If you are looking for the new business setup or looking to expand the business and you are manufacturer then surly you might someday look for the machinery loan.
You surely need to search for the best machinery loan provider in your area. Machinery loan has many advantages against the disadvantages. Many Government subsidies are available for machinery. You need to get register your business in MSME.
Many NBFC, financial institute, banks, Govt Scheme are offer machinery loan but you need to check which financial institutions provide the best rate of interest and other facilities.
Nowadays many online lending companies offering the machinery loan without visiting the motor and brick branches. They just have the soft copy document and directly credit into your account.
We will give you the list of best financial institute to provide the machinery loan.
SBI Machinery Loan
State bank of India provides the general-purpose loan they named it the SME Loan. SME Loan bank provides for current assets and fixed assets.
Almost all kind of central government scheme you will get in SBI but you need to qualify the basic criteria of loan.
That you can check on SBI Machinery Loan
Bank may also ask for the Collateral security if you are asking under any scheme then you may get an exemption. SBI Machinery loan one of the best leading for machinery funding because along with government rates you also get government subsidies and benefit.
Bajaj Finserv Machinery Loan
Bajaj finserv we consider on 2nd Position due to certain reasons. Bajaj finance rate of interest of course higher than any other banking institute but their disbursement and Flexi loan facility is one of the best ones.
In Bajaj Finance according to your need you can withdraw money if you need so you can also use it as cash credit for machinery. So interest came down to other government banking.
Apart from this last installments are goes as a final settlement amount. Else Bajaj finance requires minimum documentation for funding, no collateral security or guarantor required. You access and manage the account online.
SIDBI Machinery Loan
SIDBI is the government-owned financial institute it special develop for the SME funding purpose. SIDBI specially design SMILE funding.
Under SMILE institute fund small soft loan to micro and small business for investment in plant and machinery and based on civil construction for setup the plant.
SIDBI Provide the maximum 72 months repayment tenure for machinery loan. The lowest interest rate provided by the SIDBI among the financial industry. If you don’t have the collateral security for loan then SIDBI fund under CGTSME. Under the CGTSME Scheme government take responsibility if party default in repayment.
SIDBI’s establishment motto itself is the growth of small businesses in India.
Lending Cart Equipment loan
Lending cart is one of the leading online funding portals. If you are looking for a quick disbursement then you may prefer it for your equipment loan.
The lending cart also offers the fund without any kind of security but they are looking for a good background profile so they can fund you. Lending cart process through online. You just need to submit the all document online according to their requirement and they claim that they disburse the fund within 72 Hours directly in your account.
If we talk about the rate of interest then you may bargain for the best rate of interest.
EFL Machinery Laon
EFL means the Electronica leasing and Finance limited is purely started with machine funding. NBFC at later stage company started other funding also like the working capital. Still, the Company focused on the business based loan.
One of the best features of EFL is that the company provides 75% funding of machine invoice value. Apart from this company provide only term loan to users with 5-year repayment timing.
The company claims that the company disburses machine funding within 7 days. If the customer profile is good according to their set of rules and regulations.
Apart from the machine funding if you are looking for the used machine then you can also ask for the buy and sell your requirement.
EFL website you may refer the link – EFL Machinery Loan
These are some of the best machinery loan financial institutions provide funding in India.
We also refer every businessman that always goes for the funding for updation of your machine portfolio if you think that machine can improve your process or product quality.
There is an advantage of machinery loan first process improvement that gives you better result indirectly in terms of production. It increases productivity; reduce the defect in process and product. So go for the machinery loan.