With digital advancement in changing times, your business is not left far behind. To keep up with the market demands, your business needs continuous expansion of the latest equipment. However, this comes at a price. With increasing costs of the latest equipment and machinery, it causes difficulty procuring the equipment. The solution of all these concerns is a Machinery Loan. With this article get know-how of what is a Machinery Loan and how to get Machinery Loan.
What is a Machinery Loan?
It is a business loan to aid entrepreneurs, small business owners, or companies to procure machinery or equipment for various business operational purposes. With this loan, you can either purchase new machinery or upgrade your existing machinery. Most Banks offers a Machinery Loan with specifically curated loan amounts, interest rates, loan tenures for repayments, collateral facility, processing charges and other factors. With a Machinery Loan, you can increase your business's production, resulting in higher profits from the distribution and sale of products.
How to Apply for Machinery Loan
You can apply for Machinery Loan via two platforms, either online or offline. Majority of the banks and financial institutions offer both modes of application to suit the borrower.
The Online Mode
In this section, we take you through how to get loan for machinery online.
Step 1: As the borrower, you have to visit the Bank's official website.
Step 2: If 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 the 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 Machinery Loan requirements. Do follow the step by step instructions displayed on 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 the stipulated working days.
In a few simple steps through a digital means, we have curated a step by step how to get machinery loan online.
- The Offline Mode
In this section, we explain to you how to get farm Machinery Loans through the offline mode or by visiting the bank.
Step 1: You, as the borrower is required to personally visit the nearest branch of the Bank.
Step 2: Submit the duly filled and signed application form and all the corresponding and mandatory documents. The documents should be in original together with copies for verification purpose.
Step 3: On submitting the application form and documents, the Bank's loan executive will proceed with the loan application process.
Step 4: The Bank will carry out scrutiny, verification and check of all the documents before approval of the machinery loan.
Step 5: On sanction of your Machinery Loan, the funds will be disbursed to your business bank account within the stated working days of the Bank.
With a complete guide on how to get Machinery Loan via an online or offline mode, you have the steps ready to choose from the method of application that is best suitable for you as a borrower. Apply for a Machinery Loan or Business Growth Loan with HDFC Bank today. To know more, click here.
*Terms and conditions apply. Machinery Loan or Business Growth Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.