If you’re an engineer, you might have learnt a lot of management as well. Engineering is all about managing time while ensuring quality as well as the quantity of service. A qualified and experienced engineer needs to manage finances as well. Throughout your journey as an engineer, you might come across a lot of expenses that need to be taken care of. Be it for construction or supply; a large investment is inevitable in the engineering sector. Understanding your professional needs, Banks and NBFCs offer professional loans for engineers.
Now an engineer loan might benefit you and help you manage the finances well, but it is not so easy. While lenders provide an engineer loan, they need borrowers to be prepared with everything that the loan approval process requires. One of the key factors influencing your loan approval is documents. Be it any loan, the need for certain specific documents stays permanent. As an engineer, you might think of it as a cake walk. However, it can get complicated in case your documents are not as per the requirements. Before applying for an engineer loan, you have to prepare all the documents you may need for the approval of your loan. You need to make sure you have the following documents ready:
Documents required for an Engineer Loan:
- Filled application form by the applicant
- Passport size photographs of the applicant
- Business vintage for three years
- Business proof (certificate of practice)
- Details related to your engineering degree
- Know your Customer(KYC) Documents ( includes ID proof, address proof, age proof, income proof)
To avail an engineer loan, you have to make sure that you are eligible financially as well as academically. The documents act as a proof and assure lenders that you qualify as a potential candidate for an engineer loan. Certain document requirements may vary as per lenders. However, NBFCs like Bajaj Finserv approve your loan with minimal documentation and paperwork. This can make your loan approval process quick. Another factor that plays an important role is your eligibility criteria.
Eligibility Criteria for an Engineer Loan:
To avail an engineer loan, you need to:
- Be a Self-employed or consultant engineer
- Have a work experience of Minimum 3 years
- Have Vintage experience of 5 years since graduation
- Be of the age between 26-65 years.
How Documents Affect your Loan Approval:
As it goes with the saying, “if it’s not in writing, it didn’t happen”. Documentation is an integral part of an engineer loan application. If you are well prepared with your documents, you can:
- Save time: If an engineer is well versed with the documents required for an engineer loan, he can keep them ready before applying for an engineer loan, and hence save a lot of time.
- Win lenders approval: As an engineer loan is an unsecured loan, your documents play a major part. The professional qualifications, experience as well as your financial stability; all is reflected by the documents you submit. If you have a business experience, but no document proof, it is futile.
- Get attractive offers and quick approval: If your documents are up to date, lenders can get information about your business much more clearly. This helps them understand you as a borrower and offer certain offers like top-up loans and reduced interest rates.
As you can see, availing an engineer loan does not ask for more. Moreover, with NBFCs like Bajaj Finserv, the entire loan process becomes much simpler. It’s better to apply for an engineer loan online through NBFCs than to stand in long queues to get your loan approved. Moreover, you may get caught in tedious documentation procedures if you approach the wrong lender. So, brace yourself, be smart, manage your document and make your loan approval quick and smooth.