According to a recent study, more than 1.5 million engineers graduate in India every year. These individuals either start their own venture or associate with an organisation to begin their career.
Both salaried and self-employed engineers require a constant source of financing for their unique monetary requirements.
These can range from personal expenses to business investments, and often result in large scale expenditures. Such funds may not be readily available, just why financial institutions offer professional loan without end-use restrictions for both salaried and self-employed engineers.
Loan for engineers
An engineer can avail both personal and business loans to meet their unique financial requirements. The substantial loan amount helps them pay for personal expenses, overcome the challenges faced by engineering firms, and pay for other necessities like higher education and business growth.
A professional loan for engineers provides unsecured finance of up to Rs. 25 Lakh (for salaried individuals) and up to Rs. 30 Lakh (for self-employed engineers). The funds can be utilised for several purposes. Let’s take a look at what you can do with a loan for engineers.
Why avail a credit?
You can apply for a professional loan to meet your private as well as business requirements. Each financial product offers a range of exclusive benefits tailor-made to suit both salaried and self-employed professionals.
- For salaried engineers – A salaried individual can apply for a personal loan for engineers to pay for their high-cost expenses.
- Finance higher education – You can pay for higher education both in the country and abroad with a professional loan. Pursuing higher education in the engineering field often demands a substantial amount of funds. One can use the loan amount instead of paying for the courses from one’s saving.
- Pay for high-cost expenditures – You can pay for high-cost expenses like home renovations, weddings, family gatherings, etc. with such a loan. Because these credits have no set end-user restrictions you can use it for your personal expenses.
Various financial institutions offer such credits at an affordable interest rate, flexible repayment tenor, and easy-to-meet eligibility criteria of loan for engineers and minimum documentation. NBFCs such as Bajaj Finserv also provide pre-approved offers on personal loans, home loans, business loans, and a range of other financial products. Such offers not only simplify the process to avail a loan but also help you save time.
- For self-employed engineers – Self-employed engineers can apply for a professional loan to fund their business ventures. You can avail loan amounts of up to Rs. 30 Lakh as unsecured finance from various lenders.
- Increase working capital – You can invest the money in your business to create a strong financial base for your business. Increased working capital will help you meet monetary requirements such as including various overhead costs like utilities, workers’ salary, rent, etc. As the borrower, know how to manage an urgent cash need for your engineering business with the sanctioned loan amount.
- Upgrade the equipment – You can also take a loan for engineers to purchase and integrate new manufacturing equipment. The engineering sector has seen significant advancement in the last decade.
Integrating automation, computer-aided designing, etc. can allow your manufacturing firm or engineering business to produce higher quality products according to the market requirements. It will boost productivity and improve customer retention. It is an essential requirement to help a firm to initiate their growth in the long run.
Such credits are available for Computer Science, Information Technology, Mechanical, Civil, Electronics, or for engineers from any other specialisation. A loan for engineers is an ideal tool for both salaried and self-employed professionals who want to finance their personal requirement or grow their business.