Introducing India’s first business loan for engineers
Rajat, a chemical engineer in Pune, worked as a consultant for many pharmaceutical companies. But now he wanted to set-up his own consultancy business. To do this, he needed additional funding to set up his own business. Rajat happened to be an existing customer of Bajaj Finserv. The finance company informed him about a new kind of loan for professional engineers. It sounded like a good deal. So, Rajat applied for the loan right away. Today, he is the proud owner of a growing consultancy firm.
What is an engineer loan?
Engineer’s Loan from Bajaj Finserv is an industry first loan exclusively for engineers who want to expand their businesses. Self-employed and consultant engineers are eligible for this loan and get a loan up to Rs.30 lakh.
Why an engineer Loan?
Every professional needs to be well-financed with enough working capital to keep the engines running, including engineers running their own businesses. So, we made an exclusive loan category for self-employed and consultant engineers. Here are the features of this loan:
- Business loan exclusively for self-employed or consultant engineers
- Loans up to Rs.30 lakh
- Loan approval in 24 hours
- Line of Credit facility available
- No collateral or guarantor required
- Flexible repayment loan tenure from 12 to 60 months
- Minimum documentation required
- Online loan account access
How to use an engineer loan?
If you apply for an Engineer Loan from Bajaj Finserv, you can use it in many ways. Like:
- You can use the loan amount to expand your business
- You can expand to a new location with the loan amount
- You can even hire more people to work for you and increase your workforce
- You can buy machinery or equipment for your business with the loan amount
- You can meet your daily business expenses by using the loan amount as working capital
- You can use the loan amount for leasing out a new workshop or to market your business.
How do you get an engineer loan from Bajaj Finserv?
First, you need to have either a bachelor or a master degree in engineering. Second, you would have to be an engineer in any of these fields:
- Computer science
- Electronics and Telecommunications
- Electronics and Electrical
- Instrumentation and Control
- Information Technology
You may have to submit copies of your educational certificates to Bajaj Finserv. This may prove your eligibility for the loan.
Documents required for engineer loans
When applying for an engineer loan, you need to submit minimum documentation. You do not need to submit a whole lot of documents. Here is a list of the documents you may need to keep handy while applying for the engineer loan:
- Application form: You need to submit the duly filled in application form to the lender. Make sure to check the document, though. See that you have provided all the necessary details. You can access the form, fill it up, and submit it online.
- Identity proof: Next, you would need to submit an ID proof to the lender. For this, you could submit a copy of your Aadhaar card, PAN card, or driving license. Your ration card, passport, or voter ID card would also work.
- Address proof: The next step is to submit an address proof. Your Aadhaar card, ration card, and passport can do. Your voter ID card or a utility bill issued in your name may also work as a proof.
- Proof of income: To get a loan, you have to prove how much you earn. So, submit copies of your income tax returns, balance sheet, and profit-and-loss statement for the last two years. You may have to provide the Annexure and Form 16A as well. The lender can also ask for your bank account statements from the last three months.
- KYC documents: You may have to submit the KYC documents before loan sanction. Submit copies of your passport, your voter ID card, or your PAN card for it. Other options are your Aadhaar card or your driving license.
- Business vintage: Business vintage refers to the age of your business. You may have to furnish documents proving that your business is at least five years old.
- Business proof: Submit the certificate of practice as well. This shows that you have a functional business.
To sum it up:
Check whether you meet the engineer loan eligibility requirements. If you do, go ahead and apply for a loan. This exclusive loan for engineers from Bajaj Finserv is a very useful product. Submit all the documents required and get the financial support you need in the shortest time.
To apply for an Engineer Loan from Bajaj Finserv, simply click here.