Thanks to the never-ending efforts by Indian banks and NBFCs to improve their service, especially the retail loan segment - it is possible for anyone with the loan eligibility to avail a loan without much trouble. Same goes with engineer loan. However, this doesn’t mean you can apply for an engineer loan every now and then, despite having no need for it. If you continue to do so, your loan application will face rejection and you’ll be blacklisted. Thus, whenever applying for financing schemes for engineers, ask the below-mentioned question to ensure approval.
Why do you need the loan?
The first question that engineers need to ask is, why do they need the loan, do they even need it? A loan is a debt instrument which is extremely helpful for people under circumstances when they are facing financial inadequacies which can’t be met even after exhausting their short-term and long-term monetary assets. In other words, apply for an engineer loan when it is necessary when you really have a purpose for the loan.
Do I have a good CIBIL score?
A good CIBIL score is very important to get your engineer loan application approved. Your eligibility for the loan depends on various factors and your credit score is one of them.
Do you have a viable repayment plan?
Knowing how to payback even before borrowing i.e having a viable repayment plan in place is absolutely necessary. It gives the lender an insight on your repayment ability and helps you complete the repayment process without much trouble.
Do you have a good lender in mind?
The Indian market is full of engineer loan schemes, offered by multiple registered and unregistered lenders. Thus, to avoid chances of fraud, you must choose a credible lender and an equally fitting scheme.
Read More :- Things Engineers Should Have In Mind Before Taking Engineer Loan
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.