Engineering is one of the popular fields of study among Indians with around 8 Lakh graduates every year. While some of them aim for a job in a multinational corporation, others dream of establishing their own company.
NBFCs offer customised loans to such aspiring engineers, who constitute the largest section of today’s entrepreneurs. While self-employed engineers can avail business loans, salaried individuals can avail personal loans.
Business loans for self-employed engineers provide the necessary funds to increase working capital, buy equipment, purchase plant and machinery, consolidate debts etc.
On the other hand, a personal loan for engineers can be helpful in the following ways:
Hosting a wedding
Organising a grand wedding has always been one of the dreams of Indians. Such events call for extensive investments. Furthermore, the cost can go through the roof in case of destination weddings. Hence, numerous Indians opt for personal loans to fund their dream D-Day.
Engineers can also avail this financing to host a wedding either for themselves or their child. These loans can provide funds up to Rs. 25 Lakh which engineers can utilise to host a grand marriage ceremony.
Increasing credit score
Generally, lenders prefer customers who have a CIBIL score of 750 or more. A high score increases the chances of one receiving a loan within 24 hours. Also, such individuals may also receive lower interest than other applicants.
Availing a personal loan is one of the quickest ways to increase the credit score. There are also other ways how engineers can increase their CIBIL score.
Higher education can come attached with a high price tag whether it is from a renowned Indian institute or any foreign university. In this case, individuals also look to avail personal loans.
Engineers can take a professional loan to fund education either for themselves or a family member. These loans are different from education loans and can be used for more than one purpose.
Renovation a house is another superb use of personal Loan for Engineers. Customers can use the funds to:
- Re-decorate interiors or exteriors.
- Install new flooring.
- Purchase new furniture.
- Add a new floor.
- Extend the structure, etc.
Debt consolidating is another way to take advantage of low engineer loan interest rate. Engineers can repay all their outstanding debts by availing a personal loan.
For example, paying credit card bills:
- Cardholders have to pay high penalties and interests if they fail to pay the outstanding debt within the due date.
- Paying the minimum amount will not help either as the total amount due gets carried forward.
Further, both of the above will lower a cardholder’s credit score. Hence, opting for a personal loan for engineers can help immensely. Also, these loans can help engineers foreclose a loan with a high rate of interest.
A foreign vacation is one of the ideal ways to get away from stress after working 9+ hours per day, 6 days a week in various fields of the engineering sector.
However, such a vacation requires considerable expenditure from flight tickets to hotels, sightseeing to shopping. Hence, personal loans come to the rescue here.
Engineers can travel to some of the expensive and exotic destinations like Seychelles, Fiji, British Virgin Islands, Bora Bora, Italy, Switzerland, etc. with the help of a personal loan.
Do compare the rate of interest and follow the checklist before you apply for a personal loan for engineers. Also, use a loan eligibility calculator to see the loan amount you are eligible for.