For better sales and steady growth, as a businessperson, you need to have the right machinery. Irrespective of your industry, the machines you use have to be at par so that you can warrant maximum production and profit. With the help of the latest technologies, your machinery increases the production many folds and helps reduce the cost of labour/workforce and improve the overall efficiency.
Worn-down machinery or the necessity of a new one may often require capital financing. In such a scenario, if you need capital loan finance, there are many options that can help you in dealing with insufficient funds.
Machinery loans can be taken in the form of a small business loan as well. To further boost the booming economy, the government has introduced several capital financing schemes that can greatly help small to medium businessmen. Let us take a look at the highlighting features of small business loans:
Credit Guarantee Fund Government Business Loan Scheme, CGTMSE, is probably the most suitable capital loan scheme for MSMEs. While offering collateral-free loans, you can avail of the loan through an authorised rural bank or commercial bank. The loan amount can go up to INR 10 lakhs, and above depending on the eligibility.
Created to offer capital loan finance opportunities to non-corporate, non-farm micro/ small enterprises, MUDRA loans can be taken from almost all kinds of banks in the private and the public sector including rural banks, corporate banks and small finance banks. To apply for the bank, you can visit the official MUDR website.
Here are the eligibility criteria you need to look out for. The applicant: can be a non-corporate small businessman/ proprietor including:
Another credit scheme by the government aimed at technological upgrades of small businesses. This can be an ideal option for your machinery loan, as it gets you a 15% subsidiary on your eligible machinery investment.
For this capital loan finance, you need to apply as a
Getting a business loan has been made simpler and easier by PCHF. Speedy disbursals, minimal documentation along with an efficient and proactive 24X7 customer care, ensure that your working capital loan needs are fulfilled at the earliest.
With Piramal Capital Housing and Finance you can apply for your machinery loans up to INR 25 lakhs. An interest rate of 12.5% makes the loan an affordable option.
Let us take a look at the eligibility criteria. The applicant:
When you work with machines, you need to be prepared for their natural wear and tear. Working capital loan in the form of a machinery loan can not only help in upgrading and repairing machines, but it can greatly boost the smooth running of your business. So, do not let your production get hindered due to a delayed upgrade of your machine. With the multiple options explained above, make an informed decision about the right capital loan and carve new ways for your company’s success.