An easy 5-point checklist to apply for an Engineer Loan
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An easy 5-point checklist to apply for an Engineer Loan

  • Highlights

  • Compare interest rates of lenders

  • Apply online for added convenience

  • Check eligibility and fees and charges

  • Submit the required documents

Your engineering firm could need finance for a variety of purposes like purchasing new equipment such as voltage stabilisers, generators, and tower cranes or software like Auto CAD, Auto Desk, CATIA, Test automation and Maple. You may also require funds to renew a lease, to hire more staff, or to fuel working capital. For all such needs, you can avail a loan customised for you—a Business Loan for Engineers.

This loan is created for you, and thus features eligibility criteria that is easy to meet, minimal documents to be submitted, an easy online application, and fast sanction of funds. To help you make the most of this affordable financing option, here’s a checklist for taking and applying for an Engineer Loan.


1. Select an appropriate lender

Make sure to compare various lenders in terms of interest rates, customer service and prepayment options before applying. Select the lender with the lowest interest rate to gain from paying nominal EMIs. Tackle all your financial needs with an affordable option such as the Engineer Loan from Bajaj Finserv. It offers you funds up to Rs.15 lakh with nominal interest and flexible repayment tenors.

2. Meet the eligibility criteria

Before you apply for the loan, check to see if you qualify for it. This ensures that your application is not rejected and is, instead, approved faster. To qualify for a Bajaj Finserv Engineer Loan, for instance, you simply need to be a self-employed or consultant engineer within the age group of 26 to 65 years of age. See the details here.

3. Keep your documents ready

Documents form an integral part of applying for a loan because they provide the lender authenticity on your behalf. You will need to keep documents like your financial statements, ID and address proof, proof of business vintage of 3 years, and your engineering certificate ready so that you can have your application approved faster.

4. Check if you can apply online

When selecting a lender, see if it allows you to apply online, since this saves you time and resources. All that you need to do when applying online is to fill the application form, await the initial approval, submit the needed documents, and have your documents verified. Your loan will then be instantly disbursed into your bank account.

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5. Check for other charges and pre-approved offers

Apart from the interest, your Engineer Loan has other fees and charges attached. Check them to ensure that your loan is truly affordable. For example, most lenders will require you to pay a processing fee, secure fees, statement charges, EMI bounce charges, and penal interest. Check to find a lender who has all charges clearly listed and keeps these to the minimum. Also check to see if you will be charged for making part prepayments or foreclose your loan early.

Bajaj Finserv Loan for Engineers, for instance, does not charge individual borrowers on a floating interest any prepayment or foreclosure charges after the first EMI is paid. Secondly, check to see if you can get this loan from your existing lender. You may get pre-approved offers to make the application process easier or get you additional benefits.
Observe this checklist to apply and get access to funds quickly with an Engineer Loan.

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