Top 3 reasons for engineers to take an equipment loan

This loan offers you credit of up to Rs.15 lakh along with quick approval and disbursal, nominal rate of interest and flexi loan facility. Using a Flexi Loan offering, you can also buy needed equipment in instalments.

2. To upgrade existing machinery without depleting business savings

Technology is fast evolving and every few years, you will find that you need to upgrade your machinery to speed up processes and maximise productivity. Sometimes, you may also have to take up an all-around upgrade very quickly. Say, you have a software engineering firm. Since your area of operation relies heavily on computers, you will find the need to upgrade various parts like the processor, RAM or motherboard. To do this on a large scale can be expensive, and so, you can use a loan for engineers. Bajaj Finserv’s customised financial offering for engineers, for example, gives loan approvals in 24 hours and minimal documentation.

3. To maintain or repair equipment while ensuring smooth cash flow

To ensure that your machines run smoothly and optimally, you must tend to them from time to time. If not, you may have to deal with unnecessary interruptions to your work schedule. While your equipment is new, this will be covered by warranty. But, once warranty lapses, you will have to finance this on a monthly, quarterly or annual basis, depending on the nature of the equipment. The machines in your organisation can break down due to wear and tear, malfunctioning parts or even frequent power cuts. In such cases, you must be able to repair them instantly to ensure that your production line isn’t affected. These expenses can be high and you will need finance immediately to ensure that your output isn't compromised. You can divert funds from a flexi loan for engineers towards this purpose as it is perfect for any unplanned expense.