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Top 3 Ways to Use an Engineer Loan

  • Highlights

  • A booming sector with increased competition

  • Grow your firm with engineer loans

  • Invest in new technology, equipment

  • Build a talent pool

The engineering industry in India has been growing thanks to the increased investments in infrastructure and industrial production. India exports its engineering goods to US and Europe, which contributes over 60% of the exports. The turnover in FY17 was expected to be USD 125.4 billion.

As a self-employed engineer, with a growing demand and increased competition, it has now become increasingly important to expand your operations and distinguish your offerings.

However, expansion can be expensive. With the right sources of finance though, it becomes manageable. Professional engineer loans, for example, would be a great choice. Just to make things easier, here are a few ways that your engineering business can use an engineer loan:

Benefits of Engineer Loan

1. To Embrace New Technology

New technology, important for the engineering world, emerges every day. It is important to embrace this new technology to grow your firm. For example, building information modeling (BIM), information drones etc. However, such technology is quite expensive, with BIM software alone costing anything between USD 6,000 and USD 12,075. Training your staff in this technology will cost extra. Thus, smaller firms have a better chance of access to such expensive technology with the help of engineer loans.

Additional Read: Benefits of an Engineer Loan from Bajaj Finserv

2. To Hire New People

There is a growing demand for well-qualified, knowledgeable engineers. However, hiring new people can be quite an expensive process. For each new employee you hire, you have to pay a minimum of around Rs.3 lakh per annum, and the more qualified they are, the higher their wages will need to be. When business is slow, these costs can be difficult to meet. Engineer loans can prove to be an additional support during this time.

Top Business Opportunities for Mechanical Engineers

3. To Upgrade Equipment

Your machinery equipment is probably among the most important part of your engineering firm. You need it to run operations and earn profits. Therefore, regularly checking and upgrading this equipment becomes absolutely necessary. However, quality equipment can cost you a lot. Engineer loans up to Rs.15 lakh are a great source of quick finance, should you need help to meet such a need. Additionally, you can also avail an engineer loan to add to your equipment loan amount.
Engineer loans can, thus, help meet a variety of financial needs. Use them to grow your business and form your niche.here.

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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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