What Documents Do I Need to Get Engineer Loan?

Engineer Loan offers much-required financial assistance to the engineering professionals who want to set up their own business, buy personal assets, or pursue higher education. These loans can be availed by both salaried and self-employed engineers to meet their diverse personal and professional financial requirements.

Broadly speaking, professional loan for engineers can be classified into two different categories:

• Personal loans for salaried engineers
• Business loans for self-employed engineers

If you have completed your engineering course and have obtained an engineering degree certificate, you can apply for your preferred loan option based on your current professional status. However, before applying for engineer’s loan, it’s imperative to know about the documents required for availing them and also, whether you are eligible for it or not:

Documents required for availing engineer loans

Most of the documents required for engineer loans are same as documents needed for availing any other type of loan. However, since these loans are meant exclusively for engineering professionals, you also need to submit relevant documents to establish your educational and professional qualifications. Here are the complete set of documents required for availing professional loan for engineers:

Valid photo identity proof

A valid identity proof is required by the lender to authenticate your identity and eliminate any possibility of fraudulent activities. The following documents are usually accepted as legal identity proof by most of the lenders in India:

• Aadhar card
• Voter ID card
• PAN (Permanent Account Number) card
• Valid driving license
• Valid passport

Proof of residential address

Proof of your residential address is very important for lenders to complete the verification process. It will also help them to communicate with you in future to convey vital information regarding your loan such as any changes in terms and conditions of the lender, fluctuations in interest rates, and timely reminders for your EMI payments etc.

All the valid identity proofs with your address mentioned in it are accepted as proof of address by the lender. It includes your Aadhar card, Voter ID card, ration card, driving license, telephone bills, electricity bills, valid passport etc.

Passport size photographs

Your recent coloured passport sized photograph is another crucial document needed by the lenders for establishing your identity and other administrative purposes. In general, you need to submit 3 to 6 passport sized photographs to the lending institution for availing engineer loan. Also, make sure that the photographs submitted by you is not more than six months old and is free from distortions.

Proof of Age

Since the age of the applicant is an important factor in determining his/her eligibility for engineer loans, you need to submit the relevant documents to justify your present age. The following documents are accepted as proof of age by the lending institutions:

• PAN card
• Passport
• Birth certificate
• Driving license
• Class X marksheet

Proof of academic qualification

As engineer loans are designed exclusively for engineering professionals, proof of your academic qualification becomes necessary to establish your credentials as an engineer. These documents may include your engineering degree certificate or duly passed marksheets of B.E, B.TECH, M.E, or any such equivalent course. Additionally, the lender may also ask for your high school and higher secondary marksheets.

Proof of Income

Your monthly income is another vital parameter in determining your personal or business loan eligibility. Hence, a proof of income is mandatorily required by the lender to evaluate your repayment capability and eventually decide whether to approve your loan application or not.

If you’re a salaried employee, you can submit your salary slips for the last six months along with Form 16 or your bank statements for the same period as your income proof. On the other hand, self-employed engineers can furnish their IT returns, balance sheet, assessment order copies and bank statements for the last three years.

Bank account details

Since the loan amount will be disbursed to your bank account directly, the lender will need documents to record your bank account details correctly. You can submit documents such as latest bank statements, copy of the first page of your passbook, or a cancelled cheque to register your bank account details with the lender.

In case you fail to provide any of the above documents to the lender, your loan application might be rejected. You should check and compare engineer loan interest rates offered by various lending institutions and choose the best suitable product as per your financial requirements and capabilities.