Tips for Getting an Engineer Loan Faster
Mr. Anil Mehta, an electrical engineer from Rajkot, is an engineer by degree and a businessman by profession. After almost 4 years of working for a renowned corporation, he realised his passion lay in business and decided to start his own firm. He used his savings to start his business. After a few years, he planned to expand his business. After checking many financing options, he came across a tailor-made option to get an Engineer Loan. After applying, he got the money in just 72 hours and was able to swiftly use the finances to expand his existing business and set up another firm in Surat. There were several things he did to hasten the process. They were:
- Knowing more about the benefits of an engineer loan
- Meeting the eligibility criteria
- Keeping the required documents ready
- Checking a few things like the credit score and eligibility
These 4 tips can help you get your engineer loan faster too. Here they are in detail:
Benefits of an engineer loan:
- Nominal interest rate: The interest rate is an important factor in any loan. If you apply for a loan with a higher interest rate, your expenses will increase. Engineer loans have a nominal interest rate and thus, your expenses are kept to a minimum.
- No requirement of collateral: In most loans, you are required to pledge a collateral as assurance of repayment. However, a loan for engineers doesn’t require this. Thus, the application process is faster on your side and the approval process is quicker at your lender’s end too.
- Less documentation: If the documents required are many and the list complex, then you will need more time to apply for the loan. But, an engineer loan requires only the basic documents so the time you spend on collecting them is lower. Verifying fewer documents is easier for the lender, too. So, your loan will be processed faster.
Documents required for an engineer loan
You need to submit only a handful of basic documents, which are:
- Application form
- Passport-size photographs
- KYC documents
- Certificate of your business practice
- Engineering degree certificate
- Business vintage proof of 3 years
A few things to consider before applying:
- Check your eligibility: You must check your eligibility for Engineer Loan before applying. The three most important things to check under your eligibility are:
- You should be a self-employed or consultant engineer.
- You should have a work experience of 5 years after graduation or a minimum 3 years of self-employed experience.
- Your age must be between 26 years to 65 years.
- Understand the requirement of your loan: Analyse why you need a loan and plan your budget accordingly.
- Have a good credit score: Engineer loans are unsecured as they don’t need any collateral. That’s why your credit score is checked before your loan is approved. So, ensure that your credit score is high. Pay off any outstanding debt to improve your score before applying for the engineer loan.
An engineer loan helps you grow your enterprise by leaps and bounds, and also helps you sustain your business during a slow-down. Apply for an Engineer Loan from Bajaj Finserv, and get a loan amount up to Rs.15 lakh without any collateral and minimal documentation.