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