Be it electrical or mechanical, chemical or architectural, no matter what your stream, an engineering business needs a steady infusion of funds to stay competitive. Tackling cash flow and operating expenses may need external funding. For these purposes, you can use an Engineer Loan from Bajaj Finserv for all your financial needs. Tailored exclusively for engineers, it offers a simple and easy way to access funds for your business.
To know more about the Bajaj Finserv Engineer Loan, read the frequently asked questions about it.
2. Can I use the funds apart from business purposes?
As these loans take into account your professional qualifications and business experience, you can avail these for personal purposes too. It’s better to get in touch with your lender and inform him the reason for your application.
3. How and when will I get access to this credit?
After you have decided the amount you require and completed all formalities, your loan application is approved within 24 hours. Subsequently, the funds are credited to your bank account in 72 hours. This customized offering understand that time is of the essence, and ensures you get the finances as soon as possible.
4. How will I repay if my revenues aren’t consistent?
Your business may have a long gestation period or be cyclical or seasonal in nature. No matter what kind of enterprise you have, you can choose a repayment tenor that suits you. Whereas the term loan offers you up to 60 months to repay, you can also choose the Flexi Loan facility to manage your cash flow more easily. This feature gives you a certain loan limit for a chosen tenor. You will make multiple withdrawals from it and pay interest only on the amount used. This means you can access to funds as and when you need them, without having to pay interest on the total amount. You can further choose to pay only the interest as EMIs and pay off the principal at the end of the tenor. You can choose a tenor based on when you expect your business income to be sufficient to repay the loan.
5. I don’t have surplus assets to offer as a guarantee. What do I do?
Unlike an unsecured loan where you are required to pledge an asset as a guarantee, the Bajaj Finserv Engineer loan has no such conditions. These are collateral-free loans, so you do not need to stake business or personal assets.
6. How will I know if I qualify for the loan?
Since this loan is customized for engineers like you, you will find it easy to meet the eligibility criteria. To be eligible for a business loan for engineers from Bajaj Finserv, you must be a self- employed or consultant engineer between 26 to 65 years of age. You must have at least three years of experience as a self-employed engineer together with a minimum of five years related work experience since graduation.
7. What are the documents needed to apply for an Engineer Loan?
To apply for an engineer loan, you just need a few of documents like your KYC documents like PAN card, Aadhar card, passport etc., proof of business vintage of 3 years and a copy of your engineering degree are all you need.
8. What will be the interest rate and other charges?
The interest on your Engineer Loan is based on your creditworthiness and income. However, this loan features very low related charges. The processing fees are 2% while there are no interest or principal statement charges. There are no part prepayment charges or foreclosure charges of you are an individual borrower with a floating interest rate. See the fees and charges here.
Armed with this information, you can apply for the Bajaj Finserv Loan for Engineers. Use it to further your business goals quickly and conveniently.
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