Machinery Loan
With increasing digital advancement in today's world. To keep up with the market demands, your business needs continuous expansion of the latest equipment. With the increasing costs of the latest equipment and machinery, it causes difficulties procuring the equipment. That’s why a machinery loan came into the picture.
How to Apply for Machinery Loan?
You can apply for Machinery Loan via two online or offline. The majority of the banks and financial institutions offer both modes of application to suit the borrower.
Online Mode
In this section, we take you through how to get a loan for machinery online. Let’s take you are applying online. So, here is the complete step-by-step guide for the online procedure.
Step 1: As the borrower, you have to visit the bank’s official website.
Step 2: In case you are an existing bank customer, use your login credentials to log into the website. If you are not a customer, you can still apply for a machinery loan by setting up your account or applying through the offline mode.
Step 3: Fill in all the mandatory details displayed on your screen. These details would include your Personal information, Income details, Business details and Machine Loan requirements. Do follow the step-by-step instructions displayed on the screen.
Step 4: Submit the loan application form online.
Step 5: Upload and submit all the mandatory documents for machinery loan together with personal, business, income proofs and photographs.
Step 6: Upon submitting the documents, the Bank's loan executive will contact you to continue with the loan procedure.
Step 7: On verification check of your documents and application form, once the approval is in place for the loan.
Step 8: The Bank shall approve the loan, and the funds will be disbursed to your business bank account within 5-7 working days
