03 Feb 2019 | 4 min read
SMEs and MSMEs are an integral pillar for the growth of our economy. And in order to gain a competitive edge in the market, it becomes imperative that they have access to the equipment financing, which can aid the installation of modern machinery that can fasten up the work and at the same time increase the productivity without compromising on the quality of the products. The following discussion will highlight the advantages of machinery loans and various lenders offering this loan.
Modern tools and equipment are an integral part of business growth. These state-of-the-art types of equipment are in great demand because of their flawless results and delivering quality products. But all these come at a cost which may sometime fall on the higher side for Small and Medium Enterprises. Business loans for SMEs and MSMEs is a great way to expand the business and machinery loan is one such type of loan that offers special benefits to the borrower.
Sectors like construction, packaging, and manufacturing depend on machinery which helps in efficiently completing the tasks on time. The purchase of such machinery can be a costly affair, especially, if the company is new and is of small and medium size. Machinery loans offered by different banks and NBFCs have made it easy for SMEs and MSMEs to purchase equipment which can give them a competitive edge.
There are various machinery loan providers. Some of the banks and NBFCs name it as equipment finance. Some of the prominent names include the following:
1. Bajaj Finserv - It is one of the most prominent Non-Banking financial institutions providing funding for various purposes. Machinery loan is one of its popular loans.
Documentation - Bajaj Finserv has a very simplified machinery loan application process. It comes at a lucrative interest rate but to apply for a loan, you must submit the following documents:
2. MAS Financial Services Limited - Starting off in 1995, MAS got its NBFC license from RBI in 1998. Since then the company has been rendering loans for different purposes at attractive interest rates.
The following are eligible for machinery loan from MAS:
Documentation - To avail machinery loan from MAS, one needs to submit the following documents to qualify:
3. DHFL Machinery Loan - It is one of the most popular choices when it comes to machinery loan. The loan comes at competitive interest rates and easy repayment options thus making it easy for people to apply for the same.
The following are eligible to apply for machinery loan from DHFL:
Documentation - To apply for a business loan from DHFL, the applicant must submit a duly filled application form along with the following documents:
4. Mahindra Finance - When it comes to machinery loan providers then Mahindra Finance emerges as a popular option. It offers machinery loan quickly and comes with easy repayment options thus making it one of the most preferred choices when it comes to machinery loan.
The following are eligible for machinery loan:
Growth of business is the primary objective of every business and machinery loan proves to be very helpful in this direction. There are many machinery loan providers; they compare their interest rates and other charges before choosing the one that can be best for your business. Fill this blog form, we would contact you at the earliest.