A small business owner in want for business finance should undergo loads of problem in Bharat. ancient lenders area unit slow and set in their old ways that of approving business loans, which might be harmful for contemporary businesses World Health Organization got to move quickly to occupy vital market house. There area unit many ways that fast business finance will profit associate SME, one in every of them being plant and machinery acquisition.
Equipment may be a vital a part of operations for atiny low business as a result of the assembly of products and services directly depends on that. Timely upgrade and maintenance of business instrumentation make sure that a business stays competitive and profitable. However, instrumentation finance is as troublesome to finance as atiny low commercial loan. A investor can sometimes raise to submit the new instrumentation as collateral for granting the loan.
If you are shopping for machinery loans that do not require collateral, there are very few lenders who can offer you that service in India. The reason being, the Indian banking sector is suffering from an unprecedented NPA crisis, which has made lenders reluctant to finance SMEs without proper collateral. But NBFC lenders like Loanswala Finance do offer unsecured loans for purchasing plant and machinery if you satisfy their eligibility requirements.
Here is how you can get a machinery loan without collateral from Loanswala.
Step 1: Check your eligibility
Loanswala’s website allows you to check your eligibility for a business loan for buying machinery. Simply complete the sign-up process and enter some basic details about your business. You will be offered a loan quote based on the age and type of your business and your sales/earnings.
Step 2: Accept the quote
Once you choose to accept the loan quote, you can move on to provide additional details about your business and upload your documents. The whole process is online and you only need to upload digital copies of the documents for verification.
Step 3: Wait for verification
You can monitor the progress of your loan through the Loanswala account. It allows you to get real-time updates on your loan application. Additionally, you can also download the Loanswala Mobile App for Android smartphones to monitor account activity without having to log in every time.
Step 4: Get your loan for machinery
Loanswala promises business loans within 3-days of loan application. Since the whole process is online there is no possibility of manual interruptions in the approval, verification and disbursal process. The loan amount is directly credited into your business account, so there is no hassle of depositing demand-drafts in the bank, which is the case with most bank loans.
Increased Production: With access to the latest technology your business can enjoy higher production in lesser time.
Higher Quality Product: Use of newer technologies also increases the quality of your product, thus, helping in customer acquisition.
Enhanced Profits: Technology also reduces your production costs and allows you to improve margins on the products and services you sell.
Faster Turnaround Time: With new machinery, you can process raw materials into finished goods faster. Thus, speeding up your sales cycle.
Lower Defects: Goods manufactured using the latest machinery also have lower failure rates and hence help in creating goodwill for your company.