Regardless of the engineering firm you are running – mechanical, software or electric, the need for finance is ever present. There is a consistent need for finance in business. A lot of people find the conventional loan to be comfortable, but that is not the reality when it comes to repayment. Conventional loans are quite rigid as compared to the tailor-made loans. Loan for Engineer is a specially designed loan which allows the engineers to use funds as per their requirements in a way they want.
Is it advisable to opt for an engineer loan?
Yes. Absolutely. It is quite favourable for engineers to opt for an engineer loan. Instead of opting for conventional loans as a mean to introduce funds into your business, it would be a wise choice to opt for an engineer loan. The benefits of engineer loan make them quite a better option as compared to conventional loans.
Some of the benefits include:
Simple Eligibility criteria: The Engineer loans have a simple eligibility criteria which most of the borrowers can meet. For you to avail an engineer loan, all you need to do is to be a consultant engineer or a self-employed personnel. The eligible age for availing an engineer loan is between minimum 26 and maximum 65 years. Apart from that, you need to have a recognised degree and a minimum work experience of five years post your graduation. It makes engineer loan one of the easiest loans to approach for.
No collateral: Most of the professionals back off when they get to know that collateral is required to submit. However, when it comes to availing engineer loan, you do not have to submit a collateral.
Attractive interest rates: One of the major benefits of engineer loan is that it offers an eye-catching rate of interest. The main purpose of the loan is to meet your needs to carry out a successful business venture. A financial institution such as Bajaj Finserv knows the importance of lower EMIs and lesser stress.
Hassle-free documentation: For an engineer loan, the documentation required is quite less in number:
- KYC documents
- Duly-filled application form
- Passport size photographs
- 3-years business vintage proof
- Certificate of practice
- Educational details including degree
Higher loan amount: An engineer loan provides you with an amount of up to INR 15 Lakh. Not just that, the process is quite quicker than you expected. The approval of your loan application takes place within 24 hours, and the money is disbursed to your account within 72 hours. With engineer loans, your urgent needs are taken care of.
Line of Credit: It is one of the most important features provided by the NBFC. A line of credit feature provides you with flexibility and comfortability, thus, allowing you to pay as you go. Under this, you are provided with a credit limit for a particular tenor. Based upon the credit limit, you can make multiple withdrawals. The best part about the line of credit feature is that interest has to be paid only on the amount that you utilise and not the entire amount which is allocated.
Apart from the benefits of Engineer Loan above, you can also opt to prepay your loan as and when you wish. All of these characteristics make engineer loan a go-to-option when it comes to funding your engineering enterprise. Bajaj Finserv is one of the most well-known agencies which is providing the engineer loan service. The best part about the service that they are providing is the flexibility and easy repayment option.