Professional Loan Schemes for Engineers
There are many kinds of professional loans available today. You get loans for doctors, small business owners, and even chartered accountants. But engineers have not had too many options so far. Bajaj Finserv has taken this into consideration and launched a professional loan scheme for engineers. What can an engineer do with such a loan? If you are an engineer, you can take a loan from Bajaj Finserv to set up or expand your business. Listed below are the features and benefits of an engineer loan. Take a look.
What is a loan for engineers?
A loan for engineers is a loan scheme available to all engineers in India. The loan is available to anyone who holds a valid engineering degree. The degree must be from a recognized university.
Features of an engineer loan:
Engineer loans have some key features. Here are some of them:
- Flexible line of credit: A borrower only has to pay the interest on the amount he spends. The interest does not apply on the entire loan amount. This makes taking a loan much more affordable. It drives down the cost of the loan.
- Unsecured loan: These engineer loans from Bajaj Finserv are unsecured loans means you don’t need any collateral to get this loan. The lender offers them on the basis of your credit score and your relationship with the lender. Hence, ensure that you have a good credit history.
- High loan amount and affordable interest: When taking an engineer loan, you can borrow up to Rs 15 lakh. But the rate of interest charged on the loan is comparatively lower. This makes the repayment process much easier for the borrower.
- Pre-approved: Are you an existing customer of Bajaj Finserv? Then rest assured that you can get a pre-approved engineer loan. This could help you get the loan amount in your bank account within a day. It is useful for engineers who need extra funds right away.
- Minimum documentation: The engineer loan requires minimum documentation. Unlike other lenders, Bajaj Finserv does not ask you to submit tons of documents. Just provide the basic documents like proofs of identity, address, and income. Hand in copies of your educational certificates as well.
The best part about the Engineer Loan is the flexible line of credit facility. Consider this example to understand it better.
Thomas is a civil engineer from Trivandrum. He wanted to set up a construction business. He applied for an engineer loan of Rs 10 lakh from Bajaj Finserv. But he ended up spending only Rs 7 lakh in the first year. So, the lender asked him to pay interest on Rs 7 lakh only. After all, this was the actual amount that Thomas spent. This helped Thomas save a lot of money as interest cost.
How to take an engineer’s loan:
If you are a self-employed or consultant engineer and a loan to expand your scope of work, an Engineer’s Loan might be perfect for you. You can take the loan if you are an engineer in any of the following fields:
- Computer science
- Electronics and Telecommunications
- Electronics and Electrical
- Instrumentation and Control
- Information Technology
You may need to submit an ID proof, income proof, and tax returns. The lender can also ask for a balance sheet and bank statements of the last three months. Also, keep ready a business vintage proof. Your business needs to be at least five years old. Keep handy a copy of your business registration certificate too.
To sum it up:
Do not let a financial void prevent you from growing in your engineering career. Be smart and apply for one of these professional loan schemes for engineers. Then get ready to move up the professional ladder.