A special loan for salaried engineers can be used for a host of personal purposes- wedding, vacation, home renovation, medical emergency, debt consolidation, etc. Choosing an engineer loan from the right lender has its own perks that include minimum of documentation and flexibility to a maximum level.
To qualify for a personal loan for salaried engineers, there are some criteria that a particular person needs to meet. One can avail a loan at a quicker span of time and with lesser rate of interest when he or she satisfies the following criteria.
Benefits of engineer loans for salaried individuals
An ample amount of loan can be accessed: A large amount of loan, as lump sum as Rs. 25 lakhs can be accessed at a time, and this shows that financial barriers cannot come on the way of meeting personal goals.
No collateral is required: When you apply for an engineer loan with Bajaj Finserv, you’re not required to pay any collateral amount to secure your loan.
Replacement ability based tenor: Depending on the income and the capacity of repayment, one can choose a tenor, for a longer or shorter period of time. This is made available by a suitable loan firm.
Quick disbursal and approval: Depending upon the eligibility criteria of engineer loan, a salaried engineer can get a quick loan within 24 hours, with the submission of the proper documents. This helps to meet urgent needs.
Online facilities: Application and management are made easy through online applications, and this can be meted out by filling simple form for the loan, and then availing for the required amount by logging into the site with the user’s portal credentials. All the loan details such as payment schedules and the value of the loan can be viewed by logging into the user account.
Offers that are pre-approved: By checking into the consumer’s details, the loan firm provides suitable offers that are pre-approved, on the basis of which the loan is given. This means there will be no scratching of the application process, with the help of just a few clicks.
Eligibility Criteria to Avail Engineer Loans
Firstly, the engineer has to be a salaried individual aged between 25 to 65 years, with an experience of 3 years. In order to prove his or her position, necessary KYC documents, engineering degree certificate, bank statements and salary slips for 3 months are to be submitted.
Documents Required to Avail Engineer Loan
KYC documents – It includes identity proof, address proof, signature proof, etc.
Proof of business vintage – You need to provide 3 years of business vintage documents.
Photograph – You need to submit passport sized photographs.
Engineering degree – You need to provide the certificate of your engineering degree.