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Looking for a loan tailor-made for engineers? Here’s why Bajaj Finserv's Engineer Loan is a good choice

  • Highlights

  • Finance unexpected costs with a Flexi Loan

  • Easy-to-meet eligibility criteria

  • Get up to Rs.15 lakh without providing collateral

  • Enjoy prepayment and foreclosure at no extra charge

As the owner of an engineering business, you’re sure to have goals and missions for your firm. This could be developing face recognition software if you’re a software engineer, or developing an energy-efficient plastic bottle-manufacturing machine if you’re a mechanical engineer. Funding these dream projects will require finance that is flexible and convenient to use. Bajaj Finserv’s Engineer Loan offers you this and more. It is customised to suit the intricate needs of your engineering business.
Here are some of the benefits that this loan has to offer.

1. Qualify for this loan with ease

Unlike many other loans, you don’t have to meet stringent eligibility criteria to qualify for this loan, since it is customised for professionals like yourself. All you need to qualify for it is to be a self-employed or consultant engineer between the ages of 25 and 65. Besides this you must have 3 years of experience being self-employed, and 5 years of work experience since graduation. Once you meet the basic criteria, you only have to submit KYC documents, business vintage of 3 years and your engineering degree certificate.

2. Raise finance in an instant

To keep your business running on track you may need funds on short notice. This is why the Bajaj Finserv Engineer Loan has an easy online application process that you can complete in a matter of minutes. A loan of up to Rs.15 lakh is approved in just 48 hours and the amount is disbursed directly to your account. So, even if you have identified the need for finance at the last minute, you can make use of this loan.

3. Finance periodic and unexpected expenses

Flexi Loan is a unique facility that enables you to withdraw from your sanctioned loan amount as and when you need to. In this manner, it allows you to fund unpredictable and periodic expenses with ease. Besides, you only have to pay interest over the amount that you use. So, if your total Flexi Loan amount is Rs.12 lakh and you use Rs.7 lakh to buy computers and software, you will only have to pay interest on this. Then, if you withdraw an additional Rs.2 lakh, 6 months later, to add 3 consultants to your workforce, you will then have to pay interest on Rs.9 lakh. The balance Rs.3 lakh will be interest-free. You also have the option to pay the interest component first, in the form of EMIs, and repay the principal at the lapse of the tenor. The best part is that you don’t have to file an application each time; you can simply submit a request and access funds immediately.

4. Manage your loan on your terms

In the midst of your busy schedule, you may not find the time to visit a branch to view loan details. To make matters simple and convenient, Bajaj Finserv allows you to track your loan online. This means that you can log on to a secure customer portal with your user ID and password and view a snapshot of your loan. You can see interest statements, principal statements and outstanding balance at your convenience, while you’re in office or on the go.

How to apply for an Engineer Loan

How to apply for a Bajaj Finserv Engineer Loans online

5. Make repayment affordably at your pace

This loan provides you complete flexibility to repay the loan as per your convenience. If you come into a surplus of funds, you can make prepayments or foreclose the loan at no extra charge. You can do so after one month of the tenor is up, and if the value of your prepayment is more than or equal to that of one EMI. Besides this, the loan also comes with a tenor of up to 60 months.

So, you can choose one according to your firm’s financial situation. For example, if you’re awaiting payments from clients orare still developing your product, a longer repayment window will benefit you.

6. Keep your assets safe and secure

This loan is available to you on a collateral-free basis, which means that you don’t have to pledge your personal or business assets to secure the loan. This further reduces the time it takes to get funds as you don’t have to wait for collateral to be assessed and its documents to be verified.
So, instead of taking a personal loan or credit from friends and family to meet your firm’s need for finance, turn to this affordable, customised solution to get funds along with a host of other benefits.

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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