<div>Tips to improve your chance of getting an Engineer’s Loan</div>
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Tips to improve your chance of getting an Engineer’s Loan

  • Highlights

  • Pay attention to signs of financial strain

  • Prioritise your needs to best use the funds

  • Improve your credit score

  • Plan the repayment in advance

Getting a professional loan for engineers to finance new equipment, to cover a cash flow crunch or to expand your business by hiring more resources are some of the ways in which you can grow your business. To do this smoothly, you need to ensure that you get an approval for your loan application. The best way to boost your chances is to put yourself in the shoes of the lender and find answers to questions that the lender may ask. Here’s how you can improve your chances of getting one.

1. Plan well in advance:

  Like Sheela, you should plan for a loan in advance, when you notice the first signs of financial duress.
  Let’s assume that you have a small civil engineering firm. If you notice that you are regularly having trouble with repaying your suppliers, or with collecting money from clients, apply for a loan for engineers to tackle this cash crunch.
  This will allow you to focus on your job without worrying about the financials.

2. Prioritise and organise your needs:

  You may have more than one financial problem. For example, your civil engineering firm could be short on space to accommodate all employees and may also need funds to improve cash flow and working capital.
  You must prioritise what is most essential for your business, and then arrange finance accordingly. Experts recommend that you take a loan for a purpose that directly affects revenue generation.
  A Loan for Engineers help you get customised financing solutions and can be availed in a flexi loan format which makes it easier for you to borrow and prepay fund as per your needs.

3. Become credit worthy:

  Sheela’s loan was approved instantly because she had an excellent credit score, had no outstanding debt, and met the eligibility criteria. Having a good credit score is crucial to your loan application.

  For example, let’s assume that you are a civil engineer who uses two business credit cards to pay for materials such as asphalt, timber and cement. You have been doing so for months, and have worked up a high credit card bill that you are yet to repay. This will lower your credit score and make the lender hesitant when it comes to extending financial aid.
  So, before you apply for a loan, ensure that you pay off outstanding debt—be it a loan or credit card balance. This will improve your credit score and further your chances of getting loan approval.
  Moreover, your chances of getting a favourable rate of interest are higher when you have a good credit score.

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4. Organise all your documents:

  There are a few documents that you will need to submit when you apply for this loan. These documents include your KYC documents, electricity bill, certificate of practice, engineering degree proof, business vintage and so on.
  A missing document can reduce the chances of your application being approved. It also slows down the approval process. So, ensure that you have all these documents ready before applying for the loan.

5. Plan for repayment:

  Planning for repayment in advance ensures that burden becomes insignificant when you have to pay EMIs.
  Sheela set up a separate account for the express purpose of repayment, and you can make a similar arrangement. For example, you can pay 50% of your EMI from your monthly cash collections and the other 50% from a cash reserve.
  Having a plan also helps the lender understand that you will certainly be able to repay the money that you have taken as a loan.

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