Overview
Machinery Loan is a tailored financial product which helps MSMEs to raise finance/refinance against new & old machinery to take care of expansion and production needs. Loan Mitra Limited offers quick Machinery Loan for Micro, small and medium scale manufacturing units which are in need for urgent capital for buying and upgrading equipment and also for increasing overall productivity.
Features And Benefits
Features
Finance/Refinance
Available up to 90% of Machinery Value
Repayment Tenure up to 5 years
We offer high repayment tenure up to 5 years for maximum convenience of our clients.
Zero Prepayment Charges
There are no prepayment charges on full/ partial pre- payment of the loan outstanding.
No Collateral Needed
There is no collateral security required to obtain a Loan for Machinery purchase
Benefits
Higher Loan Eligibility
Loan Eligibility is higher at Loan Mitra Limited when it comes to obtaining Machinery Loan, it helps MSMEs and entrepreneurs to meet their funding requirement.
Minimal Documentation & Swift Processing
There is minimal documentation along with fast processing which helps you get the loan approved and sanctioned earlier than you expect.
Finance/Refinance approve within just 2 working days
Loan Mitra understands your need for quick funding and hence loans are approved within just 2 working days.
Eligibility And Documents
Eligibility
The eligibility for a Loan Against Machinery is as follows:
- Age of key person should be between 21-55 years
- Business stability of more than 2 years
- Annual business turnover should exceed Rs. 15 lakhs
Documents Required
For getting a Machinery Loan, the following documents are needed:
KYC Documents:
- A copy of PAN Card.
- Proof of Address: (Passport Copy / Aadhaar Card / Electricity Bill / Registered Rent Agreement)
- Statutory documents: In the case of Proprietary Firm: Shop Act, GST Registration Certificate, Udyog Aadhaar Memorandum, VAT Registration, other Registrations Applicable.
- Statutory documents: In the case of Private / Public Limited Company/One Person Company: MOA & AOA, Certificate of Incorporation, Certificate of commencement of business in case of a public limited company, GST Registration Certificate, Shop Act, Udyog Aadhaar Memorandum, VAT Registration and other Registrations Applicable.
- Statutory documents: In the case of Partnership Firm: Registered Partnership Deed, In Case of LLP: LLP Agreement, Shop Act, Udyog Aadhaar Memorandum, GST Registration Certificate, VAT Registration and other Registrations Applicable.
Income Documents:
- Last 2 years Financials (IT Returns, Computation Sheet & Balance-sheet) and Proof of turnover vide latest sales/service tax returns and Invoice / Purchase Order Copy (for loan against receivables)
- Last 1-year bank statement of an operative bank account.
- Details of all existing loans: Sanction Letter and Loan Account Statement for last 1 year.
Profile
- Brief Profile of the Promoters and Company / Firm
How To Apply
You can now apply for Machinery Loan through the following steps:
- Click here to apply online
- Scan and upload documents online
- Verification & assessment
- Loan approval in 2 working days
Contact Us
In case you have any query or need any kind of assistance, please call us on (+91) 9881902174 or email us at info@loan-mitra.com. We would be delighted to answer any questions that you may have.By logging onto loan-mitra.com, you can save both time and money, while simultaneously getting the latest information on the financial products you seek.
Faqs
Financing basically means that you are taking a loan for buying new Machinery/Equipment where security can be your new machinery. While refinancing means that you get finance for your business against your existing machinery.
You are eligible if you meet the following requirements:
- Age of key person should be in between 21-55 years
- Business stability of more than 2 years
- Annual business turnover exceeds Rs. 15 lakhs
You can repay either through NACH or through postdated cheques.