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How engineers can choose the right loan provider for themselves

  • Highlights

  • Look for collateral-free loans

  • Choose a lender who offers a high loan amount

  • Opt for a competitive interest rate to keep your EMIs low

  • Easy eligibility and minimum documentation

Once you have decided to ply your business with a professional loan for engineers, it is important that you select the right lender. This will ensure that your borrowing experience is affordable and stress-free.

Ask your prospective loan provider the right questions to ensure that you get best loan possible.

1. Do I meet the eligibility requirements?

The first thing you should do is check the various lenders and the eligibility criteria that they have set. Matching the criteria is the initial requirement that you need to meet when applying for a loan. Since a loan for engineers is customised for professionals like you, meeting the eligibility criteria is simple.

-All you have to ensure is that:
-You are a self-employed or consultant engineer.
-You have at least three years of self-employed experience, and five years of vintage experience since graduation.
-You are between 26 to 65 years of age.

2. Do I need to pledge assets as collateral?

It is important to decide whether you need a secured or an unsecured loan. The former requires you to pledge a collateral in exchange for the loan, while the latter doesn't. Based on whether you have the assets and wish to take the risk, you can opt for a loan accordingly. An unsecured loan for engineers is the ideal financing option for those who don’t want to risk/pledge their assets and want a hassle-free loan experience.

3. Do I get a high loan amount?

This question should rank high in your list. Simply put, if a lender is not willing to sanction the amount that you need, he shouldn’t be a lender that you consider. A financial institution that is reluctant to offer a high loan amount may also charge you a higher rate of interest. So, it is in your best interests to choose a lender who is willingly offering a high loan amount.
Lenders give you a high loan amount based on your CIBIL score, your business vintage and years of experience. If your CIBIL score is low, you can increase it by ensuring that you make timely payments on your loans and credit card outstandings (there shouldn’t be any delays or defaults in payments), avoid applying for loans or credit cards from multiple credit providers simultaneously, limit the usage of your credit card. A Bajaj Finserv Loan for Engineers offer upto Rs. 15 lakhs.

4. What documents do I have to provide to get the loan?

Extensive documentation makes the loan application process lengthy and cumbersome. If you're in a hurry to get the funds, it is better to pick a lender that has minimal documentation. A loan for engineers, requires only a few documents to be submitted. The idea is to get quick funding based on your engineering credentials.
The documents required for this loan are as follows:
- KYC documents (of both applicants in case of a joint loan)
- Proof of business vintage for 3 years
- Your engineering degree
- Your photograph

5. What is the interest rate?

The most important factor that separates one lender from another is the interest rate offered. Make sure your lender is offering an economical interest rate. A loan for engineers has a low and fixed interest rate, making it convenient to repay. This also helps you preserve your income or profit, instead of having to spend it on EMIs.

6. Does the loan have a prepayment charge?

Prepayment towards the principal reduces your overall financial liability. But, if you have to pay a hefty fee for this, the benefit gets cancelled out. So, it is important that you check with your lender if there are prepayment charges and calculate how high they can go. Usually, an engineer loan is free of any part prepayment charge, which adds to its affordability. Bajaj Finserv Flexi Term Loans are given to engineers at no part pre-payment charges where they get flexible repayment options and can save upto 45% on regular EMIs.

7. What are the other fees and charges and can I afford them?

As a borrower, you must be mindful of the extra fees and charges associated with the loan to gauge its affordability. The processing fee for this loan is 2% of the loan amount, which isn't eye-wateringly expensive. But, be sure to do the math before signing the dotted line! Sometimes, even a seemingly small percentage can cost you your precious funds. Loan for engineers have basic fees and charges.

8. What is the maximum tenor available for repayment?

The longer the tenor, the lower your EMIs will be, and vice versa. For a loan for engineers, the ideal tenor is up to 60 months. This is useful to you as you can choose your repayment term based on your financial status.

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9. How quickly can I get the loan amount?

The entire process of a loan application, approval and disbursal can take a while. If you're in dire need of funds, this may throw a spanner in the works. This is why it is imperative that you speak to your lender about the timelines. When you opt for a, the aim is to address urgent needs of your firm as well. There could be times when you need cash funds on an immediate basis.

For a loan for engineers, the approval happens within 24 hours if you apply online with the money in your bank account in less than 72 hours. Once you learn the answers to these questions, you will be able to select the right engineer loan provider with ease.

The information, products, and services included in or available on bajajfinserv.in may include inaccuracies or typographical errors. Changes are periodically added to the information herein. bajajfinserv.in and/or its respective suppliers / affiliates may make improvements and/or changes on the bajajfinserv.in website at any time.
The material contained in this site and on associated web pages is general information and it is not intended to be advice on any particular matter. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. The decision with respect to any financial product or opportunity or nature or suitability or choice or the viability of any product or service shall always be sole responsibility and decision of the subscriber and user.

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How to qualify for a Loan for Engineers

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