A civil engineer, wanted to start a firm of his own in Bangalore. However, he did not have sufficient funds in his hands to start his new venture. For that reason, he decided that he would apply for a business loan. Much to his dismay, after carrying out extensive research, he found that there are no tailor-made financial products which can cater to his needs. But then he came across Bajaj Finserv and found exactly what he wished for. Not only did he get the eligibility criteria sorted out but the mode to make repayment as well.
Before moving ahead, let us understand what an engineer loan is and how can you avail an Engineer Loan from Bajaj Finserv:
An engineer loan is a tailor-made loan designed for engineers to help them fulfil their financial needs. It is similar to other professional loans. However, herein the financial institution provides a product to suit the needs of a professional.
In order to avail an engineer loan you need to fulfil certain pre-requisites as set by the financial institution. These include:
- You must be a self-employed engineer or a consultant engineer
- You must be in that profession for 3 years or more
- You must submit all the necessary documents including the KYC documents along with your professional records, educational certificates, certificate practice, business vintage and so on. And yes, your recent financial records as well.
After fulfilling the requirements, you will be provided with loan amount viz., as high as INR 15 Lakh. However, apart from the amount, it is the repayment scheme which makes the matter of repayment quite easy. Having talked about an overview of how to get the loan accepted, let’s talk about the tips to get an engineer loan:
- Budgeting: Before you approach, make sure that you plan your budget. Evaluate how much you need and what is the purpose for it. Understand your requirement at first place and after a nice amount of thinking to approach the NBFC. For example, if like Ajinkya, you too want to start your own firm then you should chalk a clear-cut plan about how things shall work and how the provided amount will aid your cause. These would include everything from purchasing a business unit to hiring a new workforce.
- Credit Score: Engineering loans are unsecured. At the time of your application assessment, the credit score will be scrutinised. Credit Score is single-handedly the most influential factor when it comes to application approval. Any default payments and outstanding credit card bills are bound to hinder your chances of getting your loan approved. Now as said that the loans are unsecured, it is essential that you have a high credit score.
- Avoid multiple applications: Comparing multiple lenders is a good exercise. However, when it comes to applying for a loan, it is essential that you apply for loans from one lender alone. If you attempt to apply for multiple loans simultaneously, it seems like a desperate attempt. Something a lender is not keen to see.
The aforementioned points must be considered if you are looking to apply for an Engineer Loan. The tailor-made loan will help you expand your scale of operation, and thus, would result in the overall growth of your business. A hassle-free process which will help you to glide past the tedious documentation process smoothly.