Machinery loans in India can be obtained from banks and NBFCs (Non-Banking Financial Companies).
Banks ask for security against a machinery loan and the process of evaluation and loan disbursal takes a long time because banks follow some strict policies and there is a lot of documentation involved.
NBFCs provide machinery loans without security, with simple eligibility criterion, minimal documentation, and the loan disbursal is also faster.
Machinery is crucial for the proper and smooth functioning of the production process, therefore unsecured machinery loans are better when there is a need for quick loans.
Documents list for a machinery loan:
- PAN Card of the proprietor
- Aadhaar Card of the proprietor
- Bank Statements of the last 12 months (in PDF)
- Income Tax Returns For The Previous 2 years
- Latest Balance Sheet & P&L (provisional/audited)
- Shop Establishment License/Gumasta
- GST Registration Receipt
- GST Receipts/Challans
- Tax Invoice Copy of the Equipment/Machinery Purchased/Proforma Invoice/Quotation of the Machinery to be purchased.
If you are looking for a business loan, contact Gromor. Gromor provides unsecured business loans in 3 days or less. To know more, visit Gromor Finance!