Running a business is not at all an easy task. There are infinite number of problems to deal with such as managing employees, sales, the manufacturing unit and working capital. If either of the responsibilities are not fulfilled properly, the business would fail to exist. This goes without saying for cash problems - if there’s one, it has to be solved by using either of the following business funding solutions available for engineers.
Engineer loan: Engineer loan started as a professional loan offered specifically to engineers. The said credit scheme allows engineers to finance different needs through it. It comes with end-usage flexibility which technically means you won’t have to tell anything to anyone about how you are planning to use the money. Once disbursed, the money is yours and you can do whatever you want to with it. That said, use it judiciously.
Personal loan for engineers: Again, available under professional category scheme, personal loan for engineers can be used for business funding. The said credit scheme also comes with end-usage flexibility and hence you can use it for any reason you want to.
Loan against property for self-employed engineers: Last but definitely not the least, all engineers - self employed as well as salaried ones can apply for a loan against property for engineers. The credit scheme is accessible by all engineers holding the required work experience and churning out just enough to pay the resulting EMIs comfortably.
Bottom line: Irrespective of which loan you plan to take, just check the eligibility conditions in advance.