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Business Loan for Engineers – How to Decrease your Financial Burden

Tuesday, 3 July 2018
Business Loan for Engineers – How to Decrease your Financial Burden
There are times when you might be in desperate need of funds, especially if you are an entrepreneur trying to prove yourself in the market.
Decreasing your financial burden can be a game changer, particularly if you own a business that deals in products related to IT, Mechanical, Civil, Chemical, and all other engineering specialisation.
One cannot avoid challenges and competition once they have started their entrepreneurial journey. At those tough times, having a substantial capital ready at your disposal can make or break your blooming venture. Thus, in such situations, availing a business loan for engineers might prove to be the best option to help you tackle your financial challenges.
Whether you are planning to repay your existing debts, or want to pay off your workforce, it is important to save your dream business from burning out. Even if you think that a loan in a situation like that might be a bad move, market experts often conclude, “With that extra fund, one can not only shrink the existing burden but help reach it to the next quarter.”
Multiple banks and NBFCs like Bajaj Finserv offer easy to avail loan for engineer. Being a self-employed engineer, you can stay worry-free with all the offers that are available in the market, and concentrate on boosting your business.
These loans provide funds from Rs.15 Lakh (for self-employed engineers) to Rs.25 Lakh (for a salaried engineer). Some of the benefits of engineer loans are –

The flexibility of usage –

Business loan for engineer can curb serious cash crunch when you need it. Whether you need to repay your existing debts or to clear payments to creditors, you have the freedom to use it as you like. Furthermore, you can also increase your working capital, complete your credit card payments or to buy new machines to increase production.

Collateral and other –

These loans can be both secured and unsecured, although, in today’s market, engineering loans without any collateral are becoming immensely popular. Without the added concern of keeping your property as collateral, you can concentrate on your work, and grow your business to fight off your existing financial crisis.
NBFC’s like Bajaj Finserv offer loans of up to Rs.25 lakh without any collateral, making it a great option for the would-be entrepreneur.

Easy withdrawals and repayments –

It is said that a business will strain for a 100 days before returning anything. This is especially true for a business loan for engineer. With technology changing in leaps and bounds every day, one should be cautious about the loan period to make sure that they do not increase their financial burden.
The loan itself should be used as a tool to fend off your financial issues, and the repayment tenor should be in accordance to that. You must make sure that your financial condition does not get bogged down with another loan.
Financial institutions offer a variety of repayment tenor; as an example, Bajaj Finserv offers 12 to 72 months of tenor for salaried engineers and 12 to 60 months of tenor for self-employed engineers. Also, by offering competitive interest rate of an engineers loan, banks and NBFCs are helping hundreds of new ventures every year.
With an easy to meet criteria, and loan approvals within 24 hours, business loan for engineer offers unmatched convenience for someone who wants to tackle their expenses, while keeping a firm grip on their current costs.
Editor's Review
This is a guest post submitted by one of our readers, Rahul Rao. You too can submit yours.