Engineer loans are easily availed debt instruments for individuals who have an educational background in engineering and who are now operating a business of their own. These are mostly free of collateral and hence do not require the applicant to provide any asset as mortgage or security for the loan.
Banks and Non-Banking Financial Companies (NBFCs) provide business loan for engineer to eligible applicants. Eligibility is decided on the basis of the following factors:
Professional and Educational Qualification
Engineer loans, as is clear from the name is for consultant as well as practicing engineers.In terms of work, self-employed engineers need to have at least 3 years of self-employed experience. Applicants need to have at least 5 years of vintage experience after graduating as an engineer.
Applicants should be older than 26 years of age, but not older than 65 years.
Following fulfillment of the eligibility criteria, the applicant can fill up the application form and provide the requisite documents. In case of most banks and NBFCs, these are the documents that need to be submitted:
Know more about eligibility criteria to avail loan for Engineers
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.