A professional loan for engineer may sound similar to a standard loan, but the differences are pleasantly striking to note! Any other standard loan may require providing collateral or security while a loan for engineer does not need that at all.

If an engineer has enough creditworthiness and matches the engineers loan eligibility of the lenders, nothing can stop him/her from availing the loan at an affordable engineer loan interest rate.

Eligibility Criteria for Engineers Loan – A Quick Look!

A loan for an engineer can help you avail a fund up to Rs.15 lakh which you can utilize to develop your business. Here’s the standard engineers loan eligibility that you need to match to get your engineer loan approved:

• Profession – You should either be a self-employed professional or a consulting engineer

• Work Expertise – You should have at least 5 years of work experience after your graduation. If you are a self-employed engineer and want to avail a loan, you need to have at least 3 years of self-employment expertise

• Age – You should be in the age bracket of 26-65 years

Documents Required for Engineers Loan

Once your engineers’ loan eligibility matches with that of the lenders, you need to ensure to furnish some basic documents. Here are the documents required for engineers’ loan:

• Dully-filled application form

• Recent photographs of the loan applicant

• Know-Your-Customer (KYC) documents – Both applicant’s KYC details needed in case if you are seeking a joint loan

• 3 years’ business vintage

• Educational documents – Your Engineering degree’s details/mark sheet/degree certificate

An Engineers’ Loan will Offer Wonderful Advantages

Here’s an immediate look at some of the impending benefits that a professional loan for engineers offers:

• No Collateral, No Guarantors

A collateral-free loan means that you don’t have to provide any security or guarantors to apply for an engineers’ loan. If you have the required qualifications, you are good to go!

• Flexi Loans

The flexi loans facility enables you to withdraw an amount out of your sanctioned amount as many times as you want inside a tenor. The plus point is that you pay only the interest component of it as the EMIs and the remaining loan amount is adjusted once your tenor comes to an end.

• Online Account Management

When you can manage everything over the internet, why should not your loan be? Yes, an online application and account management enables you to access the entire aspect of your loans such as loan details, payment due dates and more at the click of a button!

The Bottom Line

Now that your concept of the engineers loan eligibility is clear, you can land on a leading lender’s website and apply for an engineers’ loan online. A loan for engineers will help you fulfil your dreams of establishing your own business! All the best!