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All you need to know about the Engineer Loan

  • Highlights

  • Customised loans for engineers

  • Easy online application

  • Flexibly withdraw and prepay your loan

  • Smartly manage your firm’s cash flow

Your engineer business requires sufficient working capital. Working with the latest technology requires updated equipment and software. You may also need to recruit specialised workforce to boost your firm’s earning potential. For all these reasons, external funding could aid in giving you access to funds quickly. Customised for professionals like you, an Engineer Loan is the answer to your needs for affordable business finance.

Take a look at how a Bajaj Finserv Engineer Loan can help your firm meet the demand for funds.

1. Unsecured loans for your unique needs

Engineer Loans offer funds up to Rs.15 lakh and do not require you to provide any security or collateral while availing one. They are a quick way for engineers to meet their personal or professional needs as they get approved within 24 hours from application.

2. Easy application process

To reduce the time spent on formalities, Engineer Loans come with a paperless approval facility. You can easily apply online by filling your basic details and get your loan approved within 5 minutes. Once approved, lenders like Bajaj Finserv offer you doorstep services to collect your basic KYC documents, your engineering degree along with your financial and income proofs. The process of verification and disbursal of your loan is also quick so you can access the funds fast.

3. Easy-to-meet eligibility

Apart from the ease of application and minimal documentation, you will also find it easy to qualify for this loan. Since it is tailor-made for engineers, all you need is to be within 26 and 65 years of age, be a self-employed engineer with at least 3 years of experience or consultant engineer with 5 years of experience since graduation.

4. Convenient repayment process

When signing up for this loan, you get funds up to Rs.15 lakh repayable in a tenor of choice from 12 to 60 months. So, based on your income, expected revenue and other financial considerations, you can choose the tenor that is most convenient to you.
Further, you can make part prepayments and foreclose the loan any time after you pay your first EMI at no charge. This makes repayment much more affordable.

Top Business Opportunities for Mechanical Engineers

5. Flexibility with Flexi Loan facility

Created for SMEs, Bajaj Finserv’s Loan for Engineers gives you additional convenience in the form of the Flexi Loan facility. It offers you funds exactly when you need them.
Say you are planning on renting a bigger warehouse for your chemical manufacturing unit. You will need funds in advance as soon as you decide on a good property. You can’t make your real-estate agent wait, as then you would miss out on the discount that he is offering you to sign up soon.

Consider that you are also planning to purchase additional equipment for a new order. Combining the cost of warehouse rent and new equipment, you can’t exactly estimate the other expenses you will need to pay to keep your business going.

In such cases, a Flexi Term Loan can come to your aid. With a specific loan amount sanctioned to you for a particular tenor, you can make multiple withdrawals from the flexi loan limit as and when you need it. You can even prepay and re-avail the prepaid funds at no extra costs. You only pay interest on the amount you use, while the rest is interest-free. This helps you tackle business expenses easily while saving additional money on interest.
To manage your cash flow better, you can also choose to pay only the interest as EMIs and repay the principal at the end of the tenor. You can time the loan in such a way that your tenor ends after you get paid by your customers. This helps you address all business needs quickly and efficiently.

An Engineer Loan is exactly what you need to propagate the growth for your firm without having to depend on your regular cash flow.

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