In India, the financial sector is growing rapidly with many financial institutions coming into existence. The main aim of these companies is to provide the borrower with the loan that comes with the best terms. An engineer – both salaried as well as self-employed can avail these loans. But the personal finance for engineers varies for salaried and self-employed based on their eligibility criteria, repayment capability, etc. This loan is available for engineers belonging to branches like mechanical, computer science/IT, chemical, civil, an electronics engineers, etc. Let’s see the eligibility criteria for both the categories.
For Salaried Engineers:
- Should be aged between 25 and 59 years
- Minimum 3 years of work experience
- Good credit score
- Salary slip for 3 months
- Applicant should be a taxpayer
For Self-Employed Engineers:
- Upper age limit of 65 years
- Minimum 3 years of business operation
- No need for proof of income statement
The documents needed are KYC documents like aadhaar card, Pan card, voter’s ID, electricity bills and/or phone bills. These will vouch for your identity, address and help in establishing that you are an Indian citizen.
This loan for self employed to start a business, expansion of the business or for meeting any other business needs.
This is an unsecured loan which can be extended up to Rs 25 lakhs for salaried engineers and Rs 30 lakhs for self-employed engineers. The repayment tenor for salaried engineers is 12-72 months and for self-employed is 12-60 months. Only minimal documentation, flexible withdrawal and repayment facility, pre-approved offers, online account facility to track your loan account, etc.
This Finance for engineers are mostly approved within 24 hours of submission of loan application online and will be disbursed to your bank account. This loan can be utilized for medical emergencies, business development, placing a bulk order, dealing with cash crunch, etc. without any hassle.
Read More about Professional Loan Eligibility for Engineers here.