Being an engineer is not just limited to getting that degree. It takes years of experience and thorough practice for an engineer to discover or produce something. While engineers continue to amaze us with continuous innovation and modernisation, they come across a lot of financial problems. The huge buildings, factories, software systems, equipment, technological upgrades; everything needs investment and capital. In order to ensure the smooth operation as well as continuous growth, engineers need a way to manage these finances related to their profession. That’s how professional loans for engineers come into the picture.
While an engineer loan can help you with the heavy expenses, it is important to understand certain things related to an engineer loan. Though financial institutions widely offer an engineer loan, the process may get difficult and complicated. Even a slight mistake can cost you a lot, and you may end up losing a large sum of money. Hence, it is important to prepare yourself and go through the process properly.
Any consultant or self-employed engineer with an age of 26-65 years and three years of working experience (5 years of vintage experience) is an eligible candidate and fits in the eligibility criteria for an engineer loan. However, the documentation part plays a critical role in case of an engineer loan application. Almost everything related to an engineer loan is available on NBFC websites. Let us do a documentation check before you apply for an engineer loan.
Documents required for an Engineer Loan:
You may get caught up in the long list of documents required for an engineer loan by lenders. However, NBFCs like Bajaj Finserv make your loan approval process quick and easy by minimal documentation and paperwork. If you wish to avail an engineer loan, you will require the following documents:
- 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)
You can avoid standing in long queues to get an engineer loan by applying online through NBFCs. On completion of your application form, these documents will be collected by the representative of the financial company you have approached. The documents required for an Engineer Loan are not much. However, you must take care while preparing these documents to avoid any complexities in your loan approval process. NBFCs also offer certain benefits on engineer loans. These are listed below:
Line of credit: Through this feature, engineers are granted a certain credit limit for the tenor chosen by them. They can spend money as per their professional needs, and interest will be charged only on the amount used by them.
No collateral: Easy documentation: Engineer loans are unsecured loans and do not need a collateral or guarantor. This reduces the documentation part and makes the loan process simple.
Pre-approved offers: NBFCs provide offers like top-up loans and reduced interest rates for existing customers.
An engineer loan can relieve you from the financial burden related to the expenses in your profession. However, one must take an informed decision and select a profitable loan plan. As this loan caters to diverse requirements and is related to the smooth functioning of your business, a quick and fast loan process is necessary. NBFCs can help you get your loan approved easily and provides extra benefits as well. So, make a smart move and justify your role as a responsible engineer.