What Are The Benefits Of Availing An Engineer Loan?
Be it a mechanical, software or an electrical engineering firm—no matter what your firm specialises in, capital is a consistent business need. While conventional loans limit the scope of what you can do with the funds, an engineer loan lets you use the funds as per your requirements.
Take A Look At The Benefits Of An Engineer Loan
It has simple eligibility criteria:
The Eligibility Criteria for Engineer Loans is easy to meet. All you need is to be either a self-employed or consultant engineer between 26 and 65 years of age. Further, you need to have a recognised degree and a minimum work experience of five years post graduation. Out of this five years, a minimum of three years work experience should come from being self-employed.
It is a collateral-free loan:
Loans granted against collateral or security can be cumbersome especially for business owners who are uneasy about risking their assets. Fortunately, engineer loans are collateral-free and don’t require any security. All you need is to meet the eligibility criteria.
It offers attractive interest rates:
One of the main benefits of an engineer loan is that it comes with an attractive interest rate. This is because the loan is meant to support your business venture, which is best done by lowering your EMIs.
It asks for minimum documentation:
The documents for an engineer loan are few in number. All you need are the following:
- Duly-filled application form
- Passport-size photographs
- KYC documents
- Business vintage proof for 3 years
- Certificate of practice as a business proof
- Details of your engineering degree.
It gives you a sufficient loan amount with fast approvals and disbursement:
An engineer loan gives you access to an amount up to Rs.15 lakh, which you can use as per your choice. With online approval in 24 hours and money in your account in 72 hours, it also ensures that your urgent requirements are fulfilled.
It allows you to pay as you go:
With a line of credit facility, this loan gives you convenience and flexibility. Under this facility, you are given a credit limit for your chosen tenor. You can withdraw multiple times within this credit limit and pay interest only on the amount utilised. Your EMIs are composed of only the interest part while you pay the principal amount only at the end of the tenor.
Moreover, you can make prepay your loan amount without any additional charges and lower your subsequent EMIs. Thus, a line of credit will help you meet the fluctuating expenses of your business.
You can give your business the support it needs by taking an Engineer Loan from Bajaj Finserv. It simplifies business financing by offering you a world of benefits. From quick documentation and seamless processing of your loan to easy account access and quick disbursal of funds, this loan covers it all.