Engineering is no more the right career choice as per the currently prevailing trend. Even if you happen to be interested in engineering, don’t go for a 9 to 5 job once you graduate. The way the engineering institutions are functioning, you might not be able to retain your job for more than one or two years. Besides, you’ll be wasting your talent by taking up an engineering job.
Instead, take the road less taken and start your own company. This is the trend and even the conditions are favouring entrepreneurship. The government of India, as well as the various financial institutions in India, are offering conducive business loan for engineers for budding entrepreneurs.
- The government of India is offering MUDRA loan to new and old businesses, even to startups.
- The government has also launched the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), making it easier for eligible candidates to avail a collateral-free loan easily.
- Apart from that, NBFCs such as Bajaj Finserv is offering engineer loan to engineers with an entrepreneurial mind and the fire in their belly.
So, if you feel you can make it large with your business idea and the knowledge you gained while pursuing engineering, here’s how you can avail an engineer loan.
- Find the right engineer loan. The aim is to ensure the loan helps you strive and achieve success instead of compelling you with the debt burden.
- Check out the eligibility criteria to ensure you can qualify all the terms and conditions.
- Devise a feasible and conducive business plan and repayment strategy.
- Gather all the required documents and then apply for the loan.
In the end, once you get the loan, take the risk and pursue your business idea.
If you want to know more, read here -How to Build a Future in the Engineering Industry?
