Engineer loan is a viable option for salaried and self-employed engineers to cater to their individual financial needs. This is a multi-faceted loan which can be used to cater to personal needs such as wedding, vacation, higher studies, or for business needs such as to expand business, purchase new machinery, upgrade to latest technology, hire seasonal workers, expand business yield, settle business debts, to name just a few. Leading NBFCs offer high-value loan up to Rs. 25 lakhs on flexible tenure of 12-72 months and affordable rate of interest to eligible candidates. If you are keen for the engineers loan you can check the eligibility criteria of the lender on their official website. This is as given below - Salaried engineers -
They must be between 25-59 years of age and have a stable income of at least three years. Salaried engineers - They must be between 25-59 years of age and have a stable income of at least three years. Documents required -
Self-employed engineers - They must be between 26-65 years of age and have a business vintage of a minimum of three years. Documents required -
As this is an unsecured loan lenders ill verify your credit score as a measure of your creditworthiness. So, maintain a healthy credit score of 750+ or more.In addition to maintaining a stable income source like a job or business. This will serve as an assurance to lenders that you would pay off the loan on time without any defaults.
Self-employed engineers - They must be between 26-65 years of age and have a business vintage of a minimum of three years. Documents required -
As this is an unsecured loan lenders ill verify your credit score as a measure of your creditworthiness. So, maintain a healthy credit score of 750+ or more.In addition to maintaining a stable income source like a job or business. This will serve as an assurance to lenders that you would pay off the loan on time without any defaults. Read More :- Tips on How to Get Your Engineer Loan Approved
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AuthorAman 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. |