What is machine loan?
Machine loans are an attractive option for Micro, Small, and Medium Enterprises (MSMEs) because they allow them to get the funding they need quickly and easily. This can be especially helpful when you need immediate cash to ensure your business continues operating smoothly and efficiently.
Features and benefits of a machinery loan
Our machine financing benefits
Looking for funding to invest in a new machine? We’ve got you covered. Our Machine Loan is for businesses with high-growth potential who need capital to buy new equipment or expand their operations. It’s also for companies looking to diversify their assets and start investing in physical assets instead of just cash.
Here are some reasons why you should work with us:
- Keeps your Cash Flow Strong and Steady – Our Machine Financing allows you to pay off the cost of your machine over time, using the profits from your business. This means that instead of using cash from other sources to finance your new equipment, you can use the profits from your own business—which will help keep your business’s cash flow strong and steady.
- Reduces Stress on Working Capital – It helps you reduce the stress on your working capital by allowing you to get a loan for machinery purchase that you need to run your business—and this means fewer headaches for you!
- Trusted by 35,000+ Businesses and 50,000+ Machines Financed – Electronica Finance Limited is an RBI-registered non-banking financial company (NBFC). Our team knows what manufacturers need to succeed, and we have the knowledge and experience to ensure you get the best machine financing deal possible.
- Purchase Expansion – If your business is growing but needs more capital than your current bank can offer, our loan against machinery can help you borrow additional funding for expansion projects.
- Personalized Support – Our dedicated team of experts will work closely with you throughout the machine loan application process to ensure you get the best possible rate and payment plan that fits your business needs and budget.
Overview
Machinery loan as per your business needs –
Machinery and equipment are the fundamental building blocks of any industry, manufacturing or service. From heavy machinery to basic equipment, these tools are essential to the productivity of any business. When you have good machinery and equipment, you can produce more goods in less time, which means you can sell more goods at a lower cost. That will allow you to make more money and bring in more revenue for your company.
Hence it is essential to invest in good machinery and equipment to perform the required function well without any hindrance. If you’re looking to purchase machinery and equipment, you know that it can be very expensive. That’s why we offer a machine loan!
If you’re in the market for a new machine, or even if you’re just looking to expand an existing one, we can help. We can offer loans for all kinds of machinery and equipment—from manufacturing plants to food processing equipment. But what exactly is a machine loan or equipment financing?
Our process
Applying for our machine loan is simple and easy process. You can apply online by following below steps:
Click “Apply Now” on the top right corner of the Machine Loan product page.
Enter details like company name, required loan amount, contact details, city etc.
Once you have rechecked all the details entered in the form, click on “Submit”.
For further process & details, our tele calling team will call you within 24-48 hrs.
What is the eligibility for machinery loan?
In order to apply for the loan, you will have to meet certain criteria. The common machinery loan eligibility criteria are as follows:
- Bureau Score more than 700
- At least one owned premises
What are the documents required for machinery loan?
The following are the machinery loan documents you will need to submit in order to get the loan sanctioned.
- 3 Years Balance sheet and ITR
- 12 Months Bank Statements of all Banks
- GST Returns for the current year
- KYC – Aadhar & PAN
- Residence & Factory ownership proof
- Proforma Invoice / Quotation
- 12 months electricity bills
FAQ's
A machinery term loan is a kind of credit facility that lets you borrow fund to lease, repair, buy and upgrade your machinery, which will in turn, improve your efficiency and productivity without putting a strain on your working capital.
We determine your loan eligibility by examining at your income, expenses, assets and credit score. We also look at the type of machine you are applying for and the manufacturer. If you have fair income and are financially responsible, we can help you get a loan.
You can get a loan for machinery purchase with online lenders, banks, NBFCs and credit unions, or SBA lenders. With over 30 years of experience in the field, Electronica Finance Limited is a leading provider of machine loans and other products to help boost your business.
Getting a loan for machinery in India is simple. Many lenders offer MSME loans or business loans to advance businesses. There are four simple steps in this process:
1. Check for eligibility
2. Submit loan application
3. Await sanctioning
4. Acquire funds
Once you fill out our loan application, our tele-calling team will connect you to check the viability.
Once validated you need to provide financial statements, tax returns and other documentation mentioned in the documents required section to our local sales representative. We will review your application and contact if we require any additional information or documentation. Once the documents are verified, we will take a final call on loan approval/disbursement.
You can finance any type of machinery from Engineering, machine tools, Plastic, Printing, Food Packaging, Wood Working, Textile industry.
While most companies offer loan for machinery purchase up to Rs.1 Cr, at Electronica Finance you can avail machine loan for a maximum amount of Rs.3 Cr, allowing you to think big and take your company to the next level.
You have to pay a one time processing fee while processing the loan application. This is non-refundable amount that is applicable even if the loan is not sanctioned.
Industries served
Area's we serve
- Delhi
- Faridabad
- Gurgaon
- Sonipat
- Belgaum
- Bengaluru
- Bengaluru (Bommasandra)
- Aurangabad
- Pune
- Pune- Chakan
- Pune- Khed Shivapur
- Pune- Lonikand
- Pune - Pimpri
- Kolhapur
- Mumbai - Goregaon
- Mumbai - Vasai
- Nagpur
- Nashik
- Thane
- Chandigarh
- Ludhiana
- Chennai
- Chennai(Thirumudivakkam)
- Coimbatore
- Agra
- Ghaziabad
- Kolkata
- Baroda
- Rajkot
- Surat
- Vapi
- Jamshedpur
- Indore
- Pondicherry
- Bhiwadi
- Jaipur
- Hyderabad
- Roorkee
Customer success stories
Electronica Finance standby with us and helped in financing us with an excellent support when no banks and financial institution supported us. Thank you Team EFL!
Mr. Nimesh Gajjar
Electronica Finance understood my aspirations as an entrepreneur. With Electronica Finance all happened in lightning speed. Our company has because of EFL's support.
Mr. Arun Dhanpal
Electronica Finance gave us the much needed direction and finance and supported us all along the way in our journey. We owe our success to Electronica Finance.
