This kind of loan is usually taken by the small and medium enterprises who wants to expand their existing business or wants to invest in a new business. Initial product that raises the finance against new and old machinery. It is an urgent capital for buying and upgrading the equipments and also for overall development in productivity. It help the companies to continue running their business without any financial roadblocks.
1. It is a boon for micro, small and medium scale manufacturing unit who need urgent capital.
2. Loan schemes are available in customized form as per the requirement of customers.
3. The applicant can get up to 90% value of the machinery as loan.
4. No Collateral security is required for machinery loan.
1. The person must be a citizen of India.
2. Professional stability and saving history is also taken into consideration.
3. The applicant should be above the age of 21 years and the repayment has to be done by the age of 60 or maximum 65.
4. Nature and continuity of employment or business is also taken into consideration.
5. Any applicant can get the loan irrespective of his profession. Any salaried, or a business person can get a best loan.
6. The applicant should have all regular and steady source of income.
7. Financial history and track record including CIBIL scores are also taken into consideration.
8. Stability of business for a term not less than 2 year.
9. Annual business turnover should not be less than rupees 15 Lakhs.
Note: The criteria differ a bit from bank to bank. The above mentioned criteria are some basic important eligibility criteria.
To know your eligibility now or to apply please call us on 011-45507555 or Email us at email@example.com
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