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Top 3 reasons for engineers to take an equipment loan

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Top 3 reasons for engineers to take an equipment loan

  • Highlights

  • Meet expensive costs with an equipment loan

  • Maximise production and profits

  • Buy, lease, repair or upgrade machinery

  • Manage cash flow better

Depending on your area of specialisation, you will need various types of equipment, be it electronic modelling software or devices like scanning probe microscopes or vibration isolators. Purchasing this equipment is expensive and can be cumbersome when you’re facing a cash crunch or awaiting payments from clients. So, to fulfil all your machinery-related needs, you can rely on a loan for engineers. Take a look at three ways in which this can help your business.

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1. To buy or lease new machinery without using up working capital

Assume that you have signed a big project that will require your firm to work efficiently to maintain quality of output and deliver a large order of fuser rollers for printers. To do this, you might have to buy or lease more machinery to keep up with the delivery timelines. But, considering how expensive machinery is, you don’t want to jeopardise your business’ savings or working capital. So, instead, you can increase your business’ output by using a Loan for Engineers from Bajaj Finserv to purchase new machinery.

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.

Top Business Opportunities for Mechanical Engineers

These are some common ways in which you can use a loan for engineers. With simple eligibility criteria, quick disbursal and an affordable rate of interest, it is an excellent resource for your engineering business to rely on.

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