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How to qualify for a Loan for Engineers

  • Highlights

  • Meet the eligibility criteria to improve chances of approval

  • Have the desired experience and qualifications

  • Submit the correct documents

Engineer loans can provide you numerous benefits while helping you finance all your professional requirements. But, for your loan application to be approved, it is important to ensure that you match the eligibility criteria. This will help your loan get approved quicker and will also help you secure a lower rate of interest.

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Take a look at the eligibility criteria that you must meet for a Loan for Engineers.

1. You should be a self-employed or consultant engineer

   You can apply for this loan if you have your own engineering firm, or if you work in the capacity of a consultant with another firm.
   In case of the latter, you must submit documents such as a letter of employment and salary slips.

If you’re an engineer and entrepreneur, you can submit your company’s registration document.

2. You should have the necessary work experience

   It is important for you to be skilled as an engineer and have some amount of experience in the field of engineering.
   This means that you must have at least 3 years’ experience as a self-employed engineer, along with 5 years’ of vintage experience since the time of graduation.
   This enables the lender to gain security that the loan being given is to a capable engineer and eliminates the risk of fraud.
   To prove your eligibility here, you will have to submit business vintage for a period of 3 years, along with a certificate of practice.

3. You must have the necessary qualifications

   To qualify for this loan, you must be an engineer with a valid engineering degree.
   You must also be self-employed at the time of applying for an engineer loan.
   To validate your credentials, submit the certificates that you have received at the time of completion of your engineering degree.
   This will include your certificate of graduation and supporting mark sheets.


4. You should have a duly filled form

   Filling the form with authentic and accurate details is the primary requirement for being eligible for an engineer loan.
   It is important to be cautious when filling up this form. Avoid making any errors as this ensures that your application is not rejected.

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5. You should have the relevant KYC documents

   KYC documents are essential as they authenticate your identity.
   They consist of all your documents like Aadhar card, PAN card, voter’s ID, electricity bills and/or phone bills.
   These documents help vouch for your identity, address and establish you as an Indian citizen as well.

6. You must be a taxpayer

   To apply for this loan, you must be a taxpayer registered with the government of India.
   You have to submit a copy of your PAN card to meet this eligibility requirement.

7. You must be of the right age

   To be a candidate for this loan, you must fall between the age bracket of 25 to 65 years.
   This age bracket is to assure lenders of your earning and repayment capacity.
As long you meet these criteria when filing your application, a loan for engineers can be easy to secure, and can help you tackle all your financial hassles. Once you have all the documents ready, apply for a Loan for Engineers with Bajaj Finserv and gain from benefits like quick application, instant approvals, flexi loan, wide tenor, nominal interest and more.

Additional Read: Top 5 Business Intelligence Packages for Your Engineering Business

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