Are you an engineer seeking for a loan to set up your own business? Then your prayers are answered. Bajaj Finserv brings to you Engineer loan, a professional loan exclusively for the engineers.
Know all about the terms and conditions of Engineer loan schemes before applying for a loan and check your eligibility criteria for Engineer loan. Apart from meeting the eligibility criteria for Engineer loan there are other things that one should keep in mind while taking an Engineer Loan. Here are a few key rules that one should know about.
Eligibility Criteria for Engineer Loan:
Profession – One has to be self employed or a consultant engineer.
Work Experience – One has to have a minimum of 3 years of self-employed experience and 5 years of vintage experience since graduation.
Age Limit - 26 – 65 years
Documents required for Engineer Loan
One seeking for an Engineer Loan can easily avail the services for machinery, equipment or even for his personal use by submitting the following required documents:
Duly-filled application form
Photographs of the applicant
KYC documents (of both applicants in case of a joint loan)
Business vintage for 3 years
Certificate of practice as a business proof
Details of Engineering Degree
Features and Benefits of Engineer Loan
No business can run and perform well without a good flow of finance. A steady amount of working capital is what one needs to keep their business running be it of any industry even engineers.
Here are all the Features and Benefits of Engineer Loan from Bajaj Finserv that one should know about:
Flexible line of Credit - Line of credit is a unique credit facility where the borrower is given a credit line for a certain period of time and will have to pay only the interest on the amount used in that tenure. It also provides the borrower the option of paying only the interest component of the monthly EMIs and can pay the principal at the end of the year. This facility also allows the borrower to prepay a part of their loan amount.