By admin | January 22, 2021
A micro or a small business, especially a manufacturing business, needs machinery and equipment running smoothly to complete their manufacturing target and cater to their customers’ demands. However, there are times when the manufacturing unit does not have enough funds to upgrade or buy new machinery and that is when a machinery loan comes into the picture. Or when a machine breaks down or new machinery is required to upgrade the technology in order to maintain and increase the production capacity of the business, a machine loan comes in handy.
It has become much easier to get machine loans these days, thanks to the internet. One can apply for an instant loan sitting at home or the office with a smartphone and a working internet connection. The application and approval processes are much faster. There are certain criteria like CIBIL score, business tenure or turnover, etc. that you need to fulfill to get an instant machine loan. If you are eligible, you can start the procedure.
To get a machine loan quickly:
- Start looking for a lender that provides quick loans.
- Compare the loans, interest rates, processing fees, and eligibility requirements to select a lender that best suits your need.
- Be clear about what kind of machine you are looking to purchase and what is the cost.
- Once you have chosen a lender and the type of loan that you’d like to apply for, fill out the eligibility form that will require you to enter details such as your residence status, date of birth, and work information.
- You can also apply online and submit the documentation on time so that the processing starts as soon as possible.
- If you qualify, the lender will then usually provide a customized loan offer as per your requirement.
- Choose an offer and complete your loan application.
- Keep all the important documents like financial statements, bank statements, KYC documents etc. in place.
- If everything is in order and the lender finds you eligible for the loan, the loan will be approved and you will be notified.
A lot of financial institutions in India offer a machine loan to SMEs. However, NBFCs are usually preferred over banks since a small business can get an unsecured machine loan. This allows faster disbursal of the loan amount if the business is eligible. Considering how crucial machinery is for the smooth functioning of the production process, a quick machine loan often proves as a boon. The speed of disbursal of a machine loan without security depends on the eligibility of the small business and the documentation. NBFCs now process the loan applications and disburse loan amounts faster than ever, allowing you to meet your emergency financial needs easily. Moreover, as the entire process is managed online, it helps you save a lot of time and effort too.
Electronica Finance Limited is an NBFC that processes loans smoothly and quickly. Electronica Finance Limited understands the challenges, especially financial, that a typical SME business has to face. The company’s understanding of machines, as well as manufacturing experience, has resulted in crafting a perfect machine finance option for SMEs.
With Electronica Finance Limited, you can get a quick machine loan approval at attractive interest rates and easy repayment options. You can utilize this amount either to purchase new machinery and equipment or upgrade the existing setup. You can also apply on our mobile app.
General document requirements before applying for machine loan at Electronica Finance Limited:
- 3 years balance sheet and ITR
- 12 months bank statements of all banks
- GST returns for the current year
- KYC – Aadhar and PAN
- Residence and factory ownership proof
- Proforma Invoice/Quotation
Features of Electronica Finance Limited Machine Loan:
- Loan amount up to 75% of the machine value
- Loan term – 5 years
- Customized interest rates
- Loan approval in 7 days*
- No need of collateral
- Doorstep service
- Online processing
Moreover, once you have been sanctioned the machine loan, machine buying is made easier by Electronica Finance Limited. EFL Connections is a platform created by Electronica Finance Limited where you can buy machines – old or new – without any complicated procedure. Register yourself, specify your requirements, choose the machine from a wide range, and connect directly with the sellers. Electronica Finance Limited also offers Machine Insurance if you ever face any problem. It helps you cover up the damage and save you from any further losses.
To know more about Electronica Finance Limited machine loan, visit: Machine Loan and to buy a new or used machine, visit: EFL Connections
Avail a machine loan from Electronica Finance Limited and get the edge you need over your competition to survive, thrive, and reach greater heights.
