The professional loan is the facility of credit line that provides to the working professional such as a doctor, chartered accountants, CS, engineers, lawyers, etc., to fulfill their requirements like updating equipment, growth of a business, etc. In India, a professional loan is offered by various banks, financial institutions, or NBFCs to the borrowers. It is an unsecured loan hence; it is a collateral-free loan.
The features of a professional loan vary from bank to bank. Given below are some features: -
|Age criteria||The minimum age is 25 years and the maximum age is 65 years of age.|
|Eligible entities for professional loans||Chartered Accountants, Doctors, CS, Engineers, Photographers, Physiotherapists, Advocates, Dentists, Financial Consultants, Architects, Designer, etc.|
|Income||Required a minimum of Rs. 1 lakh|
|Nationality||Resident of India|
|Financial Entities||Partnership firms, Public and Private Limited Companies, Limited Liability Partnerships, Sole Proprietorship.|
|Business profit||An organization should be in profit for the last 2 years.|
|Applicant||Must be self-employed|
|Work experience||A minimum of 4 to 5 years|
There are various types of loans identified on the basis of many factors. The borrower can select the type of loan that he wants to take on the basis of their eligibility and requirements.
Professional loans for doctors provided up to Rs. 1 crore with repayment tenure and smooth EMIs. It is a hassle-free loan process and requires less documentation.
Loans for Chartered Accountants are provided to fulfill their requirement of working capital, purchase of equipment, maintain business cash flow, pay off rent and salaries, etc.
A loan for engineers is offered for many purposes such as mechanical, computer science, IT, electronic engineers, and chemical. Engineers can also get personal finance with repayment tenure.
|Bank name||Interest rate||Processing fee|
|IDFC First Bank||10.50%||1%|
|ICICI Bank Ltd.||10.25%||1%|
|Kotak Mahindra Bank||11%||1%|
|Yes Bank Ltd.||11%||1%|
|Standard Chartered Bank||14%||2%|
|Bajaj Finance Limited||13%||1%|
|Axis Bank Ltd.||10.50%||1%|
|Aditya Birla Housing Finance Ltd.||12%||1%|
|HDFC Bank Ltd.||10.50%||1%|
Given below are the charges that are applicable to professional loans.
Financeseva allows you to compare the best deals by top banks and financial bodies for professional loans.
Also read: - Professional loans for Doctors, CA, Architects