| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Axis Bank Ltd.
|
10.50% | 1% | 75 | 60 |
|
|
HDFC Bank Ltd
|
10.50% | 1% | 75 | 60 |
|
|
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ICICI Bank Ltd.
|
10.25% | 1% | 75 | 60 |
|
|
IDFC First Bank
|
10.50% | 1% | 75 | 60 |
|
|
Kotak Mahindra Bank
|
11% | 1% | 50 | 60 |
|
|
YES Bank Ltd.
|
11% | 1% | 50 | 60 |
|
|
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Aditya Birla Housing Finance Ltd.
|
12% | 1% | 50 | 60 |
|
|
Bajaj Finance Limited
|
13% | 1% | 50 | 60 |
|
|
Neogrowth
|
14% | 1% | 50 | 60 |
|
|
UGRO Capital
|
14% | 2% | 35 | 60 |
|
|
Deutsche Bank
|
15% | 2% | 50 | 60 |
|
|
Standard Chartered Bank
|
14% | 2% | 75 | 60 |
|
|
Are you planning to start practice & expand your business, Professional loan for doctors, chartered accountant, lawyers & architects. This type of facility requires minimal documentation & low processing fee.
Professional Loan Eligibility CriteriaEligibility Criteria depends on several factors like repayment history, salary or business sales/turnover& Creditworthiness ...etc.
Note: - You can get up to 50 lakh as a maximum loan amount.
What are the factors generally affecting Professional Loan Eligibility Criteria?There are top factors that generally affects professioeligibility criteria as given below: -
Low credit score: - Applicant with less than 650 range of credit score refer to bad credit & this happen when they fail to pay bills on time or EMI. Hence, due to low credit score your eligibility get affected./p>
Loss in business: - One of the major reasons behind affecting eligibility is backdrop in business, as its mandatory requirement your business meet profit in last 2 years.
What are the ways to increase Professional Loan eligibility?To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Do payment on time: - This can be the best way to increase eligibility as lender will consider your past repayment history by checking your credit score. Therefore, by giving importance to do payment on time will rescue from affecting credit score as well as eligibility.
Avoid applying loan for multiple times: - Once, you have chosen your perfect lender to avail loan, make sure you apply with them only, by avoid applying loan for multiples it would help to enhance eligibility.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I PAN CARD, ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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Loan for professional self-employed are offered by various Bank & NBFC’s at good rates & terms.
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If you are planning to get Professional loan for doctors, chartered accountant, lawyer or architect, choose your perfect banking partner through comparing multiple lenders & their offers. Once chosen contact their representative by visiting direct bank or enquiry through online site.
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These loans are specially designed for working professionals like doctors, chartered accountants lawyer & architects.
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You can get up to 1 Crore in professional loan for setting up a business or expanding existing business.
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These are the charges applicable to professional loan.
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The maximum tenure period to repay principal amount is 5 years.
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No, this loan gives you the flexibility of both secured & unsecured, hence pledging a collateral is not mandatory to get a loan.
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The average year of business should be above 5 years.
CA Vikas Jain - Our Mentor
9863-02-02-02