three months.
  • Facility or loan sanction letter which is available.
  • Machinery of invoice.

The advantages :

  • Loan amount starting from 5 lakhs to 2.5 crore can be availed.
  • The loan tenure would be till 5 years.
  • Apart from machinery, no other collateral would be entertained.
  • Funding is possible across the huge range of industries as well as the sizes of the tickets of the machinery.

Machinery loans are mainly provided for supporting the capital investments which are necessary for the processes of up-gradation, improvement or replacement of the equipment which might help you in manufacturing and expansion of the business.

Get a Quote

Now apply for a Equipment Loan online, All you need to do is provide your details below application form.