How To Improve Your Eligibility For An Engineer's Loan? - Loan Trivia


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Friday 24 August 2018

How To Improve Your Eligibility For An Engineer's Loan?

An engineer’s loan is a gamut of four loans clubbed into one. These include home loan, personal loan, business loan and loan against property. This is a bouquet of secured and unsecured loan designed specifically to cater to the needs of engineers belonging to every field. 

If you are planning to avail an engineer loan, keep a check on below points to increase your engineer loan eligibility.

Engineers Loan - Bajaj Finserv

Income source

A stable source of income is what is needed by engineers to avail a preferable loan amount. Salaried engineers must have a job experience for at least three years while self employed professional must be have a business vintage of minimum three years to enable the lender have a sense of trust in them.

Proper documentation

Maintain proper paperwork to avail the engineers loan. These include basic documents like KYC documents, three month’s bank statement, salary slips of last three months, passport-size photograph and so on.

Educational qualifications

Maintain proper documentation of your qualifications to win the trust of your lender as a certified engineer. These include documents such as your engineering degree certificates.

Age criteria

Salaried engineers must be between 25-59 years of age and self employed engineers must be 26-65 years old at the time of applying for the loan.

Eligibility calculator

You may use the eligibility calculator at the lender’s website to know whether you qualify for the loan or not. This is a simple tool which can be tweaked to get results. 

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