Engineer loan has turned up as one of the most conducive funding solutions for engineers, and hence, the financial institutions have witnessed a growth in the demand for the said scheme. Accordingly, if you are planning to apply for an engineer loan, below are a few things you must know about the product.
Collateral-free funding: Firstly, the said scheme is unsecured in nature. You can also call it a collateral-free finance for engineers as the funding would be available without the requirement of a mortgage/ security.
Available for all engineers: The financing is available for all kinds of engineers irrespective of the nature of their employment. In other words, any engineer, self-employed or salaried, can apply for an engineer loan given they are in need of money.
High borrowing limit: The borrowing limit, considering the high financial needs of engineers, is set high. The borrower can avail as much as Rs 30 lakh by applying for an engineer loan. However, that would require the applicant to possess the required creditworthiness i.e. a CIBIL score of 750 and above along with a decent credit history.
Rational documentation: Talking of the documentation, it is less time consuming compared to other credit schemes.
Easy-to-qualify eligibility conditions: Plus, the eligibility criterions are designed with utmost care and comprehensive research. The conditions are very easy to qualify, making the loan accessible by all.
Affordable interest rates: Lastly, the loan is available at an affordable interest rate. You can expect the rates to be lower than any other equivalent loan.