Machinery / Equipment Loan

Overview

Machinery Loan is a tailored financial product which helps MSMEs to raise finance/refinance against new & old machinery to take care of expansion and production needs. TAB Capital Limited offers quick Machinery Loan for Micro, small and medium scale manufacturing units which are in need for urgent capital for buying and upgrading equipment and also for increasing overall productivity.

Features and Benefits

Features

  • Finance/Refinance Available up to 90% of Machinery Value
  • Repayment Tenure up to 5 years We offer high repayment tenure up to 5 years for maximum convenience of our clients.
  • Zero Prepayment Charges* There are no prepayment charges on full/ partial pre- payment of the loan outstanding.
  • No Collateral Needed There is no collateral security required to obtain a Loan for Machinery purchase

Benefits

  • Higher Loan EligibilityLoan Eligibility is higher at TAB Capital Limited when it comes to obtaining Machinery Loan, it helps MSMEs and entrepreneurs to meet their funding requirement.
  • Minimal Documentation & Swift Processing There is minimal documentation along with fast processing which helps you get the loan approved and sanctioned earlier than you expect.
  • Finance/Refinance within just 2 working days TAB Capital understands your need for quick funding and hence loans are disbursed within just 2 working days.

Eligibility and Documents

Eligibility

The eligibility for a Loan Against Machinery is as follows:

  • Age of key person should be between 21-55 years
  • Business stability of more than 2 years
  • Annual business turnover should exceed Rs. 15 lakhs

Documents Required

For getting a Machinery Loan, the following documents are needed:

  • KYC Documents:
    • A copy of PAN Card.
    • Proof of Address: (Passport Copy / Aadhaar Card / Electricity Bill / Registered Rent Agreement)
    • Statutory documents:In the case of Proprietary Firm: Shop Act, GST Registration Certificate, Udyog Aadhaar Memorandum, VAT Registration, other Registrations as applicable.
    • Statutory documents: In the case of Private / Public Limited Company/One Person Company: MOA & AOA, Certificate of Incorporation, Certificate of commencement of business in case of a public limited company, GST Registration Certificate, Shop Act, Udyog Aadhaar Memorandum, VAT Registration and other Registrations as applicable.
    • Statutory documents: In the case of Partnership: Registered Partnership Deed, In Case of LLP: LLP Agreement, Shop Act, Udyog Aadhaar Memorandum, GST Registration Certificate, VAT Registration and other Registrations as applicable.
  • Income Documents:
    • Last 2 years Financials (IT Returns, Computation Sheet & Balance-sheet) and Proof of turnover vide latest sales/service tax returns and Invoice / Purchase Order Copy (for Loan against receivables)
    • Last 1-year bank statement of an operative bank account.
    • Details of all existing Loans: Sanction Letter and Loan Account Statement for last 1 year.
  • Profile:
    • Brief Profile of the Promoters and Company / Firm
  • Machinery Related Documents:
    • Tax Invoice Copy of the Equipment / Machinery Purchased.
    • Proforma Invoice / Quotation of the Machinery to be purchased.

How to Apply

You can now apply for Machinery Loan through the following steps:

  • Click here for applying online
  • Scan & upload your documents online
  • Verification & Assessment procedures
  • Disbursement within 2 working days

Contact Us

Contact us for Machinery / Equipment Loan

FAQs

  • What is the difference between Machinery refinancing & financing?

    Financing basically means that you are taking a loan for buying new Machinery/Equipment where security can be your new machinery. While refinancing means that you get finance for your business against your existing machinery.

  • Am I eligible for this loan?

    You are eligible if you meet the following requirements:

    • Age of key person should be in between 21-55 years
    • Business stability of more than 2 years
    • Annual business turnover exceeds Rs. 15 lakhs
  • How do I repay the loan?

    You can repay either through NACH or through postdated cheques.

*Terms & Conditions Apply