Loan for professionals

Features:

• A typical Professional loan ranges from ₹1 lakh to ₹50 lakhs, depending on the lender and the needs of the borrower.
• Professional loans are generally unsecured, meaning they do not require any collateral or security.
• Repayment tenures for professional loans typically range from 1 to 5 years, offering flexibility in terms of the loan duration.
• A Professional loan typically have lower interest rates compared to personal loans, as they are offered to professionals with stable incomes and a proven track record.
• This is a loan that often come with a fast approval process, sometimes within a few hours to a few days.

Benefits:

• No Collateral Requirement
• Quick Access to Funds
• Competitive Interest Rates
• Flexible Repayment Options
• Tax Benefits

Eligibility:

• The borrower must be a qualified professional in fields like: Doctors (MBBS, MD, MS, etc.),Dentists, Chartered Accountants (CAs), Lawyers and Advocates, Architects, Engineers, Company Secretaries (CS), and Other licensed professionals.
• Typically, an applicant of a professional loan should be between 25 to 65 years of age at the time of loan maturity.
• Many lenders require the applicant to have a minimum number of years of professional experience, usually 2-3 years in practice.
• The professional Loan applicant must demonstrate a stable and sufficient income from their practice.
• Typically, a CIBIL score of 650 or higher is preferred for a professional loan applicant.

Documents:

• KYC Documents: Aadhaar Card, PAN Card, Passport, Voter ID, and Driver’s License,
• Address Proof: Utility Bills (electricity, water, gas), Aadhaar Card, Passportl, Rent Agreement, and Bank Passbook with Address
• Professional Qualification and Registration Proof: Degree or Certificate of Qualification (e.g., MBBS, LLB, CA certification, etc.), Professional License or Registration Certificate from the relevant professional body, Medical Council of India (MCI) for doctors, Bar Council for lawyers, ICAI registration for Chartered Accountants, and Council of Architecture for architects
• Financial Documents: Income Proof, Bank Statements, and Business Financials

· Practice or Business Proof: Proof of an established clinic, office, or practice (e.g., rental/lease agreement, utility bills), Business registration documents (if applicable), GST Registration Certificate, and Trade License or Shop and Establishment License