A tailor-made personal loan for engineers is a prudent mode of finance for engineers to address their varied needs such as going on a vacation, home renovation, buying a household accessory, etc. Here’s how this loan can benefit you.
A large amount
A personal finance for engineers offers a substantial amount of funds that help you address a range of needs right from going on a holiday to addressing a medical emergency.
For instance, the Bajaj Finserv Personal Loan for Engineers gives you a loan amount up to Rs.25 lakh. This loan helps you with liquidity to take care of most of your personal needs.
Collateral-free loan
A personal loan for engineers is a collateral-free loan. You don’t need to pledge your assets as security to avail this loan. Not many are comfortable with the idea of pledging a personal asset for securing a loan. Also, those in the formative years of service may not have any asset to pledge.
Quick disbursal with easy documentation
Documentation also plays a key role in the borrowing exercise. Borrowers like loans which can be availed with few documents. A personal loan for engineers offers both these benefits.
For example, the Bajaj Finserv Personal Loan for Engineers is approved within 24 hours and requires minimum documentation. To avail this loan, you need to produce your:
- KYC documents
- Engineering degree certificate
- 3 years’ bank statements and salary slips
- Passport-size photographs
Also, you get to choose a repayment tenor ranging from 12-72 months to spread your EMIs as per your convenience.
Though the list of documents may vary across lenders, most of them are easy to attach/upload with the loan application.
Flexibility to withdraw as per requirement
New-age engineer loans like the Bajaj Finserv Personal Loan for Engineers come with a Flexi Loan facility that allows you to withdraw money as per your needs, from the approved limit, without making multiple applications.
You are charged interest only on the amount utilised and not on the entire limit, thus lowering EMIs. Also, you can prepay when you have a surplus at no extra cost. The Flexi Loan facility ensures you have access to funds in case a sudden need arises.
