Purchase world class machinery with ease
Posted: Nov 20, 2017
In order to meet the growing demand of your products, it is important to ensure that your technology and machinery are capable of mass production. With the growing advances in technology, it has become essential to invest in high end machinery and world class technology. Bringing the best machinery to your business is not easy, which is why machinery finance is an ideal option for you. In order to expand the business and invest in state of the art machinery a business owner requires huge investment. It is not possible to purchase machinery from the working capital funds as this could block the operating cycle. Banks and Financial institutions strive to help businesses with their expansion plans and help them purchase machinery that will grow their business.
Machinery finance is available at a low interest rate and has long and flexible repayment tenure. Financial institutions offer customized solutions for the business and allow business owners to repay the loan amount with ease and convenience. Private companies, public companies, sole proprietorship and self-employed individuals can apply for machinery finance. The minimum period of the existence of the business should be three years and it should show positive signs of profitability. Further, holding a positive and satisfactory credit score helps in the process and approval of the same. The loan has a quick application and approval process which makes it easier for you to complete the documentation procedure for the purchase. The documentation necessary for the loan are application form, photographs, profiles of the partners, company constitution documents and audited financial statements of the business. A projected statement showing the profitability of the business in the coming years should be included as well.
It is important to scout the market for a trustworthy and reliable financial institution for the loan. The executives will guide you through the loan process and ensure that it is approved within a period of 15 days. Suitable for every type of business, the loan will help in the purchase of brand new or second hand machinery. It is an ideal loan for professionals who are in the field of medicine, since they constantly need to upgrade the machinery in order to provide high quality health care to the patients. Machinery requires huge amount of investment and with a loan, the amount is distributed into installments which can be paid with ease. The entire process is transparent and the loan amount is disbursed in the shortest time period. Instead of blocking significant funds from the business, it is ideal to opt for a loan which comes with a low interest rate, has flexible repayment tenure and allows the expansion of the business.
With machinery finance, every manufacturing unit in the country will be able to meet their expansion plans and ensure that the latest machinery and technology are used for the production. The tenure and the repayment schedule depend on the type of the business and the amount of loan applied for.
Hero FinCorp is a diversified financial services provider in India. We are an associate company of Hero MotoCorp Ltd.