Monthly Archives: February 2017

How a Machinery Loan benefits you to grow your Business

How a Machinery Loan benefits you to grow your Business?

SMEs and the MSMEs are being considered as the strong pillars of a developing economy. In short, these ventures are not only proving their worth for the firm and its associates but are also being reckoned as an asset by the country. In such a scenario, digital lending platform has come up with various facilities for this sector through their distinct offerings. Following discussion finds an overview of the different advantages that take over with a machinery loan from a well-established Digital lending platform.

Machinery Purchase Loan – Easy & Secure

A range of SME and MSME businesses are reaping the benefits of modern technology and equipment. These advancements typically club the mechanical with the electronics and have played a phenomenal role in changing the face of various kinds of industries and production houses. Most of the sectors like the construction, manufacturing, packaging and others depend on suitable machinery which helps them carry out their operations efficiently in a sophisticated environment. However, the initial purchase costs of certain equipment can be huge when considered with an investment point of view. And, a smart business manager now understands the value of letting in finance wherever feasible as this lends him freedom to use his funds more innovatively.

Businesses are always dealing with the issue of equipment purchase and upgradations. As the technology progresses, a new equipment with new appealing features is always on the block and is a preferred choice over the older versions. In such a situation, a standard loan can come in handy. But, what if a customized version of the same is available, which typically ensures distinct benefits for such a purchase.

Digital Lending Non-Banking Finance Company: An Upcoming Platform

Online lending solutions are a ready answer when considering machinery or equipment purchase for business expansion and growth. As already mentioned, these offer financial products that are customized for such a task and thus come with several convenient and lucrative features.

Using digital lending platform, anyone can apply for a Machinery Loan from any place, considering you have a computer or any mobile device with internet connection. The online application procedure is very simple & secure, takes mere 10-15 minutes of your time. You just need to follow two easy steps to avail a loan, first fill out the online application form & upload the necessary documents.

The basic objective of such a financial institute is to help the businesses reach their potential in a shorter time interval and a better manner. Thus, the purchase is the new dictum, rather than rent or lease. With lending companies acting as business partners, things have become rather hassle-free. A loan can range up to the 90% of the purchase value of the equipment along with several benefits like an appealing rate of interest and longer repayment tenures. In addition to this, other convenient features include minimum documentation and fast processing without the usual struggles of collateral security and pre-payment charges.

For other types of loans, you might need to provide collateral security but for machinery loan, the collateral security feature is fulfilled by the machinery itself. The machinery & its ownership remains with the customer only; the original documents (Invoice) of the machinery is held as a security. On the full repayment of a loan, all the original documents will be returned to you.

TAB Capital Ltd. is a prolific digital lending FinTech NBFC with different financial products to support the current SME and MSME sector. The company helps on supplying varied types of financial assistances like Machinery loan, business loan, Merchant Cash advance and other useful financial products along with swift, hassle-free and efficient execution. The company offers a robust machinery purchase loan with a range of advantageous features.

Apply Online at www.tabcapital.co.in to get a loan for your next machinery purchase!

How to Pay using Aadhar Card

BHIM App: Digital Payment without Password, new way of life

On 8th November 2016 when Hon. PM Modi addressed the nation saying that from midnight Rs. 500 and Rs. 1000 notes will cease from the transaction. New Rs. 500 and Rs. 2000 notes will enter in the market, “Demonetization was said to curb down illegal money lenders and hoarders.” Long queues outside ATMs and banks became a common sight, the morning walks were replaced by morning waiting outside banks. The deposit and withdraw became a major task for many households, for bankers, the main task became to watch out new RBI Manoeuvres.

Though the ghost of demonetization stills looms large for the common man, the small retailers moved towards cashless transaction with POS machine, Paytm payment app, mSwipe machine to ease the pain for the common man. This got the country moving towards the cashless economy in Tier-I cities and some parts of Tier-2 cities. The main problem lied now with the government to bring the whole Indian Population of 1.2 billion people on the cashless economy system. The villages are the major challenge which the government faced while trying to make the country cashless as most of the villagers can’t remember a password nor have used digital platform for payment.

The government went to its most daring projects of past, Aadhaar Card which is a single identification document will now become the single document for payment for any merchant. Aadhaar card which has connected more than 93 percent adults of India to a database with demonetization, it can now become the government’s motive to bring everyone on Aadhaar platform. Almost 40 crores Indian adults have connected their bank accounts with Aadhaar, and till March 2017, the government plans to connect 70 crores adults with Aadhaar. The government has introduced Aadhaar based payment option, to ease the current problems faced by the Tier-3 city people and even to relieve the extra charge burden on common man.

Aadhaar based payment option which will eliminate the additional fees charged by various card companies. Merchants can download Aadhaar Cashless Merchant App which can be linked to biometric which is available for Rs. 2000; here is the procedure for Aadhaar Cashless Merchant App.

  1. - Enter the Aadhaar number of the customer.
  2. - Repayment depends on the business revenue.
  3. - Biometric scan.

- The payment will be done and directly added to merchants account linked with the app.

SBI has announced that it will adopt Shirki village in Pen taluka situated in the state of Maharashtra, where the bank wants to test Aadhaar Cashless Merchant App. The merchants are provided with Android smartphones and fingerprint scanner for digital payments. Initially many banks are going to roll out the program in stages in different villages before making it available for all.

Though the system is still in its embryonic stage, it will be a major game changer, a payment just with one card from any bank without any pin. This will be mainly benefit people from villages who can’t remember passwords or even illiterate people.

CA Abhay Bhutada, MD of TAB Capital Ltd., said, "Most villagers are not connected with online banking system; they visit the branch for cash withdrawing and deposit. This move will greatly help the villagers. After demonetization, villages faced a lot of problems; wherein they had to visit the banks on a daily basis as the daily cash withdrawal limit was low and many didn’t know how to make card payments."

"Aadhaar based payment system is similar to POS machine transaction only that it will be much simpler and faster. Even bring the merchants on cashless transaction economy, which will enable them to apply for Merchant Cash Advance."