Engineer loans are specially-created debt objects for individuals with a background in engineering, who require financial assistance to run a business in the form of working capital or to buy machinery and equipment. Being acquainted with the eligibility criteria, lending terms, additional benefits that can be availed with Engineers Loan helps in deciding the best loan scheme for an individual.
Applicants for Engineer Loans need to satisfy the following eligibility criteria:
Professional Qualification- Self-employed or consultant engineers can avail these loans which are capped at Rs15 lakhs.
Work- Lenders require applicants to have at least 3 years of self-employed or 5 years of vintage experience.
Age- Engineers who are 26 years or older and younger than 65 years can qualify for these loans.
Just like the personal loan eligibility checker tool, engineers can check their eligibility for engineer loans by providing details of their existing financial liabilities like outstanding loans and credit balance.
As an applicant, it is a good idea to check the eligibility before applying for an engineer loan. You will have to provide the necessary documents like a valid photo ID proof, address proof, engineering degree along with the evidence of business vintage for a period of 5 years. Alternatively, you will have to provide certificate of practice for nearly 3 years, depending on your chosen lender.
Engineer loans are the best niche-specific debt instruments out there as they provide substantial financial flexibility in terms of usage as well as repayment.