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An engineer loan is meant for providing that instant liquidity which may be required by engineers due to personal or professional reasons. These can include educational expenses, wedding expenses, renovation costs and debt consolidation, buying new equipment, or as working capital for paying vendors.

However, it should be remembered that at the end of the day it is a loan and thus has more or less the same process as that for any other loan. It also has eligibility criteria which if not met can lead to the application getting rejected.

Here are thus a few ways to ensure that your engineering loan application gets through - 

Maintain a Good Credit Score

Just like with any other loan, in case of engineer's loan too, lenders will check your credit score. To be on the safer side you should ensure that your score remains above 750. Some of the ways in which you can maintain a good credit score include paying your bills and instalments on time, keeping your credit utilization ratio at around 30% etc. A high credit score shows that you are a responsible borrower and greatly increases your chances of getting the loan. 

Keep Your Current Liabilities Low

If a lender sees that you already have a number of debts then it makes them question your ability to pay out the new loan. If you have a business, then you should ensure that your debts are restricted to a bare minimum for the same reason. Additionally, it will also qualify you for a higher loan amount. 

Bearing these simple steps in mind can help you secure loans of up to Rs. 30 lakh which can be paid back in a tenor of your choice. A number of lenders offer this facility. This includes NBFCs too. So conduct your research properly before seeking a loan from any lender.

For more information related to engineer loan, click here: 5 Golden Tips to Increase your Engineer Loan Eligibility