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How does one Obtain an Engineer Loan?

Most bank and financial institutions do not have loan options specifically tailor- made to meet the requirements of the engineers. In most cases, they have to avail personal loans just like everyone else and although that is not entirely bad, it helps to have a specific scheme in place for a particular profession, especially one as important as Engineering. However, Bajaj Finserv has special options for engineer’s loan and they can also be availed at feasible interest rates.

To obtain an engineer loan, one has to fulfill certain criteria. The persona must be a self employed engineer or a consultant engineer with a firm. He should have had worked as an engineer for at least three years to identify himself as one. All the KYC documents required for engineer’s loans like Voter ID, address proof, Aadhar, along with educational and professional certificates should also be duly submitted. Once the documents have all been verified and the eligibility criteria for engineers loan met with, the loans are disbursed very quickly. Take some time to make yourself eligible, so that you can tick all the checkboxes. That greatly reduces the chances of the application being rejected.

Moreover, the engineer loans are unsecured since it is quite understandable that one might not have a hefty collateral in the initial days of becoming an engineer. One can get a loan amount as high as 15 lakhs and this can be put to good use for a variety of purposes. One can also follow a few good tips regarding how to get loan for engineers at the earliest.

• Always meet the lender with a good credit score. A good credit score will speak volumes about the credibility of the person as a borrower and it will be half the job done.

• It is also wise not to make multiple loan applications, which sort of reflects as desperation. If your application has met all the criteria, it would be approved with the very first application.

• At Bajaj Finserv, you should also check whether you are matching all the eligibility criteria by filling in your professional details to avail loan for engineers.

• One should check the engineer loan interest rate beforehand calculate whether they would able to make repayments on an income based repayment plan. If yes, then there is no reason why one should not apply for a loan.

• One of the best ways of obtaining an engineer loan is to submit a blueprint of the business expansion you have in mind. Creditors are often impressed if their see the borrower making concrete plans to repay their money and pave the way for a long term working relationship as well.

By obtaining a professional loan for engineers, one can establish or expand their engineering business or one can use it to undergo various other courses and expand one’s professional knowledge to be more adept in their profession. Apply for a professional loan for engineers today and get approved in the most hassle- free manner.