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Benefits of an Engineer Loan for Self-employed

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Being your own boss can be a struggle, but there is great satisfaction in seeing your own business grow from an idea on paper to profitability. Abhishek Joshi, a chemical engineer, had a similar dream of successfully running his own cleantech company.

His new venture required an investment of Rs. 20 lakh. To fund his venture, he started researching about various loans available in the market. He came across an exclusive loan designed for professionals known as  Loan for Engineers  by Bajaj Finserv. With multiple benefits along with quick approvals and attractive interest rates, he decided to apply for the engineer loan immediately.

What are Engineer Loans?

Engineer loans are one of the many types of professional loans available today. It is a specialised loan scheme available for professionals with an engineering background. It provides finance to set up, expand and run your business.

Benefits of Engineer Loans

Flexible line of credit

The main plus point is that it is a credit facility with flexibility. You get a credit line for a fixed tenor. But, you pay the interest only for the amount actually borrowed, not for the amount approved. In addition, you can pay the EMIs only for the interest component. This reduces the EMI amount substantially and the principal amount can be repaid at the end of the year.

Example: Abhishek had applied for a loan of Rs. 15 lakh but he borrowed only Rs. 8 lakhs. Instead of the approved amount, he paid interest only on the borrowed funds. By doing this he saved significant amount on interest. And at the end of the tenor, he made enough business to repay the principal.

A hassle free loan

Availing a loan becomes stressful when you have to provide a collateral or guarantor. It ensures that you make timely payment. If you fail to repay, then the lender can use the collateral to recover the cost. But, what if you are a start-up or do not have any asset to use as collateral? Engineer loans make it possible. You can get funds only on the basis of your credit history and the relationship with the lender.

If your credit rating is good and you have been a loyal customer to the lender, then the entire process of getting the loan becomes easy and quicker.

Substantial loan amount

With an engineer loan, you can buy the latest machinery or raw materials and avoid delaying the expansion plans.  You can avail a loan of up to Rs.15 lakh for your business.  You don’t have to take loans from multiple lenders and add your worries.

 

Attractive interest rates

The interest you pay on a loan is the cost of borrowing the funds from the lender. Thus, the interest portion decides how much you will have to pay from your earnings. Taking a loan with a higher interest rate is sure to burn a hole in your pocket. This can largely affect the profitability of your business unit.

Engineer loans offer lower interest rates to the customers. The lower the rate of interest, cheaper is the loan cost and your expenses reduce. This will help you have more funds to take care of your daily operations.

Pre-approved loans for existing customers

Existing customers can get engineer loans faster. Your past relationship and loyalty with the lender helps to avail a pre-approved engineer loan. With this benefit, your loan may be disbursed within 72 hours. So, if you have to make an urgent payment to your supplier, pre-approved loans are can be helpful. Even when the raw material is damaged in a mishap, with pre-approved loans, you can source a new batch soon to meet the delivery deadline.

Minimal documentation

You do not have to submit a huge set of supporting documents to avail a loan. Documentation becomes difficult for new businesses as they do not have past financial records. But with an engineer loan, you can get funds for machinery and equipment by submitting few basic documents. Documents include proof of identity, address and income, and educational certificates.

Every professional needs to be well-financed with enough working capital to keep the business running. Make use of this special loan to kick-start your entrepreneurial journey.

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An ambassador and trained facilitator under Eco Femme (a social enterprise working towards menstrual health in south India), Sanjina is also an active member of the MHM Collective- India and Menstrual Health Alliance- India. She has conducted Menstrual Health sessions in multiple government schools adopted by Rotary District 3240 as part of their WinS project in rural Bengal. She has also delivered training of trainers on SRHR, gender, sexuality and Menstruation for Tomorrow’s Foundation, Vikramshila Education Resource Society, Nirdhan trust and Micro Finance, Tollygunj Women In Need, Paint It Red in Kolkata.

Now as an MH Fellow with YKA, she’s expanding her impressive scope of work further by launching a campaign to facilitate the process of ensuring better menstrual health and SRH services for women residing in correctional homes in West Bengal. The campaign will entail an independent study to take stalk of the present conditions of MHM in correctional homes across the state and use its findings to build public support and political will to take the necessary action.

Saurabh has been associated with YKA as a user and has consistently been writing on the issue MHM and its intersectionality with other issues in the society. Now as an MHM Fellow with YKA, he’s launched the Right to Period campaign, which aims to ensure proper execution of MHM guidelines in Delhi’s schools.

The long-term aim of the campaign is to develop an open culture where menstruation is not treated as a taboo. The campaign also seeks to hold the schools accountable for their responsibilities as an important component in the implementation of MHM policies by making adequate sanitation infrastructure and knowledge of MHM available in school premises.

Read more about his campaign.

Harshita is a psychologist and works to support people with mental health issues, particularly adolescents who are survivors of violence. Associated with the Azadi Foundation in UP, Harshita became an MHM Fellow with YKA, with the aim of promoting better menstrual health.

Her campaign #MeriMarzi aims to promote menstrual health and wellness, hygiene and facilities for female sex workers in UP. She says, “Knowledge about natural body processes is a very basic human right. And for individuals whose occupation is providing sexual services, it becomes even more important.”

Meri Marzi aims to ensure sensitised, non-discriminatory health workers for the needs of female sex workers in the Suraksha Clinics under the UPSACS (Uttar Pradesh State AIDS Control Society) program by creating more dialogues and garnering public support for the cause of sex workers’ menstrual rights. The campaign will also ensure interventions with sex workers to clear misconceptions around overall hygiene management to ensure that results flow both ways.

Read more about her campaign.

MH Fellow Sabna comes with significant experience working with a range of development issues. A co-founder of Project Sakhi Saheli, which aims to combat period poverty and break menstrual taboos, Sabna has, in the past, worked on the issue of menstruation in urban slums of Delhi with women and adolescent girls. She and her team also released MenstraBook, with menstrastories and organised Menstra Tlk in the Delhi School of Social Work to create more conversations on menstruation.

With YKA MHM Fellow Vineet, Sabna launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society. As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

Read more about her campaign. 

A student from Delhi School of Social work, Vineet is a part of Project Sakhi Saheli, an initiative by the students of Delhi school of Social Work to create awareness on Menstrual Health and combat Period Poverty. Along with MHM Action Fellow Sabna, Vineet launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society.

As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

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A native of Bhagalpur district – Bihar, Shalini Jha believes in equal rights for all genders and wants to work for a gender-equal and just society. In the past she’s had a year-long association as a community leader with Haiyya: Organise for Action’s Health Over Stigma campaign. She’s pursuing a Master’s in Literature with Ambedkar University, Delhi and as an MHM Fellow with YKA, recently launched ‘Project अल्हड़ (Alharh)’.

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A psychologist and co-founder of a mental health NGO called Customize Cognition, Ritika forayed into the space of menstrual health and hygiene, sexual and reproductive healthcare and rights and gender equality as an MHM Fellow with YKA. She says, “The experience of working on MHM/SRHR and gender equality has been an enriching and eye-opening experience. I have learned what’s beneath the surface of the issue, be it awareness, lack of resources or disregard for trans men, who also menstruate.”

The Transmen-ses campaign aims to tackle the issue of silence and disregard for trans men’s menstruation needs, by mobilising gender sensitive health professionals and gender neutral restrooms in Lucknow.

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A Computer Science engineer by education, Nitisha started her career in the corporate sector, before realising she wanted to work in the development and social justice space. Since then, she has worked with Teach For India and Care India and is from the founding batch of Indian School of Development Management (ISDM), a one of its kind organisation creating leaders for the development sector through its experiential learning post graduate program.

As a Youth Ki Awaaz Menstrual Health Fellow, Nitisha has started Let’s Talk Period, a campaign to mobilise young people to switch to sustainable period products. She says, “80 lakh women in Delhi use non-biodegradable sanitary products, generate 3000 tonnes of menstrual waste, that takes 500-800 years to decompose; which in turn contributes to the health issues of all menstruators, increased burden of waste management on the city and harmful living environment for all citizens.

Let’s Talk Period aims to change this by

Find out more about her campaign here.

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A former Assistant Secretary with the Ministry of Women and Child Development in West Bengal for three months, Lakshmi Bhavya has been championing the cause of menstrual hygiene in her district. By associating herself with the Lalana Campaign, a holistic menstrual hygiene awareness campaign which is conducted by the Anahat NGO, Lakshmi has been slowly breaking taboos when it comes to periods and menstrual hygiene.

A Gender Rights Activist working with the tribal and marginalized communities in india, Srilekha is a PhD scholar working on understanding body and sexuality among tribal girls, to fill the gaps in research around indigenous women and their stories. Srilekha has worked extensively at the grassroots level with community based organisations, through several advocacy initiatives around Gender, Mental Health, Menstrual Hygiene and Sexual and Reproductive Health Rights (SRHR) for the indigenous in Jharkhand, over the last 6 years.

Srilekha has also contributed to sustainable livelihood projects and legal aid programs for survivors of sex trafficking. She has been conducting research based programs on maternal health, mental health, gender based violence, sex and sexuality. Her interest lies in conducting workshops for young people on life skills, feminism, gender and sexuality, trauma, resilience and interpersonal relationships.

A Guwahati-based college student pursuing her Masters in Tata Institute of Social Sciences, Bidisha started the #BleedwithDignity campaign on the technology platform Change.org, demanding that the Government of Assam install
biodegradable sanitary pad vending machines in all government schools across the state. Her petition on Change.org has already gathered support from over 90000 people and continues to grow.

Bidisha was selected in Change.org’s flagship program ‘She Creates Change’ having run successful online advocacy
campaigns, which were widely recognised. Through the #BleedwithDignity campaign; she organised and celebrated World Menstrual Hygiene Day, 2019 in Guwahati, Assam by hosting a wall mural by collaborating with local organisations. The initiative was widely covered by national and local media, and the mural was later inaugurated by the event’s chief guest Commissioner of Guwahati Municipal Corporation (GMC) Debeswar Malakar, IAS.

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