Tips on how to get Engineer Loan in India
Kushal Vega, an IT engineer, wanted to start his own firm in Vizag. When he tried to apply for a business loan, he realized that there are no tailor-made loans for engineers. Engineers rarely enjoy the luxury of financial products tailor made for them. However, Bajaj Finserv engineer loans have addressed this. The engineer loans are available at attractive interest rates.
Let’s look at some of the features of an engineer loan.
What is an engineer loan?
To get an engineer loan, you must be:
- A self-employed engineer or a consultant engineer
- Be in the profession for a minimum of 3 years
- Submit your KYC documents, your educational certificates, your professional records (business vintage, certificate of practice) and your recent financial records
You can use this loan to even improve your career. You can get a loan as high as Rs.15 lakh. Also, the repayment schemes are quite easy. This is an unsecured loan.
Tips to successfully get an engineer loan
You can make a quick online application and get the loan in as less as 72 hours. To increase your chances of getting the loan,
- Plan your budget: Before you apply for an engineer loan, it is advisable that you understand your requirement. You would need a place to start your business. If you want to open an engineer consultancy fund, you would need office equipment. Also, you would need to plan for working capital. Even if you want to expand your business, you should still plan your budget. In this case, the loan amount could be used to buy a new business unit, hire new workforce or upgrade your office equipment.
- Work on your credit score: Since engineer loans are unsecured, your credit score will be scrutinised before approving your application. Your credit score is dependent on your past repayments. Thus, any unpaid credit card bills or default on an EMI would hinder your loan application. Ensure you have a high credit score before applying for an engineer loan.
- Check your eligibility: A loan calculator on the Bajaj Finserv website will help you estimate your eligibility. Once you enter your personal and professional details, the calculator will prompt an estimated loan amount. Remember this figure when you apply for the loan online. If you apply for an amount higher than this figure, your loan may be rejected.
- Do not make multiple loan applications: It is good to compare loans from multiple lenders. However, this does not imply that you apply for loans from multiple lenders. When you simultaneously apply for loans from multiple lenders, you inadvertently show desperation. Thus, your loan applications will be rejected. This impacts your credit score. Thus, be patient and apply with one lender at a time.
To sum it up
If you are an engineer, engineer loans would provide an opportunity to start or expand your own business. Alternatively, you could even enhance your professional knowledge for career growth. You can easily log into Bajaj Finserv and opt for their engineer loans. The process is hassle-free. Once your documents and other necessary details are entered, you can check your own loan eligibility.
So, what are you waiting for? Apply for an engineer loan and setup and expand your business.