Bajaj Finserv offers a special business loan for engineers, keeping in mind that every professional needs to be well-financed with sufficient working capital and that holds good for even self-employed and consultant engineers. Check out the eligibility criteria for engineers loan if you are looking for the same.
When does an engineer loan come in handy? There are several situations/goals which merit applying for a professional loan for engineers. These are given below-
Starting a new business- Engineers may require capital initially in order to start their own practices, consultancies or other businesses. Starting up a business requires capital in the form of equipment, manpower, setting up rental or other premises and initial advertising/marketing costs.
Working Capital Requirements- Many a time, a loan for engineers may come in really handy when it comes to taking care of working capital requirements for any practice/business. This basically refers to the day-to-day operational expenditure that is a must for any business and helps meet these until pending payments/revenues start flowing and self sustainability is attained once again.
Business Expansion- An engineer looking to expand and scale up his/her practice/business will definitely benefit from taking a loan. This loan will help in scaling up production/service capacities, getting more manpower, expanding to newer territories and also in marketing/promotions.
Upgrading machinery/equipment- Right from machines and other equipment to computers and other assets, these may have to be upgraded periodically in order to stay relevant and meet evolving customer demand. This is where a business loan comes in very handy.
New Project Requirements- A business loan may also help engineers take care of operating expenditure for a new project or turnkey venture which will eventually yield revenues after a certain period of time.
Here are some of the key features and benefits that are offered on its engineer loan-
Flexible line of credit – this is a unique credit facility given to the borrowers, under which, the applicant is given a ‘credit line’ for a certain period of time. A key benefit of this feature is, you have to pay interest only on the amount that you utilize during its tenure. This, in turn, saves unnecessary costs. One can enjoy the option of paying only the interest component of the monthly EMIs. He/she can then pay the principal amount at the end of the tenor. This line of credit can be converted into a regular loan at any time and also allows you to prepay a part of your loan amount.
Low interest rates – it goes without saying that the interest component of any loan is important, as it helps you determine the cost-effectiveness of a loan. A higher rate of interest can not only increase the total cost, but it also entails outstanding debts. However Bajaj Finserv offers a low and affordable engineer loan interest rate.
Easy process with no documentation – Often, too much of documentation becomes tedious and time-consuming. Thus involves minimal documents required for engineer loan which brings down the time period between the loan application and getting the money.
No collateral or guarantor needed – You do not need to worry about any collateral for borrowing money. This makes the process very easy and quick. The terms and conditions are simple and transparent.