Various metals are used for machinery parts such as zinc, copper, aluminium, magnesium, lead, etc. Aluminium is the second most used metal after steel as it withstands good corrosion resistance, high thermal and electrical conductivity. There are several methods for forming aluminium, and the most common method picked by designers is aluminium die casting.
India is the fourth largest producer of aluminium in the world with a share of around 5.3% of the global aluminium output. The country also has nearly 10% of the world’s bauxite reserves and a growing aluminium sector that leverages this.
Mohanraj an MSME entrepreneur has been running Modern Alloy Parts for the past 6 years which is located in Bangalore, Karnataka. They manufacture aluminium products by using two methods namely, aluminium pressure die cast and aluminium depression process. Mohanraj and his wife have been running this company with 9 employees who have been selected and trained by Mohanraj himself. They offer a wide range of alloy parts which are available in various shapes and sizes that are further purchased by other business enterprises as parts of manufacturing a machine.
As the manufacturing process mainly involves machinery equipment, Mohanraj was looking for opportunities to invest in assets to improve the quality and quantity of the production by adapting latest technology. Purchasing new machinery requires a huge sum of money and Mohanraj was facing difficulties to acquire funds. This is when one of Mohanraj’s friends referred him to Kinara Capital and gave him the information about the seamless procedure to avail a collateral-free machinery loan from the NBFC.
Upon receiving the details Mohanraj contacted a Kinara Capita’s field executive officer and learnt more about asset purchase loans and the application process for availing this credit. Immediately an executive officer visited his factory and saw the manufacturing process at Modern Alloy Parts. As Mohanraj learnt that he was eligible to receive a business loan, he submitted the required documents as guided by the officer and within one week of the verification process a loan of INR 2.5 lakhs was sanctioned to him.
This helped him in purchasing new assets for his business, further increasing the efficiency and sales. With the demand in business, he applied for a second loan of INR 97,000 to bring in more customers as his business kept growing. He was very pleased with the services and strived to succeed more and applied for another loan of INR 2 lakhs as his business continued to expand.
After receiving loans from Kinara Capital, Mohanraj purchased assets for his enterprise which led to more business opportunities along with an increase in productivity. Currently Mohanraj is running a successful business and is planning to build another factory within one year and in case of any requirement of loan he will approach Kinara again. With a great customer-friendly approach by the team Mohanraj is satisfied with the services from the executive and managers.
Mohanraj shares, “These loans have been very helpful. The executive and managers were very comfortable and polite. I have plans of building another factory within one year. Next when I need help, I will approach Kinara again, thank you”.
Kinara Capital offers various products among which asset purchase loans are one of them. This loan can not only be used for machinery purchase but also for repair or upgrade of the existing machinery as well. Also, we have a dedicated customer support team available between Monday – Friday (9.30 AM – 6.00 PM) at our toll free number 1800-103-2683 for any questions or assistance. This ensures that entrepreneurs can get the help they need throughout the loan process.
