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Business Loan For Manufactures Features and Benefits
Manufacturing business varies as numerous products need manufacturing across various business segments. The capital needs can also vary depending on the nature of the manufacturing business. However, a comprehensive manufacturer loan can benefit manufacturers through the following features and benefits:
Eligibility Criteria For Business Loan For Manufacturers
Similar to other business loans, business loans for manufacturers also come with a set of eligibility criteria the manufacturers must fulfil. Here are the eligibility criteria for a loan for a manufacturing unit:
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Established businesses operating for more than six months at the time of application.
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Minimum turnover of Rs 90,000 in the last three months from the time of application.
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The business does not fall under any category or list of blacklisted/excluded businesses.
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The office/business location is not on the negative location list.
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Charitable organisations, NGOs, and trusts are not eligible for a business loan.
Documents Required For Business Loan For Manufacturers
Every loan for a manufacturing unit requires completing KYC verification, where the borrowers must submit a few basic documents related to the manufacturing business. Here are the documents required for a loan for a manufacturing business:
How To Avail Business Loan For Manufacturers?
Here is how you can apply for a
business loan for manufacturers
with IIFL Finance:
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Visit IIFL Finance’s website and navigate to the business loan section.
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Click “Apply Now” and fill in the
business loan for manufacturers
application form.
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Submit all the relevant documents needed for completing KYC.
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Click the “Submit” button to complete the loan application process.
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After review, IIFL Finance will approve the
loan for a manufacturing
unit in under 30 minutes and disburse the amount within 48 hours into the borrower’s bank account.
Loans Matched with the Type of Manufacturing Business
Every type of manufacturing business has a different setup regarding the nature of raw materials, machinery, needed staff, etc. Hence, the capital needed for manufacturing units for the manufacturing business also differs.
IIFL Finance’s business loans for manufacturers cater to capital needs ideally, irrespective of the type of manufacturing business. At IIFL Finance, you can avail of business loans with a range of tenure to ensure the loan amount matches the type of the existing manufacturing business to ensure smooth operations.
Business Loan for manufacturers FAQs
You can get manufacturing equipment loans by visiting the selected lender's website, filling out the loan application form, and submitting the relevant documents.
You can calculate the EMIs of loan for a manufacturing unit through the EMI calculator on IIFL’s website.
Yes, you can use the loan amount from IIFL Finance’s business loan for manufacturers to buy inventory.
Yes, there are certain other charges, such as loan processing charges, prepayment charges, foreclosure charges, etc. These charges are listed on the website of IIFL Finance for utmost transparency.
You can increase the loan eligibility to fund the manufacturing business by avoiding defaults on your financial liabilities, lowering credit card use, increasing your credit score, and avoiding taking loans from multiple lenders.
Manufacturing businesses can get funding by availing of a business loan, personal loan, gold loan, loan against securities, term loans, etc. However, a specialised loan for manufacturing businesses is the best for raising immediate capital.
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Business Loan EMI Calculator
Estimate your EMI and repayment schedule for business loans.
Your monthly EMI
₹71,735
for 10 years at 12% a year
- Principal
- ₹50,00,000
- Total interest
- ₹36,08,257
Total you'll pay₹86,08,257
₹50 Lakh
₹
₹20 Lakh₹5 Cr*
10 years (120 months)
years
3 years20 years*
% a year
11%28%
Your monthly EMI
₹71,735
for 10 years at 12% a year
Total you'll pay₹86,08,257
*The maximum loan amount of ₹5 Cr and maximum tenure of 20 years (240 months) are subject to eligibility, property valuation and credit assessment.
The EMI shown is indicative and is not a loan offer. Your actual interest rate, loan amount and tenure are confirmed at sanction. Processing fees, GST and other charges are extra, as per our schedule of charges.
Disclaimer: The EMI amount displayed by this calculator is indicative and provided for illustrative purposes only. The actual EMI, interest rate, loan amount, tenure and other applicable terms may vary based on the applicant’s profile, credit assessment, applicable product policies and terms and conditions of IIFL. The calculation does not constitute a loan offer, sanction, approval or commitment by IIFL. Final loan eligibility and terms shall be subject to IIFL’s applicable credit, legal, technical and other assessment criteria. Customers are advised to refer to the loan agreement and applicable terms and conditions for final details.
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