If you are an engineering professional and have a business vintage of more than 3 years, you are eligible to apply for an engineers’ loan.
While having a business history of more than 3 years is vital to get a loan for engineers, there are other essential eligibility criteria to qualify for too.
Let’s explore the eligibility factors for the loan for engineers in brief.
Your professional engineering background
While an engineering loan is for engineers’ needs, you still need to fulfil some background criteria such as:
- Are you a self-employed engineer? You are eligible for the loan!
- Are you a consultant engineer? You will be able to apply for the loan!
Your age
For an engineering professional to apply for the loan, he/she should be of age between 26-65 years.
Your self-employment history
If you are seeking a loan for engineers, you need to have a vintage experience of 5 years after graduation with a minimum 3 years of expertise as a self-employed engineer.
Your documents
Having all the required documents will also help you pave the way for your engineering loan to approve. The documents required for engineers’ loan comprises of:
- Completely-filled loan application form
- All applicant’s photographs
- All KYC documents (Address, personal and income proofs of all applicants in case you are availing a joint loan)
- Business proof – Certificate of practice (Active for at least 3 years)
- Engineering degree certificate
Once you meet all the discussed eligibility criteria for an engineers’ loan, a lender may take up to 24 hours to approve your online application and about 48 hours to credit the loan amount into your bank account.
How can your engineering loan application be approved fast?
Other than the eligibility criteria for engineers’ loan, you should also take into account some factors that will help to expedite the process of your loan approval.
An established business vintage
When an engineer has a consistent business history, a creditor won’t have issues to approve your loan because they will be sure of your repayment competence. Your self-employment business should be at least 3 years old for lenders to consider your loan request.
A good credit score
Your CIBIL score is another significant element that will come under the inspection of the service providers while studying your loan application.
If you have a credit score that reads 750+ or more, lenders may consider your loan request and authorize it quickly. Try to pay all out monthly payouts such as existing loan EMIs, credit card bills, etc. to keep maintaining a good score.
The Bottom Line
You should remember that fulfilling the eligibility criteria for engineer loan is mandatory in getting your engineers’ loan approved.
You now know how to make yourself compliant when applying for an engineers’ loan!