Loan for Machinery
編輯歷史
| 時間 | 作者 | 版本 |
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| 2022-05-09 11:05 – 11:06 | r1 – r13 | |
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+ Loan for Machinery
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+ A machinery loan is a business loan that helps administrative, business owners and other business individuals in obtaining finance to buy and upgrade machinery and equipment for many business purposes.
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+ There are many lenders, financial bodies, or Non-Banking Financial Institutions (NBFCs) that provide machinery loans at an affordable rate of interest with a flexible repayment schedule.
+ Benefits of a machinery loan
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+ *A Machinery Loan is also known as equipment financing, as it allows the borrowers to purchase machinery or upgrade equipment.
+ *This loan is also used to start a new business.
+ *It is a collateral free loan that is provided by many banks or financial institutions.
+ *Such loan assists in increasing the profit without growing the working capital.
+ *It has a choice of flexible repayment schedule with easy Equated Monthly Installment (EMIs).
+ *This Loan for Machinery is used for modifying, renovating, redeveloping, and modernizing existing equipment.
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+ Eligibility criteria for Machinery loan
+ Eligibility criteria depend on various factors i.e., business or sales turnover, age of the borrower, creditworthiness, repayment history, and total work experience etc.
+ For self-employed individuals:
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+ *The Age limit of a self-employed individual are ranges between 24 years to 65 years of age.
+ *Both Public and Private companies are eligible for machinery loans.
+ *The Balance sheet of a company should be audited by a registered CA.
+ *Income tax (ITR) must be filed for a minimum of previous 1 year.
+ *The Business record should be in profit for the last 3 years.
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| 2022-05-09 11:04 | r0 | |
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