Know about the Finance and Investments Terms

Leading NBFCs offer engineering loans to professionally qualified engineers that can help in increasing the working capital, expanding the business, and for other personal and professional requirements. Business loans like the engineer's loans that leading NBFCs offer come with stellar features and benefits that other financial institutions don’t typically offer. Key benefits of taking an engineering loan from a leading NBFC like Bajaj Finserv, include:

• The loan can be applied and managed online 

• An engineer loan from NBFCs is collateral-free. NBFCs typically don’t require you to pledge an asset to avail the business loan.

• NBFCs offer up to Rs. 30 Lakh of an unsecured engineer loan.

• The loan requires minimal documentation and typically gets approved within one working day

• The loan is available at a low interest rate and the payback tenor ranges from 10 to 60 months

Eligibility criteria

• The borrower should be self-employed or a consultant engineer and hold a valid degree.

• The borrower must have the requisite work experience, along with the certificate of practice, as per the eligibility rules of the NBFC.

• Borrower’s age should be in between 23-59 years of age.

• Many leading NBFCs necessitate a good credit score, of 750 or above.

Key documents required

• KYC documents such as Aadhar card, PAN card, electricity and water bills as necessary 

• Three months’ salary slip.

• A certificate that proves the existence of the business such as GST registration, memorandum of association, etc.

• Borrower’s passport size photograph

Avail finance for engineers from a reputed NBFC and enjoy umpteen benefits offered.

Also Read: Why do you need NBFCs to finance your engineering business?