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A machinery loan is a credit facility that helps you borrow funds to buy, lease, repair or upgrade machinery.

Loan Against Machinery

This loan against machinery is a secured loan, where you pledge high-value machinery to finance all kinds of expenditures, be it buying new equipment, carrying out repairs or financing personal expenses.

Most Banks offers a Machinery Loan with specifically curated loan amounts, interest rates, loan tenures for repayments, collateral facility, processing charges and other factors.

It is a type of business loan that enables you to improve your productivity and efficiency without compromising your working capital.

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Loan Against Machinary-

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Nature of Loan
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Following are the procedure steps:

1. Research Lenders:

Research banks, financial institutions, or NBFCs (Non-Banking Financial Companies) that offer loans against machinery. Compare their interest rates, terms, and conditions.

2. Check Eligibility:

Understand the eligibility criteria set by the lender. This may include factors like the type and condition of machinery, your credit score, business vintage, etc.

3. Documentation:

Gather the necessary documents required by the lender. This often includes identity proof, address proof, income proof, business registration documents, machinery ownership proof, etc.

4. Loan Application:

Fill out the loan application form provided by the lender. Provide accurate information about yourself, your business, and the machinery against which you're seeking the loan.

5. Valuation of Machinery:

The lender will typically assess the value of the machinery you're offering as collateral for the loan. This valuation is crucial in determining the loan amount.

6. Loan Approval:

Once your application is submitted along with all required documents, the lender will evaluate your application. If everything meets their criteria, they will approve your loan.

7. Loan Disbursement:

After approval, the loan amount will be disbursed to your bank account or as per the agreed-upon terms.

8. Repayment:

You'll need to repay the loan amount along with the interest as per the agreed repayment schedule. Failure to repay may lead to the lender seizing the machinery offered as collateral.

9. Closure:

After repaying the loan in full, ensure that all necessary paperwork is completed to close the loan account.

Why choose Livanity for Loan Against Machinery?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Loan Against Machinery, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Loan Against Machinery at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Loan Against Machinery offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding Loan Against Machinery eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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