No matter what field of engineering firm you have – be it software, mechanical or an electrical, a smooth flow of capital is a consistent business need.
Hence, you should know that a traditional loan may have some limits as far as the fund allocation is concerned; the engineers’ loan helps you utilize funds as per your needs.
In the same context, let’s help you have a look at some of the indispensable reasons a professional loan for engineers makes sense of self-employed engineers!
Reason 1 – It does not have a complex eligibility criterion
As compared to some other loans, the engineers’ loan eligibility criteria are plainly simple such as:
- Profession – You should either be a consultant or a self-employed engineer
● Work expertise – Three years of minimum experience as a self-employed and a total of five years of vintage experience since graduation
● Age – You should be in the age bracket of 26-65 years
Reason 2 – It asks for no collateral
When loans are offered against security or collateral, it makes the situation cumbersome especially for business owners who may be uncomfortable about risking their assets. Hence, a loan for engineers works in your favor because it’s a collateral-free loan. The only thing that’s required is meeting the engineers’ loan eligibility criteria, and you are good to go!
Reason 3 – It is offered at a lower rate of interest
One of the significant benefits of applying for a professional loan engineers is that it comes at a lower rate of interest. The loan is meant to support your business, and it is done best by lowering the EMIs.
Reason 4 – Minimal documentation
When it comes to documents required for engineers’ loan, you don’t have to compile an exhaustive list. You need the following documents such as:
✓Duly-filed online application form
✓Recently clicked passport-size photographs
✓ID proofs and Address proofs – KYC documents
✓3 years’ business vintage
✓Financial statement of your business
✓Your engineering degree’s details
Reason 5 – Allows a large amount and quick approval and disbursement
With the help of an engineers’ loan, you can apply for a larger loan amount up to Rs.15 lakh. What’s more, once you apply, you will get quick approval within 24 hours, and after your approval, the loan amount will be in your bank account in 72 hours.
Reason 6 – Helps you withdraw and pay as per your need
A loan for engineers also helps you avail a unique facility of a flexi loan. In this facility, a subscriber gets a credit limit for your selected tenor. You are free to withdraw an amount of your choice from the total loan amount and pay only the interest as EMIs and nothing else. You also get to settle the remaining amount only after the completion of the tenor. The facility helps you manage your monthly expenses easily!
The Bottom Line
Do you need any more reasons to prove why availing an engineers’ loan makes sense for self-employed engineers? Make the most of the discussed reasons, and apply for an online engineers loan right away!