The TIIC has launched an Equipment Finance Scheme for Existing Clients. They work towards the goal of assisting startups and existing users in any of the schemes. Obtaining funding for equipment is another financial device. This provides finance for business owners to purchase new machinery or repair old equipment.

Machinery financing benefits both small and large businesses. Additionally, corporate owners and equipment loan firms benefit from tax breaks. Furthermore, the interest rate, loan amount, and loan tenure can vary by bank. Additional possibilities for equipment leasing include finance leases, hire purchase contracts, operating leases, and so on.

What is the eligibility criteria for the Equipment Finance Scheme for Existing Clients?

Individuals, partnership firms, limited liability partnerships, corporations, trusts, and organizations. Each must include the following:

• Should be operational for at least three years.
• Profits and dividends must be earned and declared throughout the next two fiscal years.
• Not implicated in any failure to pay obligations to institutions or banks.
• Have a positive net worth.

Equipment Finance Scheme Benefits for Existing Clients:

1. A) Instant Loan Penalty: – The TAT for all loans is extremely short. Usually, provided the client delivers all of the necessary paperwork. It takes less than a week to receive a letter of penalty.
2. B) Decrease / Tax Benefits: The maximum return on Equipment Loans decreases tax due to the decrease in the Balance Sheet.
3. C) Up to 80% Invoice Value: – Another benefit is that you can receive up to 80% of the invoice value. Also, incorporating GST allows you to spend more on business.
4. D) Flexible Repayment Options: – Several lenders now provide a variety of flexible payment options. Because it provides you with payment flexibility and a variety of project cost-planning choices.

What documents are required for the Equipment Financing Scheme?

When applying for a machine loan, you will need to provide certain documents. It’s also simple to verify your information, which will aid in your loan application process. To apply for a machine loan, you must submit the following documents:

• KYC documents
• Proof of identification: Aadhar card, PAN card, passport, voter ID.
• Proof of Residential Address
• Business address evidence
• Proof of business registration includes partnership title, certified copies of MOA/AOA, and a bank statement. Six months ago.
• Recent passport-size photos of the applicant or applicants
• Two years ago. Income Tax and Audited Income
• Supplier information and equipment names.
• CMA Report