Irrespective of the specialization of your firm- be it mechanical, software, or electrical, any business, in order to survive and thrive, needs a constant flow of capital. Since conventional loans often confine the scope of what you can do with the funds, a personal loan for engineer can come to your rescue as it allows you to use the funds as per your requirements, whether it is personal or business-related. The following are the benefits of engineer loan offered by Bajaj Finserv-
- Simple eligibility criteria: all you need is to be either a self-employed or consultant engineer, with your age between 26 and 65 years. Further, you need to have a recognized degree and a minimum work experience of five years post graduation. Out of these five years, you should have at least three years’ work experience from being self-employed.
- Collateral-free loan: Loans granted against collateral or security can prove to be a burden of sorts, more so for business owners who are usually reluctant to risk their assets. However, Bajaj Finserv provides engineer loans that are collateral-free and don’t require any security. You just need to meet the eligibility criteria.
- Attractive interest rates: This is because the loan is aimed at supporting your business venture, which is possible only if the EMIs are lowered.
- Minimal documentation: The documents required to avail an engineer loan from Bajaj Finserv include- duly filled application form, passport size photographs, KYC documents, business vintage proof for 3years, certificate of practice as a business proof, and details of your engineering degree.
- Quick approvals and disbursement: you can enjoy access to an amount up to Rs. 15 lakh, which you can put to any use, as per your requirement and preference. Your urgent needs are taken care of, thanks to the online approval in 24 hours and money in your account in 72 hours.
- It allows you to pay as you go: the line of credit facility ensures that you get maximum convenience and flexibility. Under this facility, you are given a credit limit for your chosen tenor. You can withdraw multiple times within this credit limit and pay interest only on the amount utilized. Your EMIs will constitute of only the interest component while you pay the principal amount only at the end of the tenor.
Besides, you can prepay your loan amount minus any additional charges, and thus, lower your subsequent EMIs. This makes it easier to help you deal with the fluctuating expenses of your business. And what’s more, not only business, you can comfortably support your personal needs by availing an engineer loan from Bajaj Finserv. It promises a world of benefits and is completely hassle-free. In fact, you can make a quick online application and get the loan in as less as 72 hours. To increase your chances of getting the loan, keep the following tips in mind-
- Set up a budget: it is always advisable to plan a budget before applying for the loan. be it to open an engineer consultancy fund, buying a new business unit, hiring new workforce, upgrading your office equipment, or even any personal expenses, making a budget prior to loan application is of utmost importance.
- Work on your credit score: since engineer loan is unsecured, your credit score will be under scrutiny before granting approval to your application. Since your credit score is dependent on your past repayments, make sure you do not have any unpaid credit card bills or default on an EMI.
- Check your eligibility: A loan calculator on the official website of Bajaj Finserv will help you have an estimate of your eligibility. Once you enter your personal and professional details, the calculator will prompt an estimated loan amount. Keep this figure in mind when applying for the loan online. Your loan application may be turned down if you apply for an amount higher than this figure.
- Do not make multiple loan applications: it is a good idea to compare loans from multiple lenders. However, never make the mistake of applying for engineer loans from multiple lenders, as it reflects desperation. In that case, you will stand high chances of your loan application being rejected. This, in turn, has an adverse impact on your credit. Be patient and apply with one lender at a time.