According to expert surveys, approximately 1.5 million engineers graduate each year and aspire to build their career across the IT and manufacturing sectors. The prospective growth of these sectors and the immense scope that it presents contributes to the rising number of engineering aspirants. Despite their higher-than-average salaries, meeting personal and professional goals often require considerable financing that puts a strain on their savings.
To bridge the funding gap, reputed lenders offer financial assistance in the form of professional credits. While the business loans for engineers cater to the specific professional goals, the personal finance for engineers is the best option to meet the hefty personal expenses due to its multiple borrower-friendly features for both self-employed and salaried engineers.
Check out some such beneficial features that make them an efficient funding option in cases of personal financial crunches –
1. No end-usage restrictions
Personal Loan for Engineers by leading NBFCs like Bajaj Finserv come with no end-usage restriction, making them the ideal choice to meet personal financial goals. Borrowers can now utilise the fund for home renovation, higher studies abroad, managing wedding expenses, or consolidating debts or arranging funds to organise a tour. These professional credits are customised as per their requirements.
High credit amount without collateral
Lending institutions offer credits that come with high loan amounts of up to Rs. 25 Lakh for eligible borrowers and do not require pledging any collateral. Following this, individuals can use the sanctioned amount to fund various expenses without taking a toll on their monthly budget.
Prospective borrowers need to maintain a high credit score to avail such beneficial financial assistance.
2. Competitive engineer loan interest rates
Personal loans for professionals by reputed lenders come with an attractive rate of interest and offer a flexible repayment tenor ranging from 12 to 60 months. Both of these play a pivotal role in determining the monthly equated instalments. Thus, these two aspects should be at the top of your checklist to apply for an engineer loan.
However, it is imperative to compare the loans available in the market and approach a suitable lender who offers less stringent eligibility criteria, thus helping in a hassle-free application process to avail the advances.
3. Easy to meet eligibility criteria
Lenders take into account the convenience of borrowers and hence keep the eligibility criteria to a bare minimum.
- Salaried individuals – Potential borrowers need to be between 25 to 59 years of age and have a minimum of 3 years of experience in their specified field of work.
- Self-employed borrowers – Individuals need to be between 26 to 65 years of age and need to possess self-employed expertise of at least 3 years.
One also needs to furnish the following documents to avail personal finance for engineers –
- Salaried – KYC documents, degree of certification, bank statements and salary slips of the previous 3 months, and passport sized photographs.
- Self-employed – All mentioned above except salary slips of the last 3 months, and proof of business vintage of the previous 3 years.
Apart from the above mentioned benefits, borrowers also have the advantage to opt for personal finance for engineers through a streamlined application procedure. However, it is imperative that engineers increase their CIBIL score before approaching a lender. It reflects their creditworthiness and higher repayment capabilities, and hence, lenders offer advances with a relatively lower rate of interest.