Any loan, personal or business is meant to fulfill all financial requirements when our savings fall short. Depending on the utility and the specific benefits that are provided by the lender with a loan scheme, applicants should decide which loan scheme to choose for their financial needs. Professional loans like engineer loans are a recent addition to the existing debt instruments that have proved their utility in multiple aspects.
Engineer loans are a dynamic financial option for individuals with an engineering background. These loans can be availed by engineers of all fields like Computer Science, Electrical, Civil, Mechanical, Chemical, Information Technology and Aerospace to name a few. They can be availed by engineer-entrepreneurs for a business expansion or to start a new business.
Most lending institutions require the engineer loan applicants to fulfill their eligibility criteria which include a minimum self-employed experience of 3 years or 5 years of vintage experience after graduation. Moreover, applicants should belong to the eligible age range which is 26-65 years.
Another important aspect of availing an engineer loan is the requisite documents specified by the chosen lending institution which could be a bank or an NBFC. The common documents required for an Engineer Loan include- valid ID and address proof, certificate of practice (as proof of business), business vintage for past few years and details of educational qualification.
With everything else in place (fulfillment of eligibility criteria and provision of necessary documents), receiving approval and the loan amount is a matter of a few days only.
Things to Know About An 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.