Establish, develop and enlarge your operation without any uneasiness with financeseva for professional loans. It is the loans facilities that allow working professionals such as Chartered Accountants, Doctors, Architects, lawyers, etc., who are looking for finance to begin their occupation or enlarge their trade. It is an unsecured loan, and it does not require any security as collateral to buy machinery or update equipment. It requires less documentation and a low processing fee.
Interest rate and processing fees for professional loans by Top banks
IDFC First Bank
Eligibility criteria for professional loans
Eligibility criteria depend on various factors such as sales or business turnover, creditworthiness, salary turnover, repayment history, etc.
The age limit of the borrower should be between 25 to 65 years of age.
The Income needed should be a minimum of Rs. 1 lakh per annum.
Business must be in profit-making for the last 2 years.
Nationality should be the resident of India.
Professionals such as Architects, Lawyers, Chartered Accountants, Doctors, etc., can apply for this loan.
The borrower can get a maximum loan amount of up to Rs. 50 lakhs.
Note: - The eligibility criteria for professional loans vary from bank to bank.
Income Tax Return with computation of income (if filed) for the previous 3 years.
Address proof if rented and also needed permanent address.
Loan scheduled and Sanction letter.
Bank statement of salary account for the recent 1 year.
Appointment letter and salary slips of the previous 3 years.
A cheque for the processing fee.
Complete property documents with MAP + ATS and Chain.
Education proof such as Certificate of degree and registration.
Benefits of a professional loan
Professional loans are planned for working professionals. Given below are the benefits of a professional loan: -
Speedy approval: - Speedy approval builds your whole loan process even more simple and straightforward.
Flexible repayment: - Lenders provide an opportunity for flexible repayment tenure for a maximum of 5 years.
Loan up to 50 lakhs: - Under professional finance, the borrower can get the maximum loan amount of up to 50 lakhs depending on several factors including the applicant’s professional profile, age criteria, repayment capacity, work experience, etc.
Less paperwork: - It required less paperwork as compared to the process of the loan application.
Online process: - An applicant can apply online by filling out the application form and attaching documents that are needed.
Who can apply for a professional loan?
Loan to doctors - Doctors such as MBBS, BDS, BAMS, MDS, BHMS, Physiotherapist, MD, Veterinary, etc.
Loan to Chartered Accountants - Qualification certificate
Loan to Architects - B. Arch, M. Arch.
How to apply for a professional loan?
Given below are the easy and simple ways to apply for a professional loan:
The first step in applying for a professional loan is to fill in the application form. And if the borrower wants to go to the branch, then he can visit the nearest branch to give the application form with all the relevant information.
After that, when your eligibility and pre-assessment have been confirmed by the lenders, you can proceed with the further process for the uploading of relevant documents.
Factors that affects eligibility criteria for a professional loan
Loss in the organization: - It is one of the primary factors that affect eligibility as it is an essential need for the business to fulfill profit in the past 2 years.
Low CIBIL Score: - The borrower whose CIBIL score is less than 650 is considered to have bad credit and the reason behind the bad score is the borrower failed to pay back the payment of EMIs on time, therefore, it affects your eligibility.
Ways to increase eligibility for a professional loan
Pay EMIs on time: - While applying for a loan, the bank will examine the repayment history of the borrower by analyzing their CIBIL Score. Therefore, to increase eligibility your credit score should be good.
Avoid multiple loans: - When the borrower compares interest rates of various banks and chooses the bank that had a minimal rate of interest then apply for a loan with them only, by avoiding multiple lenders.
Therefore, knowing about the best deals for professional loans. Apply with financeseva.