6 Engineers Loan Benefits for the Self-Employed at a Glance

It just does not matter what kind of engineering expertise– electrical, software or mechanical- your engineer firm has; the need for money is what forms the crux of every business’ requirement.

To keep up with the pace of your customers and clients’ requirements, you will need to upgrade your engineering firm’s infrastructure and various other factors from time-to-time. And to do that, you will need money.

In case there is a shortage of funds at your end, you can’t let the firm suffer and fail in meeting the client’s demand. For the same, you can avail an engineer loan to fulfil your needs if you are self-employed.

In the same context, if you acquire an engineers’ loan, it will provide you many benefits that will help you manage your business in a hassle-free way.

Let’s have a look how!

Engineers loan has amazing benefits Heres a short snap!

  1. Simple eligibility criterion

The eligibility criteria for engineer’s loan is easy to fulfil. You need to either be a consultant engineer or self-employed and should fall in between the 26-65 year age bracket.

Also, you should have at least 5 years of work experience after graduation and a degree from a recognized institute. Of the five years of employment, you should be working for at least three years as a self-employed.

Check your eligibility criteria for the engineers’ loan online today to know more.

  1. No need to provide any collateral

The loan for engineers is an unsecure one which means you do not need to provide any collateral or security to avail the loan. All that you need to do is – match the eligibility criterions of the lenders!

  1. Low-interest rates

Today, online lenders provide attractive rates on engineers’ loan. The service providers generally have lower EMI options so that the loan can meet your business needs.

You can compare all interest-rates on offer by known lenders online and choose the best deal.

 

  1. Minimum documentation

The documents required for an engineer’s loan is minimal. If you have the following documents, you become a step closer to acquiring the loan:

  • Complete application form
  • Applicant’s photographs
  • KYC documents (Both applicants’, if you are to avail a joint loan)
  • 3 years’ business vintage
  • Practice certificate (As the business proof)
  • Engineering degree details

 

  1. Faster loan approval and money disbursement

An engineer can acquire a loan of up to Rs.15 lakh with an online approval in 24 hours and money in the bank in 48 hours.

  1. Personal line of credit

A personal line of credit is a facility that you get under the engineer’s loan which helps you pay EMIs as you utilize the amount. The features of a line of credit in an engineers’ loan are:

  • Withdraw money multiple times as per your needs and requirements
  • Pay for the amount that you use
  • Pay only the interest as EMIs
  • You can settle the remaining amount after the completion of your loan tenor
  • Gives you flexibility and ease of the convenience

An engineers’ loan also gives you the facility to prepay your loan without any extra charges and reduce your ensuing EMIs.

The Bottom Line

There are many benefits of engineers loan and is a handy financial tool available to help self-employed engineers fulfil their dream of smoothly running a firm.

Discover your eligibility criterion today with any of the online lenders and grab your loan for your aspirations and needs.

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