Updating to new technology plays a huge role in ensuring that your business grows. Businesses have to adapt to the environment. That is they need to update their existing operations. One can opt for purchasing the latest machinery to increase production or can go for expansion. You can avail of a machinery loan at attractive rates of interest with or without collateral. Looking after an unsecured loan for machinery? Your search could stop at Terkar Capital. As we are the leading machinery finance companies in India.
The machinery finance will assist MSMEs to increase their sales volume and, ultimately, the profit of the company. As the name suggests, a machinery loan is provided to businesses to buy or purchase new machinery. This can be due to a change in technology or damage to the previous machine, etc.
Let us see the below FAQs to understand the whole of the service.
What is the importance of machinery loans?
India has a large number of Micro, Small, and Medium Enterprises engaged in manufacturing as well as service industries. In the case of manufacturing enterprises, they require machinery to produce the goods. Such machinery can be costly. Hence there comes the requirement of machinery finance. Getting a loan, particularly for the machinery, helps these businesses significantly as they can buy the required tools and equipments. That will increase their productivity. Learn more about acquiring a loan for machinery in India.
Is it possible to obtain a machinery loan without collateral?
How long can be the repayment period for the machinery finance?
The tenure/repayment period of machinery loan majorly depends upon the amount required for purchasing machinery. It can be availed for short as well as long term. Mostly the tenure is more than a year and can even go up to 5 years.
How much interest is applicable on machinery loans?
The interest depends on the availability of the mortgage. That is, whether the loan is secured or unsecured. So, if the borrower possesses the mortgage, the ROI applicable will be lesser. Whereas, in unsecured loans, the ROI will be higher as compared to the secured one. Terkar Capital arrange both the products at a reasonable rate for our clients. We are among the leading machinery finance companies in India.
Who can apply for machinery loans?
All eligible businesses can apply for machinery funding. The business engaged in manufacturing will require machinery majorly and therefore can opt for the same.
What is the procedure in Machinery Funding?
The machinery loans can be availed through the following steps:
1. Know the requirement:
- The first step is to understand the requirement of the client. This includes the details of machinery, the amount required, etc
2. Check the eligibility:
- Further, we check whether the client fits in the eligibility criteria or not. The prime factors required for eligibility criteria are the age of the applicant, business vintage, turnover/earnings, and credit score.
3. Put forth the proposal:
- After analyzing the above steps, we find an appropriate lender for putting forth the proposal and approving the acceptance.
4. Fulfil the documentation:
- In this step, we fulfill the necessary documents and send the same for sanction.
5. Get the funds:
- Finally, after completing all the above steps the funds will be transferred to the client and he can use the same for financing machinery.
Learn more form Machinery Loan Case Study.
The process to avail of Machinery Loan
Terkar Capital as the best machinery finance companies.
The following are the benefits which we provide to our clients:
- We arrange funding, even for the larger amount of machinery.
- We offer machinery loans in both secured and unsecured ways depending upon the availability of collateral with the borrower and his credit score.
- Terkar Capital maintains confidentiality and transparency in the process.
- Easy access to funds.
- Top machinery finance companies.
- We arrange a wide range of lenders and choose the best suit for the borrower as per his needs.
- Our team of experts constantly guides the client and makes their procedure convenient.