A Guide to Engineer Loan and How they Can Benefit your Business
An engineer loan is an easy financial solution when people from this profession require additional funding. Considering the nature of this particular profession, this loan is tailored covering the cost of a pool of requirements.
Ask the following questions when looking out for a loan for engineers.
Is the loan amount high?
Lending institutions provide an extensive loan amount to the applicants. One may get up to Rs. 25 Lakh with no restrictions on end use. They have a separate loan for engineers which can cover up to an amount of Rs. 15 Lakh.
Moreover, such loans from Bajaj Finserv come with the Flexi-hybrid feature which allows engineers to withdraw money from their loan accounts multiple of times meeting various unpredictable cash needs. These Flexi Loans also let the borrowers repay only the interest part as EMIs whereas the principal is repaid only at the time of closure of the loan.
What are the aspects an engineer loan covers?
It is a multi-facilitated loan focusing on catering to a number of needs of an engineer. For instance, a self-employed person may use the loan amount to expand his business whereas a job-holder can opt to spend the funding for personal expenses.
To sum up, from upgrading the workspace to going for a dream vacation, this unique loan is a complete package meeting all the necessities and wants.
What are the eligibility criteria?
The loan requires easy-to-qualify eligibility criteria. Following are the necessary conditions:
An engineer must age between 25 and 65 years.
A self-employed individual should have an established business of minimum three years.
Salaried individuals with a minimum of 5 years of working experience are also eligible for this loan.
Does it have any flexible repayment tenure?
Yes, lending institutions like Bajaj Finserv do offer convenient repayment tenure for their borrowers. Depending on the financial condition, a borrower can select tenure ranging from 12 months to 60 months.
However, a salaried individual may take up to a maximum of 72 months to repay the loan amount.
How to apply for this loan?
To apply for an engineer loan, one can select either the online or offline mode. However, one first needs to verify a few documents for getting approval.
Passport sized photograph
Certificate proof of engineering degree
KYC documents
3 months’ salary slips in case of job- holders
3 months’ bank statement
Proof of business of minimum 3 years for self-employed.
Post-verification, the applicant will get quick approval in 5 minutes and disbursal within 24 hours.
Now, when you have the guideline, know how this loan can be beneficial if you are a self-employed engineer.
Raise finance for machinery acquisition
Most of the engineering firms hinge on state-of-the-art machines and even the latest software. So, have an engineering business plan, chalk out the right equipment, and buy them with the loan amount.
Investing in machines and equipment will help business owners increase their output and boost their profitability.
Purchase raw materials
Prices of raw materials have seen an unnatural hike owing to inflation. However, buying quality raw materials is important to keep a business running.
So, an engineer loan comes to recuse here safeguarding the cash flow of business owners. Additionally, one can save up a lot of money as lenders offer attractive engineer loan interest rate for customers.
Fuel the firm’s working capital
In business, owners can’t afford to make late payments to their workers and clients. So, they can boost the capital finance with an engineer loan to ensure smooth running of business without a hitch.
Hire the best resources
Owing to the economic crisis, engineers fail to recruit required workers which throw a negative impact on the business.
Thanks to the personal loan for engineer, with the fund, they can increase workforce leveraging their profit.
Clear out creditors’ debt
One of the significant benefits of engineer loans is that the credit can be used for debt clearance, thereby improving your market credibility. This, in turn, also helps them to share a cordial relationship with their clients and customers alike.
However, to enjoy all these facilities, you need to know the tricks to improve your chances of engineer loan approval including credit score, repayment capability, etc.
Nowadays, reliable NBFCs including Bajaj Finserv provide a robust loan amount with an affordable interest rate. Moreover, the institution also brings customised pre-approved offers for a personal loan, home loan, business loan and many other financial services. This easy procedure enables the applicants to save a lot of time.
One can check out the pre-approved offer by submitting all the necessary information on the company’s website.
Hence, a loan for engineer is an appropriate financial aid having versatile benefits for both self-employed and salaried engineers.
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