Different Types of Professional Loans (InfoGraphic)

What is a Professional Loan?

A professional loan is a subcategory of personal loan, which offers customised loan solutions to professionals like chartered accountants, doctors, etc. The professional loan can be taken for business purposes including meeting operational costs of running a private practice), as well as for personal expenses.

Types of Professional Loan

There are majorly five types of professional loan, it includes:

1. Professional Loan for Chartered Accountant: Chartered Accounts seek a professional loan to hire employees, rent an office, get new furniture for the office or for any other personal purpose.
2. Professional Loan for Doctors: Professional loans for doctors help doctors to buy specialised medical equipment, enrol for an advanced medical course or for paying off an expensive loan.
3. Professional Loan for Lawyers: While starting off, a lawyer’s income is uncertain. Therefore a lawyer can rely on a professional loan to rent an office or hire employees.
4. Professional Loan for Engineers: An engineer can rely on a professional loan to set up an engineering firm or any other personal use.
5. Professional Loan for Consultants: Consultants can use a professional loan to begin their consulting practice. It will help them manage the cash flow as their clientele usually require a credit cycle.

These professional loans can be used by professionals for either personal or professional use.

• Benefits of Professional Loan
• Higher loan amount at a competitive rate of interest
• No collateral required to avail of the professional loan
• Flexible repayment tenure ranging from 12 to 60 months
• Quick approval on meeting all the specific eligibility criteria
• Fully online application process with easy processing
• Professional Loan Eligibility

The eligibility criteria for the loan for professionals is similar to personal loan eligibility, which includes:

• Must be a resident citizen in India
• Should be between 24 years to 60 years of age
• Minimum 6 months of work experience (for salaried)
• Minimum of 5 years of business experience, with at least 3 years in the current business (for self employed)
• CIBIL score of 700 and above
• Salaried professionals should meet the minimum income criteria- Salaried applicants must earn at least Rs. 25,001* per month
• Self-employed professionals should meet the criteria for minimum yearly income
• Both types of applicants must have the required documentation including income proof.

Professional Loan Interest Rates

The professional loan or personal loan interest rates start at 12% per annum, making it one of the cheapest forms of finance options for professionals. Apply for an online personal loan today and avail of the benefits.