A loan for engineers may seem similar to a conventional loan but the differences are striking. The latter requires pledging security and collateral while an engineer loan does away with this entirely. So, if you’ve been refraining from Applying For A Engineer Loan because you don’t want to risk your assets, an engineer loan is the perfect fit for you. Additionally, an engineer loan will get you more funds—a sum of Rs.15 lakh—which you can use to grow your business.
Since the purpose of an engineer loan is to simplify the business finance needs of an engineer, it requires minimal documents.
Here Are The Documents Required For An Engineer Loan:
- Firstly, you need to have a duly-filled application form
- Next, you’ll require passport size photographs of yourself
- You will also need KYC documents such as ID and address proof
- You will also need to submit your certificate of practice as business proof
- You will require a business vintage proof for a minimum of three years
- Lastly, you will need to give the details of your engineering degree
Applying for an engineer loan is even simpler. Here’s how you can apply for an engineer loan in 5 simple steps:
- Fill the online application form.
- Choose a suitable loan amount and tenor.
- Get approval within 2 hours.
- Wait for company representatives to contact you for the collection of documents.
- Relax while the money gets credited to your account.
If you plan to apply offline, simply SMS ER to 9773633633 and wait for a company executive to get in touch with you.
Here’s a quick recap at the many benefits that an engineer loan has to offer:
- Line of credit – With the flexible line of credit facility, you get a credit line which allows you to withdraw as many times as you need within the total amount and the tenor. You pay interest only on the amount that you have availed. Moreover, your EMIs are lower as they consist only of the interest component of the loan. You can pay off the principal amount at the end of the tenor.
- Collateral-free – Collateral-free credit makes this loan an excellent option for small or medium businesses as it keeps your assets safe.
- Quick disbursal – Access to funds within 72 hours makes this a timely, reliable option for business financing
- Nominal interest rates – Affordable interest rates and low EMIs make engineering loans extremely viable. The low EMI keeps this form of credit cost effective while boosting your profits.
- Online account management – Online application and account management ensures that you can have access to all your loan details, payment deadlines, etc. at the click of a button.
With just a handful of documents you can get closer to your dream of growing your firm. To apply for an Engineer Loan that offers fast online approval in 24 hours, has simple eligibility and the least paperwork, apply from Bajaj Finserv. It also offers you competitive interest rates and a line of credit to give you the best deal.