Given the ever-increasing demands, people struggling to overcome cash deficit is a very common event, especially if the person is managing a business of its own.
Therefore, availing finance for engineers schemes to meet the different cash needs is an inevitable activity and thus, the best you can do is prepare yourself for it by following the prerequisites properly. The same would increase your eligibility for the best interest-rate deals available in the market
Prerequisites of taking an engineer loan:-
Your eligibility for the loan: Your loan eligibility is subject to 3 factors:
(1) the lender you choose to go with, (2) the eligibility criteria, (3) your monetary eligibility. Therefore, the first thing to do is to choose the lender you want to proceed with and then check the eligibility conditions mentioned.
Moving on, use the engineer loan eligibility calculator and find out your exact borrowing eligibility. The same is quintessential to plan your loan application properly.
Your CIBIL score: Secondly, check your CIBIL score and make sure it is above the mark of 750. Not just that, make sure your credit history is in a convincing state.
The documents: Check the list of required documents and arrange all of them in advance.
Your debt-burden ratio: Also, check your debt-burden ratio in advance. If it is above 43%, pay off your existing loans before taking another one.
Your repayment capacity: Lastly, based on how much you’re capable of saving every month, evaluate your repayment capacity and find out the exact time you’ll need to repay the loan.