Indian Machine Tool Industry is about to witness a CAGR of 11.45% during the period of 2022-2027. Utilisation of machine tools is widespread, cutting, forming, drilling and various other operations are highly dependent on the machine tool industry. Kinara Capital’s customer Ankush Bhagwan Suthar owns Sairaj Engineering in Pune, Maharashtra. Read his journey and know how he is contributing to the industry with his manufacturing unit.
Sairaj Engineering: Introduction
Ankush Suthar started Sairaj Engineering, a machine tool manufacturing unit in 2015 with one CNC wire cutting production machine. Later, Ankush wanted to expand his business to increase the production and demand of his products.
Grow your MSME with collateral-free business loans
Sairaj Engineering was working well in the market, this is when Ankush started looking for funds to keep up in the market and expand his business. During this period, he realised that going to the bank and applying for a loan will be a task for him as bank procedures take time to disburse loans and require a lot of paperwork.
In the hustle he looked towards his friend for advice who recommended Kinara Capital to him. He explained about the collateral free business loan which Ankush can avail and even informed about all the guidance that he would get from the loan officers in the process of loan application.
Solution offered by Kinara Capital
Ankush approached Kinara in 2017 for a business loan, where a loan worth INR 3 lakhs was disbursed to him in no time. The loan amount was used in purchasing two machines and other requirements for the company. Ankush was working as a one man army for Sairaj Engineering, after the loan he increased the working capital and hired an operator for his business.
The expanded business started to grow further with new orders flowing in and creating a requirement for another machine. Ankush applied for a second loan in 2019 from Kinara worth INR 6 lakhs and purchased the machine.
Impact of Solution Offered by Kinara Capital
Kinara Capital provided business loans to Ankush to grow the business resulting in an increased number of workers as well as growth in the quantity of the machinery they owned. Higher number of machines led to in time completion of orders and the timely delivery of orders made them get more orders.
Ankush says that Kinara does not take any collateral which makes their services better than any other bank which is helpful for the MSME owners like him as they find it difficult to arrange fundings for their new businesses. Ankush adds, “Kinara Capital never asked me for any collateral and instead gave me loans based on my assets”. He has an ongoing loan with Kinara and happily tells about the customer support team, how they remind for the EMI date and how to keep sufficient funds in his accounts and will not have to worry about managing money in the end. He is content that this has built up his credit score. Ankush exclaims that Kinara Capital’s service is the best!
Kinara Capital is an RBI registered Systemically Important NBFC in India is empowering the MSME sector by providing them collateral free business loans. Check your loan eligibility in the myKinara app available for download in the Google Playstore in 1 minute in your preferred vernacular language with 7 language options to choose from. Go from decision to disbursement with 24 hour loan disbursement policy.
Kinara with its branches across 3000+ pincodes has disbursed 75000+business loans over INR 3500 crores till date to help in the growth of the small business owners. You can now avail a business loan by giving a missed call on 080-68264454, get all the guidance and advice you want for your loan process.
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