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Is There a Maximum Limit On Engineer Loan? How Can I Find Out My Eligibility?

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Posted on: 09/05/17

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.

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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.

Pre-approved offers for up to Rs. 15 lakh If the borrower is an existing Bajaj Finserv customer, he or she is eligible for a pre approved loan up to 15 lakhs.

Low interest rates Higher interest rate of any loan drives up the total cost resulting in a higher outstanding debt of the customer. So as to provide a relief to its customers, Bajaj Finserv undertakes machinery financing and equipment financing at low and affordable interest rates.

Easy process with no documentation To ease the tedious and time consuming process of loan application Bajaj Finserv keeps the documentation to the minimum. One can get loans for machinery and equipment by just submitting a handful of basic documents.

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No collateral or guarantor needed - With simple and transparent terms and conditions Bajaj Finserv provides SME loans without guarantor or collateral making it easy and stress free.

Online account access Online access to ones loan account makes it convenient for the customer to easily track their transactions, payment schedules, pending loan value, etc. Bajaj Finserv offers an easy platform to help view all loan information online.



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