What Are The Benefits Of An Engineer Loan From Bajaj Finserv?by Arwind Sharma Finance Advisor
Mr. Dhruv Goel is an electrical engineer based in Surat. He was successfully running a manufacturing unit dealing with relays and insulators. To make the most of market opportunity, he wanted to set up another unit for switchgears. But, setting up this facility would require large capital. He came across few options for financing, but each one had their own drawbacks. He was on the hunt for financing that was collateral-free and flexible. This was when he came acros Engineers Loans.
A financing for engineer from Bajaj finance is collateral-free, flexible and offers access to funds up to Rs.15 lakh. If you too are looking for financing options like Mr. Goel, take a look at the many benefits that an Engineer Loan has to offer.
What are the benefits offered by an Engineer Loan-?
1) Line of Credit (LOC): A convenient facility provided by Bajaj Finserv, an LoC calculates interest only on the amount availed by you from a credit line extended to you for your chosen tenor. There is no charge imposed on the money that you don’t utilise. You can make as many many withdrawals as you'd like and prepay when you have the funds to do so. Your EMIs only consist of the interest you owe, and you can repay the principal at the end of the tenor. This helps you when your monetary needs are not known in advance or keep fluctuating.
2) Greater flexibility: Bajaj Finserv’s Loan for Engineers offers a flexible tenor for repayment. The tenor period goes up to 60 months and you can select loan tenor according to your convenience. In case you have surplus funds, you can make part pre-payments at no extra charge. This helps lower EMIs for the forthcoming months.
3) Nominal interest rate: It is a known fact that if the interest rate is high then your monthly EMI also will be high. This will lead to greater expenses and will affect the revenue of your business. So, Bajaj Finserv offers nominal interest rates that help control expenditure and improve your business’ profits.
4) Pre-approved offers: If you are an existing customer with Bajaj Finserv, you get the extra benefit of accessing pre-approved loans. This means that you don't have to go through the application process all over again. As a result, you can gain access to funds quickly.
5) Online access: If you're always on the go, this feature will help you save time. Not only can you apply for the loan online, you can also track your loan anywhere and at any time. You don’t have to travel all the way to the branch or stand in a queue for updates.
What is the eligibility criteria for an engineer loan?
To avail of Engineer Loans you must meet the following criteria:
1) You must be a self-employed or a consultant engineer.
2) You must have at least three years of experience being self-employed. Additionally, you must have five years of vintage experience since graduation.
3) You must be between 26–65 years of age to apply for this loan.
What are the documents required for an Engineer Loan?
1) Filled in application form
2) Passport photographs
3) KYC documents (In case, the account is a joint account, then the KYC documents of your partner are also required.)
4) Certificate of practice as business proof
5) Business vintage for 3 years
6) Details of your engineering degree
Engineer Loans is a quick and simple way to finance your business. Benefits of Engineer Loan such as Electronic Clearing Service (ECS) for repayment and also offer you a flexible line of credit facility.
Created on Sep 15th 2017 00:20. Viewed 784 times.