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Understanding the World of Engineer Loans

NBFCs these days provide a number of financial options which have been customised to suit the needs of a select group of customers. One such option is engineer loans realising the increasing aspirations of those engineers who want to become entrepreneurs or those who want to take their business to the next level.

There are many uses of an engineer loan. Prominent among them being debt consolidation, business expansion, home renovation, managing wedding expenses, emergency medical conditions etc.

There are however a few differences in the loans which are opted for by salaried engineers and those opted by self-employed engineers as has been explained below -

Loan Amount

Subject to meeting the eligibility criteria, salaried engineers can avail loans of up to Rs. 25 lakhs while their self-employed counterparts can look forward to loans of up to Rs. 30 lakhs.

Repayment Tenor

Those seeking engineer loans for personal financing can repay back the loan in 12 to 72 months while those availing the loan for business purposes need to repay back the loan within 12 to 60 months.

Eligibility Criteria

Following is the eligibility criteria which must be met in order to avail engineer loans -

  • Salaried Engineers -
  1. Aged between 25 to 59 years
  2. Minimum work experience of 3 years
  • Self-Employed
  1. Aged between 26 to 65 years
  2. A business vintage of 3 years
     

If you want to know more about the engineer loans, click here: The Ultimate Guide to Taking and Repaying an Engineer Loan

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