Be it any engineer, a mechanical, a software, or an electrical, everyone needs some kind of constant capital flow. It can be for business or to live, survive and thrive. You can fund your requirements, whether it is personal or business-related. You can take an engineer loan, which can be a business loan or a personal loan.
What do you need to do to get an engineer loan?
You need to qualify the eligibility criteria of the loan set by the lenders:
You must be a self-employed or consultant engineer
Your age must be between 26 and 65 years
You must have a recognized degree and a minimum work experience of five years post-graduation of which three years’ work experience from being self-employed.
An engineer loan is an unsecured loan that can be obtained without keeping any collateral, security or asset.
Rate of interest
The interest rate is one of the prime factors to select the right lender. The lower the rate of interest the better will be the offer. You will have to pay less EMI to the lender.
Choose a lender that has a minimal documentation process. Basic documents that are required are duly filled application form, passport size photographs, KYC documents, business vintage proof for 3years, certificate of practice as a business proof, and details of your engineering degree.
You can get a loan of Rs. 15 lakhs with instant loan approval within 24 hours and loan disbursal within 72 hours.
You must set a budget according to which you can apply for a loan. You must check your credit score and make sure you are eligible for the loan. To know more, read: