Engineers mostly tend to earn very well on their jobs and it is definitely considered to be a very high paying profession, which is why many youngsters tend to study engineering when they have to go for higher studies. However, that does not mean that they always have a huge cash reserve, at least, not in the initial days. Salaried engineers too have personal financial needs- there could be a wedding in the family, there could be sudden medical emergencies, there could be a foreign trip that could come up. A personal loan for engineer is the best options when it comes to meeting these requirements, without depleting one’s cash reserves. Opting for a personal loan for salaried engineers is always a safe bet because with a fixed income in place, it is really easy for them to chalk out a good repayment plan and ensure that they can play their EMIs on time at the end of the month.
The engineer loan interest rate for salaried is between 14% to 16% for salaried engineers- from NBFCs like Bajaj Finserv and this is one of the best in the industry. However, before apply for a personal loan, there are certain things to be kept in mind which will guarantee that the loan is approved fast.
Have a good repayment plan in place: Even if one is a salaried engineer, there are those who do not have a good repayment option in place when they approach their lender. The idea is to convince the lender that you are serious about the repayment and if that means cutting down on some secondary expenses, then so be it. Once the lender is convinced that you are serious about repayment and have put a good thought into it, then they will be eager to lend you.
Get your documents in place: For a salaried individual, it is important that he shows proof of being employed for at least 4 consecutive years with his firm and so start gathering all the educational and professional documents in that regard. The pay slips, the bank details and the IT returns of the engineer would have to be submitted at the time of verification so be sure to start putting them in order.
Prioritize needs: If the loan is being applied for personal reasons, then it is all the more essential to prioritize one’s needs. Is paying off the medical bills more important or buying that extra air conditioner? Prioritizing needs is essential because one would definitely not want to end up in a situation where all the loan money is used up in secondary needs and still one finds that extra cash is needed for some important task that has been left out.
Approach the lender with a good credit score: A good credit score above 700 is considered good and lenders seem to lay a lot of stress on it because engineer loans are unsecured loans. So even if you have a fixed salary, make sure that there are no overdue credit card loans or bills which might adversely affect the score.
Today most loan for engineers are being offered by most banks and NBFCs but there are certain nuances in their criteria. Be sure to make yourself eligible on all those parameters so that the lender finds no reason not to give you a loan. Personal loans go a long way in taking away undue financial stress, which means you will be able to pay more attention to your job, so try to make sure that you make the best use of it.
