What is Professional Loan?
Loan for professional self-employed are offered by various Bank & NBFC’s at good rates & terms.
Bank Name | Min Interest Rate | |
---|---|---|
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10.50% |
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10.50% |
|
|
10.25% |
|
|
10.50% |
|
|
11% |
|
|
11% |
|
|
12% |
|
|
13% |
|
|
14% |
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|
14% |
|
|
15% |
|
|
14% |
|
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.
Eligibility 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.
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.
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.
What is Professional Loan?
Loan for professional self-employed are offered by various Bank & NBFC’s at good rates & terms.
How to get the loan from bank?
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.
Who are eligible for Professional Loan?
These loans are specially designed for working professionals like doctors, chartered accountants lawyer & architects.
How much loan can I get through Professional Loan?
You can get up to 1 Crore in professional loan for setting up a business or expanding existing business.
What are the other charges applicable to Professional Loan?
These are the charges applicable to professional loan.
What is the maximum tenure for Professional Loan?
The maximum tenure period to repay principal amount is 5 years.
Does Professional Loan need Collateral to get loan?
No, this loan gives you the flexibility of both secured & unsecured, hence pledging a collateral is not mandatory to get a loan.
How many years of practice do I need to get Professional Loan?
The average year of business should be above 5 years.