Engineer loans are loans for engineering professionals that can be utilized in setting up, expanding and running of a business. Banks and NBFCs now have a variety of debt offerings for promising entrepreneurs and their business needs. Choosing the right loan scheme can thus be a confounding task for a lot of individuals. To make the process of deciding easier, we have listed the benefits of engineer loans.
A few NBFCs offer engineer loans which can be availed as credit lines. Through this feature, a specified credit limit is provided for a fixed tenure. The applicant only pays interest on the amount utilized as EMI while the amount borrowed is repaid after the tenure ends.
No Collateral/Guarantor Involved
Engineer loans are the best finance option for business owners who don’t own any asset as such that can be used as collateral for the loan. Loans without collateral or guarantors require lesser documents and are disbursed faster.
Larger Principal At Lower Interest Rates
Business owners can avail loans up to 15 lakhs at quite low rates of interest to fund capital intensive needs. This reduces the cost of borrowing and enhances profitability.
Existing customers can avail pre-approved loans which are disbursed in minimum time, thereby helping in maintaining deadlines and delivery schedules.
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.