Machinery loans are suitable for micro, small and medium scale manufacturing units, which are in need of urgent capital to buy and upgrade equipment and also for increasing overall productivity. The loan offers much-needed support to any manufacturing business.
For instance, if you have a printing business and you had to purchase printing machinery with the latest technology and expand your business, but don't have the necessary funds to buy the expensive machinery. You can approach the financial institution for machinery loan and can purchase the machinery for fuelling your business requirements.
Machinery loan can be used to support new equipment purchase and financing or for maintenance and repair of existing equipment thereby increasing the overall productivity for the business.