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Professional Loan

Professional Loan

Professionals prosper with greater professional loans

Professional loans are loan facilities granted to working professionals like doctors, lawyers, chartered accountants, architects, etc. who are looking for funds to start their own practice or expand their trade. A lot of people often confuse a professional loan with a business loan. This confusion is obvious as there is a very fine line between the two. While business loans are generally taken up by start-ups or big enterprises looking to expand their businesses further, professional loans are often granted to borrowers with specific needs and eligibility.

In simple words, these loans are often tailor-made to suit the need of a particular business needs. For instance, the funds required for setting up a doctors clinic might be different from the funds needed to set up an architectural firm. Therefore, most banks and loan-providing financial institutes take into consideration factors such as the borrower's professional degrees, total working experience, the reason for availing funds, and other such factors while granting a professional loan.

WHY APPLY FOR A PROFESSIONAL LOAN?

Applying for a professional loan offers the following benefits-

  • Instant loan approval and quick amount disbursal that makes establishing your business faster
  • Competitive interest rates and flexible repayment options
  • Easy online process
  • Less documentation required as compared to other loan application processes
  • Option of prepayments.


ELIGIBILITY:

  • The borrower must have a professional degree/diploma in his field of expertise to apply for a professional loan
  • The borrower can apply for this loan individually or in collaboration with a firm, partnering companies or proprietorships.
  • The borrower must be within the age group of 25-65 years.
  • The borrower must have a minimum work experience of 4-5 years

While these are just some basic eligibility criteria, it is important to note that some of these criteria may vary as per the terms and conditions of different banks or financial institutes.

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