Where Can I Find Help to Enhance My Eligibility for an Engineer loan?

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If you are an engineer looking for a loan that shall cater to numerous needs, you must avail the engineer loans exclusively created for people like you by Bajaj Finserv. You might be wondering why you should choose Bajaj out of the myriad options available to you. Well, the answer is simple. It is because of the benefits of engineer loans you become entitled to when you apply for a loan with us.

With us, you can easily procure loans up to 15 lakhs without a guarantor and at interest rates that are conveniently affordable and lower than the market rate. We provide a flexible line of credit that allows you to only pay your interests for the amount you have put to use, prepay the principal sum at the end of the year while you only pay interests on EMIs or turn into a regular loan for a period of time. We also allow you to easily apply for a loan online and keep a track of it with the click of a button. While there are some eligibility criteria for an Engineer Loan, there are always ways to enhance your eligibility. Let us take a quick look at the eligibility

     Profession – One should be a self-employed or consultant engineer to avail the small business loans we have in store without the need of a guarantor. 

     Work Experience – One shall be considered eligible only if they possess self-employed experience for a minimum period of 3 years or vintage experience for a period of five years and more since the time of their graduation.

     Age – Any engineer between the age of 26 and 65 can avail loans between 3 lakhs to 15 lakhs for a 60 month-tenure.

Do you really need this loan so urgently that you would make sure your application is perfect? You could enhance your loan eligibility to ensure your chances of getting your loan approved. Go for a longer loan tenure that ensures you more eligibility and time to pay off your EMI. If you have any existing loan, it is best to prepay the entire amount and your monthly savings shall increase. The less your outstanding debts, the better is your credit position and loan eligibility. If you’re unable to pay off the existing loan, increase its tenure and reduce the EMI to ascertain your loan eligibility at the present. You could always add your spouse or parents as additional loan applicants. This naturally enhances your loan eligibility criteria as there is more income to support the loan you’re applying for. 

Also make sure you let your bank know of any additional incomes you have, like rental incomes, other than regular incomes. These with promises of providing help from your spouse or providing your additional perks to the bank as and when you get them shall help you to enhance your loan eligibility criteria. Also, please make sure you provide all the documents required for engineer loan to get your loan approved at the earliest.