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Equip Your Dreams
With the Right Funding!
Need Financial support to fund your Business Equipment? an Equipment Loan can be your savior.
Let Your Business Reach New Heights!!
What is an Equipment Loan?An equipment loan is a type of financial agreement that lends you money for the purchase of any sort of business equipment or machinery. The bank will provide you with a fixed amount of money, which can be used to purchase your new or used business equipment. Then the borrower will have to repay this amount over time through monthly payments and interest charges.
Now if we talk about the types of Equipment loans, the most common one is known as a "revolving line of credit." In a Revolving line of credit, once you've made all your payments on time, any remaining funds in your account can be used again for another purchase or payment at any time during the lifespan of your contract with them (which could be anywhere from one month up until several years).
What are the Documents required for an Equipment Loan?
Note : The documents may vary depending on the lender and the credit profile of the borrower
- The individuals from corporations, partnerships, trusts, proprietorships, public firms, private firms, or contractors (from the construction site or mining activity)
- The applicant’s age must be a minimum of 21 years and a maximum of 65 years
- The business should be making a profit for the last 3 years
Note : The eligibility may vary depending on the credit profile of the borrower
What are the Documents required for an Equipment Loan?
If you are willing to apply for an Equipment Loan, you can do that in two possible ways:
- Online Application Process : Go to your bank's website and click on "Apply Now" or a similar button
- Paper Application Process : Fill out and submit a paper application form at your local branch
Factors You Need to Consider Before Applying for an Equipment Loan
- Interest rates : The interest rate on an equipment loan depends on various factors such as the bank's current rates, your credit score, and eligibility. If you have a high credit score, you may be able to get a lower interest rate than someone with a low score.
- Loan terms : Getting a repayment tenure that suits your repayment capacity. Equipment loans are usually offered in terms of 1 to 5 years, although some lenders offer longer periods at higher rates (up to seven years).
Benefits of an Equipment Loan
- Upto 100% Financing : Some of the lenders offer up to 100% finance for new equipment, many at 90% or low
- Flexible repayment options : Equipment loans provide you with a variety of ways to repay your loan, including monthly payments and interest-only payments.
- Quick and easy application process : You can apply for an equipment loan online in just minutes, which means you'll have access to cash quickly.
- Competitive interest rates : Equipment loans typically have lower interest rates than other types of financing options, making them more affordable overall.
ReferLoan Equipment Loan
- Our equipment loans allow you to finance the equipment you need to keep your business running smoothly. Whether you need new computers, machinery, or vehicles, we've got you covered.
- With competitive interest rates and flexible repayment options, our equipment loans are designed to fit your specific business needs. Plus, our quick and easy application process means you can get approved in no time.
- Don't let a lack of funds hold your business back. Apply for an equipment loan today and start growing your business with the tools you need to succeed.
FREQUENTLY ASKED QUESTIONS
Yes, usually it is possible for the borrowers to pre-pay an equipment loan without having to pay any penalty. However, we will recommend you check with your bank first to ensure there are no prepayment penalties or fees on your equipment loan.
If you can't make your equipment loan payments on time, the bank may charge you with a penalty. In case of all failed payments, the lender may repossess the equipment and sell it to recover their losses.
The amount you can borrow with an equipment loan will depend on the lender and your financial situation. Most of the lenders finance up to 100% of the equipment's value.
No collateral is usually required for an equipment loan as the equipment being financed serves as collateral for the loan.
Almost any type of equipment or machinery can be financed with an equipment loan. This includes industry equipment and machinery, construction machinery, office furniture, computers, vehicles, machinery, and medical tools.
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