Unsecured Business Loan for Manufacturing - Oxyzo's Complete Guide

Rising overhead expenses, excess inventory, cost of raw materials, and other working capital expenses may cause hurdles in running the day-to-day operations for businesses. Unsecured business loan for manufacturing aids firms in handling the working capital requirement or purchasing raw materials. Oxyzo’s smart credit line for manufacturers helps rise against financial burdens by ensuring that your operations continue to run smoothly.

Major requirements of manufacturing firms for finance includes: 

• Investing in a new product: Creating a new product from scratch takes a lot of experimentation, which has a high upfront cost.
• Expanding production: Setting up a new plant can lead to unexpected overhead expenses and other problems, resulting in a tight cash crunch. An unsecured loan for manufacturing can be the solution to this.
• Lack of New-Age Technology: Manufacturers have to keep with the times in this day and age. To do that, purchasing the latest equipment and upgrading existing infrastructure is key to retaining customers and bringing in new ones. Business loans can come in very useful in such situations.

Whatever your requirement is, you can opt for an unsecured business loan for manufacturing to suit your own unique business needs and reap a host of features and benefits.

How to Get Unsecured Business Loan for Manufacturing

SMEs and leading manufacturing industry players use manufacturing loans to build inventory, hire workers, purchase equipment, or obtain working capital. To remain competitive, manufacturing businesses must invest in production capacity and the company’s physical plant, energy efficiency, and workplace safety environments. But your question may be, are you eligible to get a loan? Unsecured business loans require minimal documentation, and the good news is they do not demand any collateral. The credit line is approved based on the documents submitted, and you’re free to use the approved credit for working capital requirements.

Why Choose NBFCs for Unsecured Business Loan for Manufacturing

Most banks offer a collateral business loan that requires collateral to back the business loan. Manufacturing companies who could not provide collateral often face rejection while availing the collateral business loan. An NBFC unsecured business loan is an ideal option for manufacturers looking to apply quick credit for manufacturing but cannot provide collateral.

Being one of the best NBFCs in India, we offer a credit line for businesses on easy terms and conditions, without taking any collateral. That means the time of approval for the loan is less than half as compared to banks. Our working capital credit for manufacturers ranges up to 2 crores. With our credit line for the manufacturing unit, you can easily finance your everyday operation or even buy or upgrade machinery or equipment to increase your output.

How to Avail Unsecured Business Loan for Manufacturing

• Apply Online: You can easily avail our credit for manufacturers online on our website or through our App. Duly fill our business loan application form and submit it. 
• Submit Required Documents: We require a minimal list of documents for a loan for a manufacturing business. You can submit soft copies of the documents on our App or website.
• Business Loan Approval: Our representative will process your business loan application form within a few days after applying and submitting documents. Our business loan eligibility criteria are very easy to meet. 
• Disbursement: If your business loan is approved, we will disburse the loan amount within 2-3 working days. You can repay the business loan in easy monthly installments conveniently.