A business loan for manufacturers can help you address key challenges associated with running a manufacturing business – from rising raw material costs and inventory management to overhead expenses – without disrupting day-to-day operations.
Whether you require funds to purchase raw materials, maintain or upgrade equipment, or cover unforeseen costs, the right financial solution can make a significant difference.
Keep reading to explore the features of business loans for manufacturing units, understand the eligibility criteria, check the required documentation, and see how manufacturing lending can support the smooth operation and growth of your business.
High Loan Amounts
Get access to funding of up to INR 75 lakhs* through a business loan for manufacturers, helping you cover major expenses like machinery upgrades, raw material purchases, or operational costs.
Quick and Simple Application
Apply online through a fast and easy process. Our manufacturing loan solutions aim to save you time and effort by eliminating the need for multiple branch visits or lengthy procedures.
Flexible Repayment
Choose a repayment tenure of up to 60 months*, allowing you to manage cash flow efficiently while focusing on the day-to-day running of your manufacturing unit.
No Collateral*
Our loan for manufacturing units is unsecured, meaning no assets or guarantors are needed, reducing the risk of asset loss.
Minimal Documentation
Experience a hassle-free loan journey with minimal paperwork. Upload the necessary documents digitally when applying for a loan for a manufacturing unit.
*Terms and Conditions apply
Before applying for a business loan for manufacturers, ensure you meet the following basic Business Loans Eligibility Criteria:
*Please note that given above are the basic eligibility criteria. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.
To apply for a business loan for manufacturers, you will need to submit the following Business Loan Documents:
*Additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of loan application.
Those seeking manufacturing loans should be aware of the associated costs, including processing fees, prepayment charges, and late payment penalties, to gain a better understanding of the overall cost of borrowing.
Here's a breakdown of the standard fees and charges you may encounter at SMFG India Credit when securing a business loan for manufacturers. Being informed about these costs helps you plan your finances more effectively and ensures there are no surprises during the manufacturing lending process.
| Fee Type | Applicable Charges |
| Interest Rate | Minimal and competitive interest rates (depending on several factors, including location, net income, business stability, collaterals, existing monthly obligations, etc.) |
| Processing Fees | Up to 2.75% of the total loan amount + GST |
| Late Payment Charges | 2% per month (24% per annum) on overdue amount calculated on day to day basis payable from the relevant due date till date of actual payment. |
| Collection of Cheque/Cash (per collection) | NIL |
| Cheque or ECS Dishonour Charges (per dishonour of cheque or ECS per presentation) | INR 500 |
| Swap Charges - for any change in repayment instruments (per instance) | INR 500 + GST |
| Loan Cancellation Charges (loan cancelled before the first EMI) | INR 1000 + GST |
| Foreclosure Charges | Up to 7%* of the principal outstanding |
At SMFG India Credit, you can apply for a business loan for manufacturers by following these simple steps:
Begin your online loan application here by selecting ‘Business Loan/SME loan’. Fill in the required details, upload the necessary documents, and specify the desired loan amount and repayment tenure. To avoid any delays during the processing stage, ensure all the documents are up-to-date and accurate.
After submitting your application, you’ll promptly receive a decision regarding its eligibility for further review. If it does, save the provided reference number for future use.
Your application will proceed through various verification stages, including document review, address confirmation, and document collection. If additional details are needed, an SMFG India Credit representative will reach out to you.
Once approved, you can accept and sign the customised offer, after which the loan amount will be directly transferred to your account.
Running and expanding a manufacturing business takes more than just hard work and dedication – it requires timely access to financial support. A business loan for manufacturers can help you meet everyday expenses, upgrade machinery, or expand your unit without unnecessary delays.
With SMFG India Credit, you can access tailored manufacturing loans designed to suit your business needs, with minimal documentation, competitive interest rates, and flexible repayment tenures. Apply online today for a loan for a manufacturing unit and take the next step towards smoother, stronger operations with confidence.
With the rustic flair of desi music and subtly infused humour, this video tells a story of a small retailer who was able to grow his small business with a loan. Watch now and enjoy!
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
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