Loans for Professionals are offered to individuals practicing a specific profession such as doctors, interior designers, chartered accountants, architects, and more for setting up and expanding their business or work. These loans are targeted at professionals carrying degrees/qualifications and are based on their superlative capabilities, past experience, market reputation, and revenues.
Features of Professional Loans
Typical professional loans fall start from Rs.50,000 & go up to Rs.50,00,000 without the need for collateral guarantee & flexibility of terms. If you provide collateral, the loan amount can shoot beyond Rs 1 crore, depending on your need. The repayment tenure is also kept flexible between 1-5 years based on the selected amount, rate of interest, and the borrower’s financial capacity. To top it up, you can also be offered with alternative repayment options if you share a goodwill relationship with your lender, which is essential. However, if your need is limited to repair/maintenance or trivial expenses, then an instant personal loan will be more suitable.
Home Credit Personal Loan starting from Rs. 25,000 to Rs.2,00,000 can turn out help when you’re quickly looking for cash money. The EMIs can also be voluntarily chosen along with the repayment tenure between 6-36 months. We have over 970 Crore worth loan approved until March 2020.
Here are the 5 facts to know about Loans for Professionals:
- Quite a few Banks, NBFCs, and other financial institutions provide loans for both self-employed & salaried professionals like doctors, consultants, chartered accountants, designers, architects, and company secretaries, who fall into the ‘professionals’ category.
- Even a loan for professionals is considered to be unsecured. This is because a loan has no collateral security attached to it. So, this is why we call professional loans as unsecured.
- Under loans for professionals, the default ratios are slightly low. These loans have lower rates of interest, higher loan amounts, and quick processing processes.
- Mostly, a degree/certificate/qualification is required to avail of a professional loan. The idea is to at least authenticate the intellectual capabilities of the individual before lending a loan.
- The loan tenure ranges from 1 to 5 years and the total loan amount can go up to Rs. 30 lakhs or more, based on the premise of current income and repaying capacity.
It’s time to act smartly & apply for a loan (personal or professional) with affordable rates of interest & choose your loan( Personal, Business , or Professional Loan).