A personal loan is a perfect solution for all kinds of urgent financial requirements which may include a family wedding, International trips, medical emergencies, renovations and much more. A personal loan is a loan which is provided by a banking institution to an individual without demanding for any kind of security exchange. It has very flexible terms for repayment of the loans. It is also termed as an unsecured loan. These funds can be used for legal purposes only. Organizations and companies are ineligible for these kinds of loans. As a salaried engineer, one can easily pay their personal expenses with the help of a loan. There is no need of using the monthly savings for making these payments. All the personal expenditures can be consolidated into one easy loan.
These loans provide exclusive benefits to the engineers. Below mentioned are the step to step guide for getting a personal loan for engineers:-
Determining the Needs and Requirements
In order to get a personal engineer loan, it is very much essential to trace out the necessity of the loan. It is important to figure out how much loan is required. Loans may be required for medical purposes, education, and wedding, foreign trips and so on.
After figuring out how much loan is required, it is important to understand whether one is eligible for the engineer loan or not. Eligibility calculator can be used to find out how much loan can be borrowed. The eligibility calculator gives an idea about the maximum loan that can be borrowed based on different criteria’s – salary, total EMIs and the total amount of outstanding on the credit card. The loan application will be approved only if matches the eligibility criteria. This will help in quick approval of the loan with low interest rate.
Calculating the Installments
Monthly installment can be calculated with the help of an online EMI tool and keeping in mind the Engineer Loan Interest rate. The EMI tool calculates the approximate repayment of the loans for each month. The interest rates and the tenure can be modified to match the monthly income.
Filling all the Necessary and the Accurate Details
To apply for a personal loan, one needs to fill a form where all the financial, personal and Employment details are to be mentioned accurately. One needs to be very specific about the accuracy of the details or there are high chances that the loan might get rejected. The desired number of loans and tenor should be mentioned. Some of the important criteria for loan eligibility include the city of Residence, age, net salary and few more.
Submission of the Essential Documents:
After filling up all the necessary details, it is important to find out which essential documents are required for getting a personal loan. The essential documents will include the proof of income, KYC documents, address proof and the ID proof for verification. The income proof will include the salary slips of the last 12 months, statements of bank account, and the IT returns. All the copies of the documents should be submitted at the bank. Additional documents may be needed for processing of the loan.
After submission of the documents, the money will be received in the bank account within 24 hours.
Loans are provided by NBFCs like Bajaj Finserv for growth and expansion of businesses. Get engineer loans up to Rs. 30 lakh at low rates of interest and with only a couple of documents.