Know about the Finance and Investments Terms

With the increasing demand for different loans, India has experienced a boost in the number of banks and non-banking financial companies. The main purpose of such companies is to meet the borrowers’ expectation and provide the needed loan at best terms. If you are an engineer, both salaried and self-employed have a great chance to avail the professional loan. Finance for engineers may vary based on their eligibility criteria, repayment capability and other factors. Before you avail the loan, here are general eligibility criteria:

For salaried engineers: An individual should be between the age of 25 to 59 years and should have a minimum work experience of 3 years. Experience is necessary as it shows the borrowers capability to repay the loan. Along with this, a good credit score is required, facilitate the needed documents, salary slip of 3 months and the applicant should be a taxpayer. 

For self-employed engineers: Finance for engineers is the best way to raise the needed fund even for the engineers who own a company. Eligibility criteria are slightly different for such applicants. The upper limit of age is 65 and the business should have operated for at least 3 years. The documents required by self-employed engineers are slightly different and most of them are the same as salaried engineers. Self-employed engineers do not have to facilitate any proof of income statement and they can use this loan to start a business, expand or for other business purposes.  

Along with the eligibility criteria, there are different loan terms and conditions that an individual should know before applying for the engineer loan.

Read Also: What is the required eligibility to apply for a professional loan for engineers?