Machines lie at the heart of any manufacturing industry. Keeping the machinery updated with the latest technological upgrades is vital, to have an advantage over the competition. This also scales up the production, bringing you better profits. But, purchasing equipment directly can put pressure on your working capital and impact operating costs. Hence, opting for machinery loans can be the best solution that can keep your business functioning as usual, while bringing in necessary infrastructure for expansion.
What is A Machinery Loan?
A machinery loan can be defined as a loan for machinery purchase. It can be used as a loan for used machinery purchase as well. For this loan, the purchased machine qualifies as collateral. Thus, the loan does not have to be taken against any property. As it is designated only for business equipment finance, it is designed keeping industry needs at heart. Processes can be immediately streamlined, once the new machinery comes in, which helps your business grow.
Choosing a Lender
Machinery loans can be availed for purchasing new or used machines. One can even choose to purchase multiples machines at one go, which would make loans easier in terms of tenure and total amount. But that could lead to multiple pay setups and applications which can be a hassle. Which is why, it is wise to choose a lender that can bundle all your requirements into a single package. Also, opt for a lender which offers a monthly payment option. Once you have finalized on the lender, determine the total machinery cost, so you know the exact loan amount to be taken.
To address all these points while getting machinery Loans, look no further than EFL. Our 3 decades of experience with the machine industry gives us an acute insight into the business. We offer loans for new machine as well as loan for used machine purchase.
- Get a loan amount of up to 3 Cr., or up to 75% of machine value
- Loan term of up to 5 years
- Flexible Interest rates
- Zero collateral required to apply for loan
- Can be used to purchase a wide variety of machinery
- You can pay the monthly installment costs, through profits generated from the purchased machine
- Enhance product quality to increase customer trust
- Minimise product defects with upgraded machinery
- Reduce stress on working capital, by keeping operating costs for business operations only
Therefore, machinery Loans can vastly improve the scope and scale of your business, helping you accomplish more of your ambitions.