What are the different types of Professional Loans?

Professional loans are considered to be subsections of personal or private loans. These work with the sole motive of granting relief loans to professional servicemen. This may include Chartered Accountants, doctors, and other private business owners. One can opt for a professional loan to fulfill their business obligations, like meeting the costs required to run a business smoothly. They are also liable for helping you meet personal as well as other related expenses. 

Features Of Professional Loans You Must Not Miss Out On

1. One can be granted a loan of a minimum amount in lakhs, going up to a large lump sum of about Rs.2 crores. 
2. The tenure for professional loans can extend up to a period of 5 years. 
3. A compulsory requirement for any collateral or mortgage is not essentially universal. However, some banks can ask for it. 
4. The flexibility of business loans makes them stand out from all the other loans. You can easily repay the amount borrowed through post-dated cheques, an EMI facility, and even an ESC Mandate. 
5. One can also get the relief of financing business travel-related expenditures, including accommodation costs, airfare, and so much more, by opting for such a loan. 
6. One can utilize this kind of loan on a professional basis, like purchasing office equipment, hiring employees, renting an office, and so much more. 
7. The principal amount and the interest rate charged by the bank depending on the profession or business practiced by the individual. 

Some Benefits Of Business Loans One Must Definitely Know About

We bet you didn’t know about several health benefits of professional loans. From getting a higher amount of loan at a considerable rate of interest to getting a flexible repayment tenure of about 50 months. With the benefit of getting a steady approval not minutes after meeting all the requirements and eligibility criteria, you are sure to be at ease. You can also enjoy a completely online application process with convenient processing so that you do not face any hindrances. 

One of the most prominent reasons for opting for a professional loan is the flexibility of buying real estate in order to enhance your business tasks. In order to make sure that enough capital is available to meet your daily requirement, the professional loan is a clear-cut choice for you. 

The Various Types Of Personal Loans For Professionals

1. Professional Loan For Chartered Accountants

A liable Chartered Accountant can be granted a business loan to fulfill the process of hiring employees for their profession and for finding a perfect office and renting it. One can also make use of this loan to satisfy their personal expenses. 

2. Professional Loan For Lawyers

As we all know, a lawyer emerging at first does not have a certain level of income. So, in order to hire employees or even rent an office, business loans can definitely come in handy. 

3. Professional loan For Engineers

An engineer will find opting for professional loans really helpful for setting up their own engineering firm in no time. 

4. Professional Loan For Doctors

Being granted a professional loan can boost a doctor’s profession. He can achieve a better and more beneficial practice by opting for such a loan, as it will help him do all the right things. He will be able to purchase specialized medications as well as equipment and get habituated with the best of the best. 

Eligibility Criteria To Get A Personal Loan For Professionals

While this loan is flexible and easy to obtain, one has to make sure to go hand-in-hand with the eligibility criteria set. Some of the requirements include:

1. One must be a citizen of India.
2. One should belong to the 21-60 age group. 
3. Having one year of work experience is crucial. Along with this, salaried individuals should have at least six months in the organization they are currently working for. 
4. If the person is self-employed, they should have not less than five years of experience in the business world. Along with this, they should have at least three years of experience in the organization they are currently working for. 
5. The minimum income criteria that salaried individuals should meet is Rs.20,000. But for the people working in metro cities, this criteria goes up to Rs.25,000 per month. 
6. Self-employed individuals should cope with the minimum yearly income in India. 
7. The individual should have a CIBIL Score of about 750 or more. 
8. All the documents are a must for both the salaried and self-employed individuals. 

Opt For A Professional Loan To Meet Your Expenses Today!

The rate of interest on personal loans for professionals begins from 11.99% annually. This makes it one of the most flexible and customer-friendly loan options available. Apply for a professional loan today and reap all of its benefits!