An equipment loan involves lenders writing business loans that are secured by equipment. We provide this loan to businesses that are looking to start up or that are already running but need to purchase equipment.
- Attractive interest rates
- Processing period 1 to 2 weeks
- Payment period, maximum of 4 years depending on the equipment one is purchasing
- List of proformas with items
- Security i.e. business assets like machinery
- Copy of ID or passport
- Financial statements for the last 3 years
- Trade license
- MOU for a company
- Board resolution allowing company to borrow money
1. Who is legible for this type of loan?
Companies or business people that are able to provide all the requirements requested by the Bank
2. How Is Interest charged?
Interest is charged on a monthly basis
3. When my payment period runs out for the equipment loan and has been cleared, can it be renewed?
Yes, it can be renewed but as a new facility. However, this happens when you have cleared the previous facility or if your securities are good enough to convince the Bank to extend your payment period.
4. What kind of equipments do you finance?
Stationeries, IT equipment and accessories, house/office equipment, machines i.e. agricultural, cleaning and many more