Loan Tips: What is Professional Loan, what is the process to take it? Learn

Professional Loan: If you need money and you are involved in professionals like doctors, chartered accountants, company secretaries then you can apply for professional loan. In many cases, this is a better option than a personal loan. Professional loans are given to those professionally qualified people who provide professional service to people as individuals or businesses. Today we are going to tell you in detail about this loan.

Advantages of Professional Loan

  • Getting a professional loan is supposed to be easy
  • Minimum documentation is required for professional loan.
  • Its processing fee is very less and there are no hidden charges.
  • The rates of this type of loan are very competitive. Every bank wants to have maximum number of such customers.
  • How much you will get a professional loan, it is decided by looking at your requirement and current responsibilities. The credit history of the customer also plays an important role in this.
  • There is no charge for part payment or prepayment in this loan. But the customer has to pay it from his own source.
  • If the customer wants to take more loans in future, then he also gets a top-up.
  • However, the terms and conditions fixed for a professional loan vary from bank to bank.

Complete loan approval process online

  • No documents are required to be signed or post-dated cheques are required to be given in the process of sanctioning a professional loan.
  • The entire process is done through online e-signing.
  • e-NACH is used for EMI payment.

These documents are required :-

  • Proof of Professional Qualification
  • KYC document
  • Bank statement
  • Proof of employment or business

Professional loan is cheaper than personal loan

  • Professional loan is cheaper than personal loan.
  • Loan rates for self-employed or salaried professionals start at 99 per cent.
  • Whereas personal loan rates start from 12 per cent.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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