Mr. Aakash Awasthi who was a New Delhi resident and an engineer by profession had 10 years of work experience of serving in a leading chemical company. Off late, he realized that it is high time to think of living in his own dream home in the city.
He had some savings of about Rs.15 lakh which he had accumulated over the last 10 years. He also had an idea about a home loan for engineers which would let him borrow up to Rs.15 lakh at a reduced rate of interest.
He applied for the loan and is a happy soul today because he could fulfil his long-craved wish of living in his own dream nest.
What is a home loan for engineers?
A home loan for engineers is nothing but an engineer loan in which a consultant or self-employed engineer can avail a loan of up to Rs.15 lakh at a reduced interest rate. An engineer is free to use the loan to expand the business, buy machines, keep it as working capital, debt consolidation, funding a home purchase, and more.
Features and benefits of a home loan for engineers!
● Loan up to Rs.15 lakh
You are allowed to apply for an engineer loan to fund your dream home or expand your business to a tune of Rs.15 lakh.
● Quick processing
An engineer loan won’t keep you waiting for the application to be processed, and the money to be disbursed to your bank account. As a result, the loan comes with hassle-free online application process with approval within 48 hours.
● Flexi loan facility
A flexi loan facility lets you breathe free while you have the loan! You are free to borrow an amount from your sanctioned amount, and many times within a tenor. The benefit that you get is paying only the interest as the EMIs, nothing else. The rest of the amount (principal) is settled once the loan tenor ends.
● Wider and flexible repayment tenor option
An engineer loan gives you a flexible tenor option ranging from 1 year to 5 years, to suit your needs super-easy. When you opt for a longer tenor, you will have to cough up smaller EMIs which mean that you can focus on other things than just EMIs payments.
● Minimal documentation
You don’t have to invest your time and energy to prepare a large set of documents to apply for an engineer loan. Some basic KYC documents, engineering degree details, and employment or business vintage suffice.
● Pre-approved offers
You can also expect exclusive pre-approved offers come your way to add value to your loan, and make it affordable for you manage!
● Online account management
Leading online lenders also lets you access your entire engineer loan details on their portals free of cost. As a result, you are able to know about your total loan amount, the opted tenor, an interest rate, paid EMIs, upcoming EMIs, and more. When you could access these details from anywhere 24/7, you are in a better position to manage it easily.
● Customized loan option
If you have some specific requirement out of an engineer loan, you can customize your loan after getting in touch with your prospective lenders. Be informed to know that a customized loan application approval happens only within 24 hours.
The Bottom Line
Now that you are aware of the many benefits and features of an engineer loan, you can apply for it online to fund your dream home, expand your business and more! All the best for your engineer loan application!