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Finance for Engineers – Salaried & Self-Employed

Of late, many NBFCs are providing loans for engineers – salaried & self-employed. For salaried engineers, the loan might be needed to face any unforeseen emergencies. In the case of Finance for engineers, it will be for setting up their own business or for the expansion of their business. These loans are available without any collateral. The processing of these loans is very quickly done with minimal documentation.

For salaried, these loans are available up to 25 lakhs and in case of self-employed, it is 30 lakhs. Repayment tenor varies from 12 to 72 months for salaried and 12 to 60 months in the case of self-employed. Of course, the interest rate is higher than the secured loans.

Finance for engineers who are salaried might be for any medical emergencies, home renovation, wedding, vacation, overseas education or for consolidating all your loans. In the case of self-employed, it is for increasing the working capital, making payments to creditors, buying plant and machinery, purchase of raw materials, etc.

Before going in for Finance for engineers, you need to do thorough market research and should find the best NBFC who will provide you with the right financial advice. Do not take multiple loans as it will diminish your credit rating.

When you approach a lender, he will check your credit score through CIBIL ratings and you should have more than 750+ score to be eligible for the loan. Apart from the above, the salaried or self-employed engineers should have minimum of 3 years of work experience to be eligible for this loan.

To know more about financing for engineers, click here: 5 Deadly Mistakes to Avoid While Taking an Engineer Loan

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