How Does A Loan For Engineers Work?by Arwind Sharma Finance Advisor
A loan for engineer has fantastic benefits that could work like a charm for your business, firm or any other needs.
If you availing a financing for Engineer, you also get some advantages that it brings to the table. Let’s provide you with seven impending benefits of acquiring an engineer’s loan.
Want to avail an engineers’ loan? You will get these amazing benefits!
Basic yet uncomplicated eligibility criterion
The eligibility criteria of an engineers’ loan are straightforward and hassle-free:
You are self-employed and have a firm with a business age of at least 3 years
You are a consultant engineering professional
Your Age is between 26-65 years
You have an engineering certification/degree from a renowned engineering institute
You have at least 5 years of total professional expertise after graduation (out of 5 years, you have 3 years work experience as a self-employed engineer)
No collateral, no security, no guarantor!
If you are a self-employed engineer, would you risk keeping your firm’s assets as collateral for securing a professional loan? A majority of engineers won’t take the risk.
Lenders know the complicity of this issue, and hence have made the engineers’ loan an unsecured one. So, for taking a loan for engineer, you don’t have to provide any collateral, security or a guarantor to vouch for your creditworthiness.
All you need to have is a good CIBIL score, a good repayment history and match the eligibility criteria of the engineers’ loan.
A significant benefit of the engineers’ loan is that you can avail it at a low rate of interest. Lenders are of the opinion that engineers take the loan for their business projects and as a result, they offer them a lower interest rate which means paying lesser/smaller EMIs.
The documents required for engineers’ loan are not a lot. You will just need the following documents:
Completed loan application form
Photographs of all applicants including co-applicants.
KYC documents – Personal, address and income proofs
Three years’ business history
Business proof – Practice certification
Engineering degree certificates
The benefit of providing minimal documents is that it helps your loan to be processed faster.
Larger credit amount, lightning-fast approval, and money disbursal
Another benefit of a loan for engineering is that you can acquire a credit of up to Rs.30 lakh as per your needs. Once you match the eligibility, the loan request gets sanctioned in 24 hours and the money gets credited in your bank account in 48 hours.
The awesomeness of the line of credit facility
When you take an engineer’s loan, you can also avail the line of credit facility. A line of credit is a provision under the engineers’ loan which lets you withdraw an amount from the total credit line as per your needs and pay interest only on the utilized capital.
Also, your EMIs only consist of the interest component. Lenders let you settle the remaining credit amount after the end of your tenor.
The line of credit feature of the engineer’s loan helps you manage your business’ fluctuating expenses.
Free of cost prepayment facility
You can always prepay your engineers’ loan if you possess some spare capital at your end. No need to pay any extra charges and the benefit of it is that it aids in lessening your following EMI payouts.
The Bottom Line
Give your engineering business venture the support of an engineers’ loan because your business can get all the benefits listed above.If you are preparing to obtain then check Engineer Loan eligibility online and get ready to grab the benefits that the loan offers!
Created on Nov 13th 2017 22:58. Viewed 406 times.