An engineer loan is a smart financing tool for salaried and self employed engineers. Major lending institutions offer high value loan amount up to Rs. 25 lakhs for salaried and Rs.30 lakhs for self employed professionals. It is an unsecured loan and thus can be taken without having to pledge any collateral/ security/ guarantor for the unsecured engineer loan.
1) Do not fill up multiple loan application forms from various lenders. This may indicate to the credit bureau that you are not able to manage your finances well and may affect your credit score negatively. Lending institutions take into account your current liabilities and cash inflows too while processing your loan application.
Do your research and study the terms of loan providers so you can finalize an experienced and reputable lender. Moreover, as leading lenders have set an easy-to-meet eligibility criteria on the loan and require just basic documentation it lets you avail instant approval with quick disbursement.
2) Opt for a lender offering the loan at an affordable rate of interest. This in turn will ensure your repayments are manageable and you can clear them easily.
Furthermore, NBFCs provide the Flexi Loan facility on engineer loan. This is a unique feature which lets you withdraw as per your needs from the loan amount sanctioned on a daily basis. They charge interest on these daily withdrawals only and this helps to lower the EMIs by up to 45% and better manage your finances.
Read More :- How to Get the Best Engineer Loan Without Damaging Your Credit Score?
Here’s how you can secure the loan without affecting your CIBIL score.
Do your research and study the terms of loan providers so you can finalize an experienced and reputable lender. Moreover, as leading lenders have set an easy-to-meet eligibility criteria on the loan and require just basic documentation it lets you avail instant approval with quick disbursement.
2) Opt for a lender offering the loan at an affordable rate of interest. This in turn will ensure your repayments are manageable and you can clear them easily.
Furthermore, NBFCs provide the Flexi Loan facility on engineer loan. This is a unique feature which lets you withdraw as per your needs from the loan amount sanctioned on a daily basis. They charge interest on these daily withdrawals only and this helps to lower the EMIs by up to 45% and better manage your finances.
Read More :- How to Get the Best Engineer Loan Without Damaging Your Credit Score?
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