An engineer loan can go a long way in helping self-employed or consultant engineers to execute business functions. It can provide funds for a wide variety of purposes. For example, equipment financing is one of the major sectors which engineers have to attend to. He/she can improve the business by upgrading technology and staying up-to-date. Even quality raw materials can be procured with the help of these loans. Besides, daily cash needs are a gnawing concern for engineers setting up a business/enterprise of their own. Working capital apart, considering the growing cost of media and advertising, marketing a product calls for a big budget in today’s times. One may need to allocate a substantial budget for marketing and distribution. Also, expansion of a business may involve hiring new staff and setting up new offices, which is turn, requires considerable monetary investment.

Bajaj Finserv offers a special business loan for engineers, keeping in mind that every professional needs to be well-financed with sufficient working capital and that holds good for even self-employed and consultant engineers. Check out the eligibility criteria for engineer loan if you are looking for the same. The following are the main features and benefits offered by Bajaj Finserv’s engineer loan-

1. Flexible line of credit – this is a unique credit facility given to the borrowers, under which, the applicant is given a ‘credit line’ for a certain period of time. A key benefit of this feature is, you have to pay interest only on the amount that you utilize during its tenure. This, in turn, saves unnecessary costs. Also, the borrower of engineer loan can enjoy the option of paying only the interest component of the monthly EMIs. He/she can then pay the principle amount at the end of the year. This line of credit can be converted into a regular loan at any time during the tenure. This facility also allows you to prepay a part of your loan amount.

2. Pre-approved offers for up to Rs. 15 lakh – there are a host of services and offers at the disposal of customers when it comes to professional loan for engineers. Bajaj Finserv promises exciting offers for its existing customers to enhance the customer experience as well as their level of satisfaction. As a customer of Bajaj Finserv, you can be eligible for pre-approved offers up to Rs. 15 lakh. These offers play an instrumental role in quickening the loan process even more.

3. Low interest rates – it goes without saying that the interest component of any loan is important, as it helps you determine the cost-effectiveness of a loan. A higher rate of interest can not only increase the total cost, but it also entails outstanding debts. However Bajaj Finserv boasts of low and affordable engineer loan interest rate with regard to machinery financing and equipment financing. Borrowers can also avail SME loans at the most attractive interest rates.

4. Easy process with no documentation – Often, too much of documentation becomes tedious and time-consuming. Bajaj Finserv thus involves minimal documents required for engineer loan which brings down the time period between the loan application and getting the money.

5. No collateral or guarantor needed – with Bajaj Finserv, you do not need to worry about any collateral for borrowing money. This makes the process very easy and quick. The terms and conditions are simple and transparent.

6. Online account access – it often becomes crucial to have all your financial details just a few clicks away. With this aim in mind, Bajaj Finserv provides an easy platform that helps you view all the loan information online. You can easily track your transactions, payment schedules, pending loan value, etc. This, besides saving a lot of time, is also a convenient option that facilitates you to keep a tab on the loan service.