Personal loans are one of the fastest growing and most popular types of unsecured finance in the Indian lending market. It has risen by almost 26.9% annually; accounting for Rs. 2.34 trillion by the end of the fiscal year 2018.
Such an immense growth in numbers was made possible because of the easy availability, better borrower-centric features, and tailoring of these financial products to suit specific professional’s needs. For example, loan for salaried engineers has become increasingly popular in the last few years as an easy mode of finance to meet various personal requirements. These loans for engineers are targeted towards individuals who work in public or private organisations and come with several benefits and features specially tailored to meet their specific requirements.
Loan for engineers
Loan for salaried engineers is a particular financial product offered to professionals who work as a full-time employee in an organisation. Lenders usually provide these loans to mechanical, computer science or IT, civil, chemical, electrical, electronics, or graduates from any such specialisation.
These credits do not come with any end-use restrictions, allowing the borrower to utilise the amount according to their prerequisite. The funds can be used to pay for expensive events like home renovation, wedding, vacation, etc., finance further education or specialisation, or even to tackle unforeseen events like a medical emergency or debt consolidation.
These types of professional loans come with several features. Let’s take a look:
1)- Large loan amount –
Ample loan amounts of up to Rs. 25 Lakh can help the borrower finance any type of personal need. Moreover, these credits are cost-effective as companies do not levy multiple fees and charges on an engineer loan. That keeps the total cost low and minimises EMI burden during repayment.
2)- Unsecured loan –
A borrower does not have to pledge any collateral to avail a loan for salaried engineers. These unsecured credits make repayments hassle-free as an applicant does not have to worry about losing his or her asset in case they default on the credit.
3)- Quick approval –
Loan for engineers are often approved and disbursed within 24 hours of application submission. Most financial institutions use an online form fill-up and application submission process. They also require minimum documentation for loan approval which further reduces processing time.
4)- Flexibility –
Loan for salaried engineers offer significant flexibility over the fund's usage, withdrawal, and repayments. A borrower can choose a suitable repayment tenor between 12 and 72 months and can also part or full pre-pay the credit in advance.
5)- Online account monitoring –
A borrower can keep track of his or her repayments with the help of online account monitoring features. One can easily track their loan account’s details like next repayment date, due amount, available tenor, etc. It makes handling finances easier and reduces any chances of defaulting.
The above mentioned factors provide a brief overview of all one need to know about an engineer loan. Salaried engineers should perform thorough market research and select the best financial institution before applying for credit. One can easily meet their short term financing needs with the help of a loan for engineers.