Engineers’ loan is a suitable model to finance your need for an expansion of your firm and other needs.
The loan for engineers helps you set up a business, rent or buy small property and get infrastructural needs. You could also use the loan to pay salary to employees, pay rent and security deposit for the office, buy equipment, make payments to the supplier and much more.
While many engineering professionals want to start their own firm or give their existing firms an expansion, they don’t have much idea about why a loan for engineers will be a good option to finance the same.
What is the engineers’ loan?
An engineering loan is a tailor-made loan created by leading creditors for engineering professionals considering their needs. An engineer can avail a loan of up to Rs.30 lakh under this type of loan scheme which he could use for many self-employment needs and more.
These are some vital steps an engineer should keep in mind while applying for the engineers’ loan.
Step 1: Keep your documents ready
For an easy processing of the engineers’ loan, you will need to furnish some vital documents required for engineers’ loan such as:
- Duly-filled application form
- Passport size photographs (of both applicants if you are applying with another person)
- KYC documents such as income, address and ID proofs
- Engineering degree details/certificate
- 3 years’ business vintage
- Certificate of practice as a business proof
Step 2: Fill up the loan application form
Walk to a bank or a non-banking finance company (NBFC) office to fill your form for engineer’s loan. If you can’t visit a physical branch, simply go online and fill up your application form. Many lenders let you fill up the application form online.
Step 3: Check your eligibility criteria for the engineers’ loan
It is crucial to check whether you are eligible for the loan or not, you can do this online. Enter your basic details such as your income and other proofs, and you will know your eligibility quickly.
Step 4: Comply with the verification process
It is the time for a final round of verification. Cooperate with the authorities, or else your loan application may not be approved. The banks and NBFCs will also evaluate your CIBIL score to recheck your creditworthiness.
Step 5: The loan approval
Once your final verification is complete, your lender will inform you about the same. If you are still short of some parameters, you will need to provide them to your creditor to fasten the loan approval process.
Your engineers’ loan application will be approved within 24 hours of applying online.
Step 6: Disbursal of money in your account
Once you get the final approval from the service provider, you will also receive a delivery order. The requested loan capital will then be credited to your bank account.
Online lenders presently require a time of around 48 hours to disburse the loan money in your bank account.
The Bottom Line
Now that you know some finer details of the steps for the engineers’ loan, go and apply for engineer loan online. If you apply online, you will not only save time and energy, but even your loan application will be processed a lot faster. Good luck!