Machinery Loan for Startup
What is a machinery loan?
It is a business loan for the purpose of buying new/used machinery or equipment for a business. Machinery plays a significant role in the success of a business and achieving the production target. Machinery loan upgrades to newer technologies using which production can be increased in less time. As a result, production will be able to meet customer needs within time. Naturally, manufacture products that will be high in quality
The machinery you invest in via machinery finance solutions will improve your manufacturing efficiency and result in timely delivery of products. Improved productivity will naturally improve sales, leading to greater ROI (Return on Investment). Moreover, the increase in productivity will reduce the cost per unit, further enhancing profits.
You can apply online via website of various banks and other financial institutions and have your loan approved or You can physically visit any of our nearby branches of banks.
The following documents in addition to filled out loan application is required for the approval of a Machinery Loan for Startup for most banks and other financial institutions.
- Photo Identity Proof – copy of Voter ID/Passport/Driving License/Aadhaar Card.
- A copy of certified bank statements for the last six months.
- Business Proof documents – Trade License/Sales Tax Certificate/Sole Proprietorship Declaration/ Partnership Deed/Income Tax Returns along with computation for the last two years/Profit and Loss Statement and Balance Sheet for the last two years.