Vapi is a city in Gujarat with an extensive chemical, textile and equipment manufacturing industry. It is also well known for its Common Effluent Treatment Plant, which is the biggest plant in India and the largest of its kind in Asia.
Vapi earns a large share of its revenue from its manufacturing sectors including various farming and industrial chemicals, paper, packaging material, processed rubber, computer parts, glass, food, and pharmaceutical products. Vapi also shares its revenue from the many equipment manufacturing businesses that support the larger industries.
The lending sector in Vapi has also grown significantly, thanks to the increasing need for funds amongst business owners. SMEs and MSMEs often avail business loans in Vapi to pay for the necessary infrastructure and enhance their manufacturing capacity.
How to boost the growth of equipment manufacturing business in Vapi?
There are several methods to initiate the growth of an equipment manufacturing business. The first step is to create a growth plan for your small business. It gives an idea of the estimated growth path of that company and how to achieve that most efficiently.
After creating a business plan, one should consider the company’s current financial condition. It will provide with an idea of the monetary requirements for further development. Several financial organisations including NBFCs offer ample funds to bridge any existing fiscal gap effortlessly. So, owners can assess their repayment capability, and apply for a loan amount accordingly.
Products like a Business Loan from Bajaj come with affordable interest rates, flexible tenors, and many other features and benefits. Also, there is no restriction on their end usage. So, check out the tips to expand a manufacturing business and use the amount accordingly for a variety of purposes.
Noteworthy features and benefits of these loans for manufacturing
1. Collateral free – These types of loans are usually collateral-free. It allows business owners to repay the debt without worrying about losing any asset on defaulting.
2. Large loan amount – Reputed NBFCs offer a large amount of up to Rs. 30 Lakh as business loans in Vapi. This enables borrowers to purchase necessary equipment, improve their infrastructure, or even hire experienced staff to grow their equipment manufacturing business feasibly.
3. Flexi Loan facility – The Flexi Loan Facility allows borrowers to access funds from a pre-approved loan limit. They can borrow as and when required from that amount and pay interest only on the withdrawn funds. Also, they can pay the interest as easy EMIs and repay the principal amount at the tenor’s end.
4. Online account management – A borrower can access his business loan account from anywhere with online account management facility. He can check the available balance, due date, repayment tenor, and various other relevant information online.
5. Flexible tenors – Flexible loan tenor enables a borrower to select a suitable repayment schedule without straining his budget. A business loan in Vapi can come with a repayment tenor of 12 to 60 months.
6. Easy to meet eligibility criteria – Availing loans is easier nowadays with the simple eligibility criteria set by lenders. Usually, borrowers should be within the age bracket of 22 to 55 years and possess a business vintage of at least 3 years.
It is essential that an equipment manufacturing business keeps up with its customers’ demands to stay ahead of the competition. Implementation of advanced technology like automation, better demand prediction, and manufacturing high-quality finished products can not only help with better client retention but also increase the revenue significantly. With the availability of business loans in Vapi, companies can easily plan to penetrate newer avenues and finance their growth with ease.