An engineer loan is one of the many customised professional loans that are available in today’s lending market. It is a tailor-made scheme for individuals from an engineering background, either salaried or self-employed. It provides the necessary finances to sustain or optimise the working capital of an engineering firm.
A loan for engineers comes with multiple features and benefits. These are made keeping in mind the professionals who would use the capital to set up or expand their business.
Benefits of an engineer loan
- A substantial amount of credit
Loan for engineers offers a substantial amount of credit for both salaried and self-employed individuals. Financial institutions offer loans of up to Rs. 25 Lakh for engineers working with MNC, public, or private companies, and loans of up to Rs. 30 Lakh for self-employed and consultant engineers.
The unsecured nature of these loans is also beneficial for engineers who own small or medium businesses. Without the risk of pledging any asset as security, they can avail the money and concentrate on reaching their milestones.
Also, there is no predefined way of utilising the funds. You can use the money to finance anything from your personal or professional goals.
- Flexible features
Another benefit of a business loan for engineers is its flexibility. You can choose a repayment tenor according to your convenience; it can range from 12 to 72 months. Also, if you have a good credit score, you can negotiate the interest rate during the application process.
NBFCs provides further facility which gives you the option to make multiple withdrawals from a pre-set limit. You will have to pay interest only on the amount withdrawn and repay the principal amount as per your convenience. A Flexi facility can help engineers improve their manufacturing business.
- Affordable interest rates
The interest rate often becomes a deciding factor while taking an advance. If the interest rate is too high, you will have to pay a significant amount from your monthly income, which will reduce your earnings.
However, affordable engineer loan interest rates make it a better option for people looking to grow their businesses. You will have adequate money to invest back and build a stronger financial backing for the future.
- A quick and easy application process
Most financial organisations offer easy online application process for loan for engineers. All the details like the repayment schedules, fees and charges, application form, as well as a step-by-step guide of applying for an engineer loan will be available on the lender’s website.
You will also find a list of the necessary documents that you will need to apply for the credit. Opt for lenders who offer minimum documentation and easy-to-meet eligibility criteria.
- Instant approval
Business loan for engineers is often paired with instant approval and quick disbursal processes. Many financial institutions disburse the loan amount within 24 hours of sanction.
You can tackle any financial challenge without risking any asset with the help of a professional loan for engineers. With special features customised for the salaried and self-employed engineer, it is often considered as the best financing option for quick and affordable funds.