How To Get Best Engineer Loan Without Damaging Your Credit Score

A self-employed or consultant engineer can avail an engineer loan to further his dreams and ambitions regarding their business. Although an engineer is most likely to have a successful career, still he too might be in need of money at certain times of the year. The money from the loan can go towards enhancing his business, upgrading his equipments and running the business operations. The eligibility criteria of the engineer loans demand that he be a consultant engineer for a minimum of three years. All KYC documents required for engineers loans, along with engineering degree and recent financial records of your engineering firm.

  • Engineer loans are high value loans and hence the amount can go up to Rs 15 lakhs. Being an unsecured loan, engineers do not have to worry about any security payment for the loan. The engineer loan interest rate from Bajaj Finserv is also the best in the industry. A well thought out application can get the loan approved within 24 hours and disbursal within 72 hours from Bajaj Finserv and there are ways of getting an engineer loan without damaging the credit score.
  • It is very important to plan one’s budget before applying for an engineer loan. Some fail to do so and fall behind on their monthly payments which start to damage their credit score. Try to estimate your needs and make a budget. Then, see how much return you can expect each month and plan your EMIs accordingly.
  • It is important to work on the credit score from the very beginning, rather than trying to fix a bad credit score. A good credit score will make it easier to get you loan approved. Make sure that you do not have any unpaid credit card bills, or you do not have unpaid medical bills and such. Then, once you start making the monthly payments, your credit score would remain undeterred.
  • It is important that you check your eligibility for loan before you apply for it, rather than being rejected later. Bajaj Finserv has a good loan calculator that will estimate your eligibility once you have put in all the details. The calculator will make a fairly accurate calculation and applying for a loan above this amount will get it rejected.
  • It is also advisable for the same reason not to make multiple loan applications. Do your researches before you apply and only apply to a couple of lenders whose loan amount and rate of interest best suits your needs. Making too many applications will result in their rejection and this is again going to adversely going to affect your credit score, which is clearly not a good idea if you are trying to apply for a loan.

Hence, avail the Engineer Loan to take care of your financial needs but approach the application procedure with caution so that there are no rejections, and you can pay off the loan with ease.

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