If you are reading this article, you are not in school for sure. Yeah, that is right you are finally an Engineer or is it ‘A Responsible Engineer’. Engineering is a diverse field with students who have no idea why they are doing it to people who have plan B for their life after engineering. Well if you are a qualified engineer and planning to remain one, an Engineer Loan can help you on this journey.
What is an Engineer Loan?
Every problem needs a solution, and resources to make that solution work. Engineering is one big problem where you need a lot of capital for the production of products and maintaining their consistency. As the name suggests, an engineer loan is a type of business loan for engineers. It is a professional loan for all self-employed or consultant engineers allowing them to use it for financing equipment, for raw materials, daily operation, marketing as well as business expansion.
Characteristic features of Engineer Loans: A number of Non-Banking Financial Companies (NBFCs) like Bajaj Finserv offer loans for engineers with following features:
- Limit of credit: This feature allows borrowers to pay interest only on amounts utilised by them during the tenor of the loan.
- Attractive offers: NBFCs provide attractive offers for loans up to 15 Lakh making your loan approval quick.
- No guarantee needed: As an Engineer Loan is an unsecured loan, it eliminates the need of security or collateral.
Benefits of availing Engineer Loans:
- Eligibility criteria: Loan for engineers has a very simple eligibility criteria without much requirements.
- Interest rates: Engineer Loans are offered with attractive interest rates. Moreover, if you take an engineer loan from an NBFC like Bajaj Finserv, you can save a lot on your interest amounts. It gives you a flexible credit limit on your Engineer loan which allows you to pay interest only on the amount you spend till the tenor of the loan. This helps borrowers to reduce the expenses on interest paid.
- Easy to apply: If you want an engineer loan you can apply for it by sitting at home. You just need to fill the online application form, and your loan will be approved instantly within 24 hours.
- Avail money when needed: Banks and NBFCs provide a lump-sum amount as a loan for engineers which they can use as per their requirements without the need to apply multiple times.
- Minimum Documentation: Paperwork for loans often take a lot of time. However availing an engineer loan doesn’t require many documents and is a quick process. Applying for an engineer loan through an NBFC makes your task even easier.
- Loan for working capital: Professional loans for engineers offered by lenders can be used for working capital needs by engineers.
- Allows business expansion: An engineer loan can help you expand your business. If you wish to explore different cities and add people to your business chain, engineer loans can prove to be beneficial as the interest rates on such loans are fixed.
- Sufficient Loan Amount: Lenders like Bajaj Finserv provide high loan amount with easy approval.
- Finance equipment: Any engineering business needs technological as well as machinery upgrades. An Engineer Loan can help you reduce the cost of production. It is also possible to replace old equipment and update machinery by using the loan amount.
- Tenor: An engineer loan can be availed with a flexible tenor, allowing the borrower to choose the tenor as per his/her requirements and ability to repay.
Get a hint of your Eligibility and the documents required to avail an Engineer loan
Who can apply for an Engineer Loan?
The Eligibility Criteria for Engineer loans does not ask for more. To apply for an Engineer loan, you need to:
- Be a Self-employed or consultant engineer
- Have a work experience of Minimum 3 years
- Vintage experience of 5 years since graduation
- Be of the age between 26-65 years.
What are the documents required to avail this loan?
One needs to submit the following documents for an Engineer Loan:
- Filled Application form by the applicant
- Photographs of the applicant
- Business vintage for three years
- Business proof-certificate of practice
- Details regarding your Engineering degree
- Know your customer(KYC) documents
Availing an Engineer loan needs a lot of planning and research. NBFCs like Bajaj Finserv supports you throughout this journey and helps you manage all the finances related to your business. So make a smart plan for your business expansion by availing an Engineer Loan.