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There are many types of finance/loans options available to an individual and businesses in the market like housing loan, vehicle loan, business loan, education loan, marriage loan etc. The business loan includes several types of loans out of which equipment financing is one category. An equipment financing is a business loan's that specific category that is obtained purchase of equipment's required for operating current business. New devices for business and the latest up-to-date machinery are, no doubt, excellent way for expanding one's business, but securing the finance for them can be tough at times.

What is equipment loan/financing?
Hence a business loan paves the way for financing of equipment and take away any obstacles in getting success for the business. Equipment financing is a category of business loan which is very crucial for those business entities, business owners who are getting funded to purchase equipment's for various business purposes. Such monetary help for equipment purchases aids business owners in achieving more productivity with the help of freshly purchased equipment's. Increased output or production results into an increase in revenues as well from distribution and trade.

Eligibility Criteria for Equipment Financing

• Applicant age should be within 21- 58 years
• Business should be running for more than 2 years old
• Income Tax Return documents for the last two years
• Bank statement of last twelve months
• Earning minimum of Rs. 3 lacs per year through business activities

Advantages of Equipment Financing
Some advantages of getting business loans from are as following:

• Loans upper limit up to as high as 10 lakhs
• Collateral-free Equipment Financing

Documents required for Equipment Finance
If you are looking to opt for a business loan to facilitate equipment financing, then there are particular documents that must first be procured and made ready.

1. Business Registration Proof
2. Bank statement of last twelve months to understand the amount of revenue that is earned by the business or company
3. Address proof (Valid Aadhaar card, Electricity bills, etc)
4. Pan Card
5. Aadhaar Card

Benefits of Equipment Finance

• It aids in buying brand new machinery / equipment's
• It helps in modifying, renovating, or changing the present machinery / equipment's
• It helps in refurbishing faulty equipment or machines or in upgrading

OMLp2p offers business owners the simple option of getting a business loan. We at OMLp2p offer different types of business loans. From working capital loans to Debt Consolidation loan, one can find the perfect loan for their business from across India.