A business loan for engineers is a useful financial instrument that provides liquidity to fulfill shortage of funds faced by the business, for expansions, to boost operations and to run the daily operations smoothly. These loans were designed to manage the needs of an engineering professional who has now turned into an entrepreneur and is running his/her own business. Banks and Non-Banking Financial Companies (NBFCs) provide these loans to engineers who have a few years of self-employed and consultant work experience.
Eligible applicants can avail as much as INR 15 lakhs without having to submit any collateral asset. These unsecured debt instruments were first meant for business owners and entrepreneurs who could be facing a shortage of funds when setting up their business. The high loan principal allows them to cover almost every business need, from one end to the other.
Eligible applicants can avail as much as INR 15 lakhs without having to submit any collateral asset. These unsecured debt instruments were first meant for business owners and entrepreneurs who could be facing a shortage of funds when setting up their business. The high loan principal allows them to cover almost every business need, from one end to the other.
Every lending institution has its own eligibility criteria and documentation requirements. In general, banks and NBFCs require the basic Know-Your-Customer documents, proof of business vintage and existence for minimum 3 years, engineering degree details, all of which are over and above the filled up and signed application form having a photo of the applicant.
There are several advantages of availing a business loan for engineers, the most important ones have been listed as under:
- Access to a sum as large as INR 15 lakhs
- Minimal downtime after application, due to prompt approval, processing and disbursal of funds
- Less complicated paperwork and related formalities
- Option of a flexi loan for convenient access to funds
A flexi loan is a handy financial tool that combines the benefits of a loan with those of a credit card. Eligible applicants get convenient access to funds from which they can make withdrawals as many times as required. Repayment comprises of two stages- the first one is during the tenure when the interest amount is to be paid and the second stage is after the tenure when the amount withdrawn is to be repaid.
Read More :- Business Loan for Engineers – Let It Keep Off the Financial Burden
Read More :- Business Loan for Engineers – Let It Keep Off the Financial Burden
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