Follow These 5 Things Before Taking an Engineer Loan - Loan Trivia

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Friday, 18 January 2019

Follow These 5 Things Before Taking an Engineer Loan

Engineer loan is designed exclusively for the engineers, and self-employed engineers can avail the loan to grow the business. While salaried engineers can go for personal engineer loan; self-employed engineers can choose business engineer loan.

It provides business finance for engineers, but there are some things to take care of before taking an engineer loan.

1. Select the right loan 

Explore the plethora of loans that are existing, and choose the one that is flexible and fits all the requirements. Choosing the right loan can be cost effective for the business. Specialized loan such as the engineer loan can help increase the working capital.

2. Check the eligibility criteria 

One must be a self-employed or consultant engineer between the age group of 26 to 65 years. The eligibility criteria also demand a minimum self-employed experience of 3 years.

3. Submit authentic documentation 

Incorrect documentation can lead to rejection of the loan application. Self-employed engineers need to have the following documents to apply for the loan:

KYC
Engineering degree certificate
Three months’ bank statement
Proof of business vintage of 3 years
Passport size photograph 

4. Understand all the terms and conditions 

It is important to read and understand all the details of the loan along with the legal jargons. Every professional loan has some important terms and conditions which must be read thoroughly.

5. Plan repayment beforehand 

Repayment can be a huge headache if not planned correctly. Planning gives a structure to the debt clearance and makes it easier to handle the loan and business simultaneously.

These are five things to take care of before taking an engineer loan for your business growth. Some non-banking financial institutions, like Bajaj Finserv, give loans of up to Rs.30 lakhs for business growth.  I suggest you get in touch with their Relationship Manager to know more.

To know more about how engineer loan beneficial for your business growth  click here: 5 Things to do Before taking an Engineer Loan for Your Business Growth



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