Machinery Loan

All kinds of equipment that facilitate production are must-have assets for business enterprises of any size. Manufacturers need financing in order to purchase business equipment to transform their production processes and make them more efficient. Manufacturers may also seek financing to repair faulty equipment or purchase upgraded versions. 

These periodic upgradations or buying new machinery can drive business units to remain profitable and competitive. These types of loans from financial institutions are commonly classified as machinery loans. 

At SMFG India Credit, we support small business owners and MSMEs by providing the working capital loan as well as customized machinery loans to ensure that they receive the right kind of financial support to grow their businesses.  

Features of Machinery Loan from SMFG India Credit

SMFG India Credit is dedicated to offering machinery finance to small business owners looking for loans to purchase the equipment they need to take their operations to the next level. Our collateral-free MSME loans are highly suited to meeting the machinery requirements of our business clients.

We precisely understand the importance of availing this loan for our customers who need quick and convenient financial support to cater to their asset needs. 

Take a look at the top features of SMFG India Credit’s machinery loan:

• Loan Type: We offer unsecured business loans to our customers which means that you do not need to put up any security to finance your business assets.
   
• Loan Amount: We provide equipment loans in India up to Rs. 75 Lakhs* to small businesses for them to continue servicing their machinery requirements.
   
• Repayment Tenure: We offer flexible repayment tenures in easy monthly installments over a period of 12 to 60 months as per your convenience allowing you to align it with your expected cash flow.
   
• Interest Rates: SMFG India Credit provides loans for machinery at competitive interest rates that enable you to keep the cost of capital on the lower side.
• Quick Disbursement: Once our customers meet all eligibility criteria and provide the mandatory documents, we can disburse the loan in as less as 24 hours.
   
• Foreclosure: Our foreclosure terms are simple and clear, and under certain conditions, customers have the option to foreclose their loans with any additional fee or charges*(Please click here to read more). *T&C apply

Document Requirements

Remember to check your eligibility through our online business loan eligibility calculator. We have kept the paperwork to a minimum and disburse the equipment finance within a few days of signing the contract.

Here are some of the basic business loan documents that are required. Please note that depending on their availability and the nature of your business, additional documents may be asked for.

• Recent photograph
• Valid Identity Proof such as PAN card, Driving License
• Valid Address Proof such as Electricity bill, Passport
• Bank statements
• GST or ITR
• Audited financials of the past 2 years
• Income proofs
• Proof of Business existence (like Certificate of Incorporation, etc.) 

How To Apply?

Applying for a machinery loan with SMFG India Credit is a simple and easy process. Just follow these step by step guidelines:

1. Fill in Your Application: Your application form can be filled, signed and submitted online. Make sure that you’ve submitted all relevant personal, professional and, financial details accurately, to the best of your knowledge.
    
2. Document Upload: Once your pre-assessment and eligibility by SMFG India Credit have been confirmed, you can proceed with the document upload process. This can be done completely online. 

When your application is received by SMFG India Credit, a representative from the machinery loan department will get in touch with you within a designated timeline. All possible loan options will be discussed at this stage, along with the best interest rates, EMIs and loan tenures.

If you have more questions on how to get your equipment loan in India sanctioned, simply call the SMFG India Credit customer service team on our toll-free number 1800 103 6001  or email us on  . Alternatively, you can also visit your nearest SMFG India Credit branch to speak to a representative.

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