An engineers’ loan is among the most popular customised financial tools availed by engineers in India other than credit cards.
These financial advances are customised for engineers to meet personal as well as professional requirements. On one hand, an engineer can use such a loan to help their engineering business expand to new areas. On the other, they can even use these tailor-made advances to meet any personal requirement, e.g. – education, vacation, wedding, etc.
What is meant by an instant loan?
An instant loan is a financial advance which is sanctioned and disbursed in the least possible time. An instant loan can sanction finances within 24 hours of approval if availed from the leading financial institutions who guarantee the same.
At the time of applying for an instant loan, one needs to qualify the following criteria.
Qualifying for a loan for engineers
It is vital that you know how to qualify for a loan for engineers. Here is all the fundamental information you may need to do so –
- Self-employed or consultant engineer
Any self-employed engineer can apply such a professional loan. In case the individual works as a consultant, he/she needs to present the employment letter and requisite salary slips.
- Necessary work experience
An individual needs to have a minimum of 3 years of on-field experience including 5 years of total experience from the time of graduation. Self-employed individuals also need to show a business vintage of 3 years or more.
- Necessary qualifications
To qualify for a loan, a recognised engineering degree is essential. Validating the credentials require submitting the certificates which an applicant has received when completing the engineering degree. It includes the graduation certificate and the related mark sheets as well.
- Having the duly filled forms
Filling up a form using the accurate and authentic details is one of the main requirements when applying for an engineers’ loan. Being cautious is essential at the time of filling up the form. An individual needs to ensure that the application is not rejected due to any errors.
- Relevant KYC documents
KYC documents including PAN card, Aadhaar card, electricity bills, Voter ID, and utility bills.
- Paying taxes
Applying for a loan mandates that the applicant should be a registered taxpayer. Submitting a copy of the PAN card and ITR of the previous 2 years is essential.
- Age bracket
Applicant should be between 25 to 65 years of age.
Step-by-step guide on how to apply for a loan for engineer
Any qualified engineer can apply for the loan for engineers through the following steps:
- Decide whether one wants to apply offline or online
- Filling the application form
- Submitting document photocopies
- Getting the document verification done
- Receiving the money in the bank account
Applying for instant loan can help at times of exigencies and help an individual meet any kind of unforeseen expenses which may creep up anytime in life. Also, NBFCs such as Bajaj Finserv offer additional benefits such as better engineer loan interest rates and flexible repayment tenors with a Loan for Engineers.
Any qualified engineer can get approval for such instant loans from a financial institution. These loans are usually unsecured in nature and do not have any end-use restriction. Top financial institutions even offer long-term loans instantly to the most eligible borrowers. Opt for an engineers’ loan of your requirements after referring to the eligibility criteria and other pointers in consideration.