No matter if you are having a small or a large business, you need to bring some latest equipment in your line. It is needed to help you perk up business potentials and even have an edge on your competitors.
When it comes to equipment finance India funding, many business owners are unaware of ways to do that. Let’s check out seven easy ways you can fund equipment finance India. Read on!
One of the most immediate business equipment financing options is doing it via self financing. If you have enough working capital or have saved enough, you can gather funds on your own and finance for the equipment purchase.
Another way to arrange funds for equipment can be done by liquidating savings. If you have considerable savings in your bank accounts, you can use your savings to make way for equipment finance India.
Break your FDs, mutual funds and more
In case if you have invested in fixed deposits, mutual funds and more, you can break them and get equipment finance India in your hand. It may also be possible to get loans against these vehicles and don’t have to let go of ROIs on them.
Sell off your old equipment
You can also sell off your old equipment to gather money for making way for new equipment finance.
Raise funds from your friends and family
If you want to raise some funds for buying latest equipment for your business, you can also do that via your friends and family. The biggest benefit of doing that with your family members and close friends is that you won’t have to pay interest charges to them. You can repay them in installments and fulfil your purpose easily.
Go for an equipment finance India facility
Many leading banks and non-banking finance companies (NBFCs) in India provide you equipment finance India facility. You can apply for the loan and get a significant amount and repay it over a flexible tenor. When it comes to applying for an equipment finance India, you should always compare all available loan options online. You can do that on a third-party website and pick an offer that matches your needs and budget the most. This facility is available for free and round the clock. You can also keep your CIBIL score on the higher side, which is 750 or more, fulfil lender’s eligibility norms and submit required documents. It can help you get closer to the loan approval faster. Applying for a loan can help you to get funds without liquidating your savings.
Sell off some personal assets
Another way to raise funds is through your personal assets. If you have some personal assets that you don’t use anymore, you can sell them off and raise funds for new machinery.
If you are able to consider these aspects, you will find it less cumbersome to acquire the required money to make way for the latest equipment. You can also save your time and efforts by applying for an equipment finance India facility with a known lender online.
Leading lenders like Bajaj Finserv presents pre-approved deals on business loans, home loans, personal loans and more. It can simplify the loan processing and make it faster. You can share your basic details like your name and mobile number to unlock your pre-approved loan offers right away.