How To Know If You Are Eligible For An Engineer Loan?
Picture this: A water sanitation company has handed you a contract to build a major wastewater system in one of the suburbs of Lucknow. While that sounds like a great opportunity, it also means that you have to buy new motor pumps, drilling machines and other equipment. You know that this will need more capital. So what will you do? It’s simple-all you have to do is apply for an engineer loan to keep your business running smoothly.
But before you apply, it is important to know your eligibility for an engineer loan. Simply answer these questions to understand your eligibility.
What kind of professional are you?
Are you a self-employed engineer or a consultant? If yes, you are eligible for an engineer loan.
Are you of the right age?
To avail an engineer loan, you must be between the ages of 26 and 65.
Do you have sufficient work experience?
You must have five years of vintage experience post your graduation, and a minimum of three years of experience being self-employed.
Do you have all the basic documents required?
Engineer loans require you to submit certain documents as part of the application process. Make sure you have your papers in order to avoid delays. These documents include:
- KYC documents
- Passport-size photographs
- Business vintage for 3 years
- Details of your engineering degree
- Business proof such as a certificate of practice
- Correctly filled out application form
Once you have met the eligibility criteria and have kept the required documents ready, here’s how you can get your engineer loan even quicker.
Maintain a high credit rating
A good credit rating signifies that your past repayment track record is clear. This means that your loan approval and funds transfer will happen swiftly. If you have a low credit score, simply clear your past debts before you apply for the loan.
Work towards business stability
The more stable your business, the more confident a lender is likely to be about your ability to repay an engineer loan. A widely fluctuating profit graph isn’t the answer, so ensure that your revenue is constant and meets a certain target every month.
There are many benefits of an engineer loan. Take a look at the most important ones below.
Access to the line of credit:
This facility gives you a credit line for your chosen tenor. You can borrow what you need, when you need it and pay interest only on the sum borrowed. Your EMIs are low since they only consist of the interest component of your loan. You can repay the principal at the end of the tenor or make a bullet repayment when you have the funds. You can borrow multiple times to meet fluctuating expenses or pre pay when you can without any penalty.
This facility is convenient when you need funds on an ad hoc basis or can’t predict your monetary requirements.
Availability of funds up to Rs.15 lakh:
Whether it is setting up a workspace or buying materials and equipment for your projects, you can avail up to Rs.15 lakh to use as you deem fit.
Benefit from competitive interest rates and no collateral:
With a loan for engineers, you can enjoy a competitive interest rate. This keeps your EMIs affordable and ensures that your loan is a cost-effective proposition. What makes the deal even sweeter is the fact that you don’t need to provide collateral or a guarantor for engineer loans.
To get started and experience the benefits of an engineer loan, all you need to do is pick the right lender who has simple eligibility criteria, no hidden costs and quick approvals. Apply for Bajaj Finserv’s Engineer Loans and you will be introduced to a loan that offers fast processing, easy online application and nominal interest rates.