Here’s How You Can Find An Engineer Loan At The Best Interest Rate
Sapna Shah from Rajkot is an electronics and communication engineer who specialises in computer networks. She was working for a corporate firm as their chief network officer. After working for 6 years, she decided to start her own venture dealing in network security. After 3 years of operation, she wanted to expand her business and move her facility to a larger city like Mumbai. However, the business financing options she came across offered a high rate of interest.
Like Sapna, if you too are deterred by the high interest rates, consider taking a specialised loan for engineers. Created especially for engineers, these loans are affordable and cost-effective. Moreover, with just your engineering degree certificate and a handful of other documents, you can get access to these loans. You can utilise the funds from these engineer loans for purposes like expanding your business, upgrading your machinery and equipment, hiring staff, and much more.
So, how do you look for an engineer loan that offers the best interest rates?
Here Are A Few Pointers To Help You Find The Best Interest Rate For Your Engineer Loan:
Compare The Lenders Online:
This will give you easy access to all the information and allow you to select a lender that offers the best interest rate.
Maintain A Good Credit Score:
Engineer loans are unsecured, which means that the lender looks at your credit score to ascertain your repayment abilities and offers you a loan accordingly. Maintaining a good credit score helps you get a lower interest rate.
If Your Credit Worthiness Is Low, Take Active Steps To Rectify It:
You can start by clearing your outstanding debts and making wise financial choices. Cut down on unnecessary expenses, especially via a credit card.
Get The Timing Of Your Loan Right:
If you have already taken a loan, a lender is going to be uncertain about whether you will be able to manage another loan. So, before you apply for an engineer loan, ensure that you have repaid previous loans.
Now you know how you can guarantee yourself the best interest rate on engineer loans.
In case you are looking for reasons as to why this specific loan is best for your professional needs, let us look at its many benefits:
Nominal Interest Rates
The lower is your interest rate, the more you stand to save. If the interest rate is too high, a chunk of your income will go towards paying EMIs. So, your loan won’t be cost-effective.
Unsecured loans or collateral-free loans are not easy to find. However, engineer loans are collateral-free. They don’t require any security or a guarantor. Apart from safeguarding your assets, this speeds up the loan approval process too.
As mentioned earlier, engineer loans require minimal documentation. Your engineering degree, along with a couple of other documents is all your lender needs.
Another time-saving feature that most engineer loans offer is the facility to apply for your loan online. Not only this, you can also manage your loan online. All you have to do is sign into the customer portal with your user ID and password.
Line Of Credit
The line of credit is one of the USPs of an engineer loan. It gives you a certain credit limit for your chosen tenor. You can borrow what you need, when you need it and pay interest only on the amount borrowed. Your EMIs consists only of the interest component and you can pay the principal amount at the end of the tenor. Moreover, you can borrow multiple times and repay when you have surplus funds without any penalty. This facility is essential to meet the sudden expenses of your business.
Now that you have made up your mind, you should also know that Bajaj Finserv is one of the best when it comes to applying for an Engineer Loan. Not only does it offer funds up to Rs.15 lakh, but also gives you an instant approval within 24 hours and transfer the money to your account within 72 hours. These loans also offer part prepayment along with a competitive interest rate. What more could you ask for?