Engineers run some of the most successful businesses in India. They may not necessarily be global conglomerates, but these small and medium enterprises (SMEs), as well as start-ups, are the backbone of the Indian economy. The start-up culture, in particular, has seen a significant boost in the past half a decade. Given the inconsistency of the job market, engineers are increasingly choosing to start their own ventures.
Running a successful business requires dedication, hard work, workforce, a proper business plan, and of course, adequate capital. There are hundreds of costs involved in keeping a business on track, and sometimes, self-employed engineers may find it difficult to secure the necessary capital. It is especially true for small businesses and start-ups at the beginning of their operation.
The most obvious solution to this problem is availing business finance for engineers. These tailor-made loans are easy to avail and have simple terms. Here’s a step-by-step guide on how to apply for an engineer’s business loan.
How to apply for an engineer’s loan?
Financial institutions have made it a straightforward process to apply for a professional loan for engineers. You can avail these loans both online and offline.
The online loan application process
Most engineers prefer to apply for their loans online. It saves them a lot of time and hassle. It is a simple 4-step process.
Application form fill-up
Visit the official website of Bajaj Finserv to begin your loan application process. You’ll find the application form for Business Loan for Engineers there. It’ll ask for your personal and educational details. Make sure that the information you provide here is accurate. The lender will verify these details against your documents, and if there’s any inconsistency, you’ll find it difficult to secure a business loan for engineers.
Enter the loan amount and tenor
This is a crucial part of the application process. It is essential that you have a clear idea about the exact amount that you’ll need. If you take an amount more than what is required, you’ll be paying extra interest unnecessarily. On the other hand, if you under-calculate your capital requirement, you may have to take another loan which is bad for your CIBIL score.
You should also consider the tenor carefully. It is important to have a definite roadmap for your business and calculate the time you’ll need to pay back the loan taking the engineer loan interest rate into account.
Submit your documents
Take photocopies of all your educational and professional certificates if any. A representative will come to your address to collect these documents. You’ll need the following.
- Colour passport sized photographs
- Educational certificates
- KYC documents
- Individual and establishment bank statement for the previous 3 months
Make sure you know all the tips to increase your chances of availing an engineer’s loan.
That is all you need to do. You’ll get your loan approved within the first 24 hours of applying if everything is in order. The added advantage is that Bajaj Finserv makes the process of availing loans faster and simpler by providing pre-approved offers for personal loans, home loan, business loans, and a number of other financial products.
Offline loan application process
You may also apply for Bajaj Finserv’s Business Loan for Engineers offline. Simply send a text message saying ‘ER’ to 9773633633. You’ll soon be contacted by a representative who will guide you through the offline application process.
It doesn’t take more than a few minutes regardless of whether you apply for the loan online or offline. You may use this loan for anything you think might take your business further.