Machinery Loan

The eligibility criteria for machinery loans may vary depending on the lender, but here are some general guidelines:

1. Business entity: The borrower should have a registered business entity such as a sole proprietorship, partnership, private limited company, or a limited liability partnership (LLP).

2. Business vintage: The business should have been in operation for a certain minimum period, which varies from lender to lender, but is typically at least one year.

3. Turnover: The borrower should have a certain minimum turnover, which also varies from lender to lender, but is typically at least Rs. 10 lakhs per annum.

4. Credit score: The borrower should have a good credit score, which is a measure of their creditworthiness. A good credit score indicates that the borrower has a history of repaying loans and credit cards on time.

5. Profitability: The business should be profitable, with a positive net income and cash flow.

6. Collateral: Some lenders may require collateral to secure the loan. This could be in the form of property, machinery, or other assets.

7. Documentation: The borrower will need to provide documents such as financial statements, tax returns, bank statements, and other business documents to support their loan application.