6 Reasons To Get An Engineer Loan To Boost Business
Any engineering firm needs a steady flow of finances in order to function like a well-oiled machine. You not only need working capital for sustained operations, but also a surge of funds for growth. Most commonly, a need for finances arises when you decide to buy or upgrade machinery, hire specialised resources or additional staff for a second shift. For all these needs and any other business-related need that you could think of, a loan for engineers is the ideal solution.
Here are six reasons why you should opt for this business credit option:
1. It is Collateral-Free
Usually, when you take a loan you have to provide a guarantor and/or collateral as security to the lender. With a loan for engineers, you don’t have to do this. As a result, the process of complying with formalities with regards to pledging assets gets eliminated and the application process is much quicker and simpler..
2. It Offers A High Loan Amount
You can avail of a loan of up to Rs.15 lakh. This can cover the cost of new machinery, raw material and hiring with ease.
3. It is Available At Nominal Interest
Attractive interest rates lower your EMIs. This way you can channel your profits towards business growth instead of EMI payments. The engineer loan interest rate is low, which makes it convenient to repay.
Also Read : Benefits of an Engineer Loan from Bajaj Finserv
4. It Gives You The Option Of A Line Of Credit
A line of credit is a fixed sum allocated to you as your loan amount. You can use as much as you need, as and when you need it and pay interest only on the used sum. For example, your line of credit is of Rs.10 lakh and you need only Rs.3 lakh to purchase raw material. So, you pay interest only on 3 lakhs and not the full amount. In 2 months, if you need funds for purchase of tools and equipment, you may decide to withdraw more money. Further, your EMIs consist of only the interest amount, steadying your monthly cash flow. You can repay the principal at the end of the tenor.
5. It is Easy And Simple To Apply For
As the loan application process is short and simple to follow, you save precious time. The online application route makes it even easier. The documents required for a loan for engineers are minimal too, which further trims the time it takes to apply with the loan getting approved in less than 24 hours..
6. It Gives You Online Account Access For Added Convenience
You can view your complete loan information by using the lender’s customer portal. First, log in to the website securely using your user ID and password. Once logged in, you can track your financial transactions, check your payment schedules and pending loan value. Online access to your account makes it convenient for you and eliminates the time you would have to spend visiting the branch to get the same details.
These are some of the reasons why a customised professional loan for engineers is the right financial solution for your engineering entrepreneurial venture. Bajaj Finserv offers one of the best Loans for Engineers in the market. It has a low interest rate, quick fund disbursal system and doesn’t demand any collateral. Furthermore, you can apply for it online or simply SMS ER to 9773633633.