How can salaried and self-employed engineers apply for a loan

Here are some important tips that salaried and self-employed professionals need to follow to apply for engineer loan:

• Eligibility criteria: 

For personal finance for engineers, a salaried employee must be between the age of 25 and 59 years and also must have gained three years of work experience.

On the other hand, a self-employed engineer must be between the age of 26 and 65 years and must be working independently or as a consultant engineer for availing this credit. He/she must also have at least three years of business experience to avail the loan.

• Credit Score: 

A salaried personal must have at least 750 or more CRISIL score and a self-employed professional must also maintain a good credit score to qualify for the engineer's loans.

• Document criteria: 

In this case, both salaried and self-employed engineers are required to maintain specific documents for applying for an engineer’s loan to any bank or financial institution.

These documents are:    

KYC documents:

Both salaried and independent professionals are required to submit KYC documents with an attached passport sized photos.

Certificates of the engineering degree: 

This is also applicable to both salaried and independent engineers.

Mini bank statement for the past three months: 

This applies to both salaried and self-employed professionals.

Salary slip for the last three months: 

This is applicable for an individual working with a public/private sector or MNC to show their proof of income.

Proof of business vintage: 

The self-employed engineer needs to file papers to show evidence of their business vintage of at least past three years for acquiring an engineer’s loan.
     
Application process: 

Many financial institutions provide online facility to apply for this loan to make the application process quicker and convenient. After submitting the application form, the lenders have to check credit rating and credit history before approving the application.

To know more about the engineer loan and how to apply for it, click here: Tips for salaried and self-employed engineers to take a loan