What is the process of a obtaining a personal loan for engineers without any security? - Letsdiskuss
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Posted 28 Feb, 2019 |

What is the process of a obtaining a personal loan for engineers without any security?

james peter

Employee | Posted 08 Aug, 2019

Hi, if you want to obtain a personal loan look for any regulated financial institution which can offer you personal loan for bad credit. These loans are called unsecured loans without any collateral or guarantor needed for the short term. But the end of the day it all depends upon your credit file.

seema gupta

Financial & Tech Blogger | Posted 01 Mar, 2019

There are many engineers in the country, and some of them are eager to become entrepreneurs. However, they feel constrained by the lack of funds. Though there are many financial institutions offering engineer loans, engineers without any security back-up face concerns on how to get credit to achieve their dreams.

Here are the steps you can follow to obtain a personal loan for engineers without any security:

  • Search for the right lender - You do not have to approach traditional banks for an unsecured loan, They are stringent in their processes. Instead, reach out to non-banking financial institutions (NBFCs), who are more flexible in their loan approval and disbursal process.
  • Make sure you have a high credit score - A credit score of 650+ is considered good by many NBFCs and if you have a high score, it is easier to get the loan approved. 
  • Show you have a stable income - Though you may be starting as an engineer-entrepreneur, show your previous income to the lender. This gives an idea about your stability and ability to pay off the loan. 
  • Apply for a joint loan with a creditworthy cosigner - Get a parent, sibling or friend to take the loan jointly. The creditworthiness and income stability of your cosigner will allow for a faster personal loan for engineers application approval. 
Follow these steps to get a loan and start your own business or to meet any other financial need.