Smart things to know about loans for professionals
Studying to become a doctor, chartered accountant (CA) or engineer is not easy. When you start practicing, you face other challenges. You not only need to focus on your skill but also on commercializing it. Along with skill, you will need finances to set up and expand your business. While you already possess the skill part, professional loans can help you meet the financial ends.
Types of Professional Loans
Depending on your graduation, you can avail either a CA loan, a doctor loan or an engineer loan.
- CA Loan: These loans are available for practicing You might be working with a Private or Government Company. Alternatively, you could even be practicing on your own. You can avail a CA loan of up to Rs.35 lakhs to expand your business.
- Doctor’s Loan: This is a loan for consulting or practicing You might get a loan of up to Rs.30 lakhs to set up or upgrade your clinic.
- Engineer Loan: As an entrepreneur engineer, you might want a constant flow of working capital to meet the demands of your business. You can get a pre-approved loan of Rs.15 lakhs from Bajaj Finserv at attractive interest rates.
Benefits of applying for a professional loan
- Large amount of funds: As described above, depending on your profession, you can avail a loan of up to35 lakhs. The other factors affecting the loan amount would be your work experience and growth perspective.
- Flexible tenure: Professional loans come with flexible tenure. You can choose easy repayment options according to what best suits your financial conditions. You can do this with planned Equated Monthly Instalments (EMIs). You can choose from repayment tenures of 12 to 60 months.
- No guarantor/collateral: You can get a professional loan without a guarantor or collateral. This is because the lenders want to show faith in your profession.
- Quick processing: Since professional loans are collateral-free, unsecured loans, approvals of these loans are much faster. You can apply for a loan and get it disbursed in a very short period.
- Flexi loan: Another benefit of availing the professional loan is the flexible line of credit. You are charged interest only the amount you use during the tenure. This not only saves a lot of unnecessary costs but also makes your loan cheaper.
Some tips to avail professional loan
Professional loans are easy to get. That said, here are a few tips that might help expedite loan disbursal.
- Documentation: Ensure all your documents, like your ID proof and address proof, are in order.
- Professional certification: Ensure you have the education certificate of your profession handy. A lender would want to verify it before approving your loan.
- Proof of income and tax payment: You would also have to submit your income details. Lenders usually verify this as it helps them understand your borrowing and repayment capacity.
- Other basic eligibility criteria: Besides this, lenders tend to look for basic eligibility criteria such as the age and experience in the peculiar field.
Ensure that you check all these before you apply for a loan.
Professional loans are usually targeted at a specific section of the population. The many benefits and perks attached to it have made it popular among professionals. It is also comparatively cheaper. Thus, you might end up making a profit in the end.
To know more about the professional loans by Bajaj Finserv, click here