Rajesh and Yogesh were two Engineer friends who had an engineering business for the last five years and were vying to take their business to the next level. They had delivered good results to their clients in the past which has led to name and fame of their enterprise. However, for the last 2-3 months, they were observing some desperate signs that their business was calling for working capitals. Yes, knowing when your business needs a working capital – and taking action such as availing an engineers loan to secure it – can work wonders for your firm to perform. But, how would you know that it is the time for your enterprise to borrow some working capital?
Have a look at five signs that the engineering business of Rajesh and Yogesh showed which prompted them to avail an engineers’ loan.
Sign 1 – You are unable to meet market needs
Are you unable to deliver the demands of your leads? Is it taking longer for your team to deliver orders? If answers to these questions are ‘Yes,’ you are facing a working capital need. You need to back up the firm with some funds to keep it running. When you have the required resources, it may take lesser time to deliver the projects of the clients.
Sign 2 – You have outdated machinery
Your engineering unit or team need to work with updated machinery to meet the trendy and customized demands of your clients. When that doesn’t happen, you will slowly start getting lesser projects which may tarnish your income. Hence, you would need to update your machinery quickly and for the same, acquiring a professional loan for engineers will work best.
Sign 3 – A bigger project is within sight, but out of reach
It is another sign that your firm needs urgent working capital. Sometimes, you may see that a project from a bigger client may be on the cards, but you may not grab it. Why? It’s because you don’t have the required infrastructure to impress your client. When you see this happening, it’s a definite sign you need to upgrade your firm’s infrastructure big time if you want to bag a bigger client to see your business surging. For the same, you will need to avail a loan for engineers.
What is an engineers’ loan?
Leading lenders provide an engineers’ loan to engineers up to an amount of Rs.15 lakh to help expand their business. If an engineer has the following eligibility, he can avail a working capital based engineers’ loan at low rate of interest.
What is an engineers’ loan eligibility?
The eligibility criteria for a loan for engineers are simple. To be eligible, you should:
- An Indian Citizen under the age bracket of 25-65 years
- Either be a consultant engineer or a self-employed engineer
- At least have three years of self-employed expertise or business vintage
- Since graduation should possess a relevant five years of work experience
The Bottom Line
Rajesh and Yogesh acquired an engineers’ loan at the right time, and today their engineering business is no longer lagging, and they are on a successful ride. If you want your engineering firm to reach heights, and have experienced the discussed signs of it demanding a working capital, give it the push of an engineers’ loan today!