Machinery Loan Without Security: Benefits & Features
Machinery Loan Without Security: Benefits & Features

With the continuous changes and upgradation in technology, it has become essential for a manufacturing unit to have access to the latest machinery and equipment. The upgraded machinery is vital for operations. Extended use of obsolete machinery can be negative for business operations. And it may also provide an opportunity for the competitors to overtake.

However, investment in machinery and equipment is generally high. Not all business owners have enough funds for investment. Thus, the business owners avail a machinery loan without security. To avail of this facility, there is no need to hypothecate asset. So, a small business owner can also avail the facility with ease.

Benefits of Machinery Loans without Security

If a business owner searches for a business loan for manufacturers, he gets plenty of options for the same. However, it is disappointing for them as most of them require pledging of an asset to back the loan amount. Additionally, the terms and conditions are strict, and a number of documents are required for the loan. The secured loans also come with strict eligibility and an assortment of add-on charges.

On the other hand, there are NBFCs operating the market as well. They offer unsecured machinery loans without the condition of hypothecating an asset. The eligibility of the borrower is calculated on the basis of the business information provided by him. The NBFC business loans are offered at basic eligibility that most of the small business owners can meet. The NBFCs require a minimal list of business loan documents. Additionally, they have an online loan application process where the borrower can apply for the loan and upload documents online. The online loan application speeds up the loan approval process. So, the loan amount is disbursed in just 3 days.

Features of Unsecured Machinery Loan

The NBFCs or Fintech Companies are the technology-based companies that are determined to offer maximum convenience to the customers. As said earlier, they have an online loan application process for an unsecured business loan. The important features of collateral-free machinery loans are the following:

  • Credit Range: The credit range for machinery ranges from 1 lakh to 5 lakhs. The cost of machinery and equipment widely varies across different industries. To match this difference, a business loan of wide loan range is offered.
  • Loan Tenure: The NBFCs do not compel the small business owner to repay the loan amount too early or late. They allow the borrower to choose the loan repayment tenure as per his pocket - 12 months, 18 months, or 24 months. So, the borrower can choose the term that suits his business cycle most favourably.
  • Quick Decisions: In the age of digitalizaiton, why should the borrowers keep waiting for a response to their loan application? They can check their eligibility online in just 10 seconds and get the loan amount disbursed in their account in just 3 days. The online lenders are technology-enabled platforms that have a fast turnaround time.
  • Minimised Costs: A machinery loan without security is offered at the most competitive interest rates. The processing fee for it is also very minimal. The business owner can also use the EMI calculator to calculate the amount to be paid every month.

Now that you know the features and benefits of machinery loans without security, you can avail a loan for machinery purchase and reap large profits.

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