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Know when applying for engineer loan is good for your business

Wednesday August 22, 2018,

3 min Read

Engineers’ loan comes with different options for salaried engineers and self-employed engineers. The former gets a personal loan to meet personal and family needs, while the latter can avail a business loan for the company’s expansion, etc. under the engineer loan options.

Thus, you can apply for such pre-approved professional loan at ease with NBFCs like Bajaj Finserv. The lender also brings pre-approved offers on financial products like home loans, personal loans, business loans, EMI financing, etc. You can provide your details to check out your pre-approved loan offers. Such a simplified process of availing credits saves your time as well.

Hence, apply for engineer loans when you need funds for investment and other purposes in your business.

When is it appropriate to apply for engineer loans?

For investments

Investments help in boosting productivity. Thus, availing the engineers loan can help you invest in assets such as machinery, move your office to a new location, or even for renovation, etc.

To increase working capital

You need working capital to meet the everyday expenses, pay salaries and fund the overhead costs. Thus, having a regular flow of money can help you meet these expenses effortlessly. On the contrary, having a negative working capital can harm your company’s growth.

Business expansion

Getting a loan amount up to Rs. 15 Lakh with engineer loans can help you expand the business to a great extent. You can extend your production or diversify your business using the credit amount. The loan can also be used to expand your company’s acquisition.

Urgent need for cash

Especially when you apply for engineer loan with a financial institution like Bajaj Finserv, you get approval within 24 hours with repayment tenor extending from 12 – 72 months. Thus, you can meet the urgent needs like purchasing products for a sudden bulk order with the credit amount.

However, you must know how to manage funds and ensure that your business has a continuous cash flow during such urgencies.

Flexi Loan facility

One of the significant advantages, when you avail the Engineer Loan from Bajaj Finserv, is the Flexi Loan facility. Here, you pay the engineer loan interest rate only on the amount utilised instead of paying interest on the whole credit amount.

However, there are situations when you should be more careful while applying for a professional loan. Some of those are –

If you’re bad at handling finances; since mishandling of the loan amount can lead to further debts.

Also, if you don’t remember to pay your credit dues on-time. It can lead to a decrease in your CIBIL score and put you in a difficult position while applying for a loan in the future.

Nevertheless, engineers’ loan can be helpful for your company if you avoid such mistakes. Hence, apply for one from financial institutions like Bajaj Finserv where you can get additional benefits, like:

Collateral free loans.

The requirement of minimum documents.

Hassle free approval for the loan in a day.

Hence, the Bajaj Finserv Engineer Loan can help with your working capital or meet any unexpected financial crunch conveniently. You can apply engineers loan for it both online and offline.

However, applying online is the most convenient way of availing the advance. All you have to do is fill up the form with your details and required loan amount. On submitting the form, the financial company’s representatives will contact you with your loan offer. After that, they will sanction your loan within a day’s time.

Thus, professional loan on such short notice can help your business in various ways as already mentioned above. So, choose engineers loan that can be beneficial for your business when there is a financial crisis.

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