Fiscalmitra

Professional Loans starting @10.50%*

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Profession Loan

Professional loan rescues professionals who are in dire need of funding their existence venture or looking ahead to expand their portfolio. Such loan schemes are useful for professionals wanting to get over the liquidity issues to avert any usage from their savings. Whether you are a doctor, architect, engineer or a chartered accountant, we understand all your unique financial needs. That’s why, we offer special plans to professionals who want to fly higher at affordable interest rates.

Eligibility Documents Required:
SELF-EMPLOYED Benefits of Professional loan from Finance Mitra

A professional loan is a loan or credit which is taken by professionals like doctors, accountants, engineers, dentists, lawyers, company secretaries, architects, consultants, and other professionals. It is much similar to personal loans, but a non-collateral loan. The loan is primarily taken for initiating a startup or even for expanding the existing business. Many professionals use the fund to finance a foreign trip, conference, or seminar related to the work.

Professional loans are taken by professionals who have their consultancy or are looking to build one. The professional should also be practicing their services for a minimum of 2 years successfully. The professional should also be licensed as a self-employed professional with any central body or state. For getting eligible for the loan, the professional should also be in the age group of 21 to 65 years, however, the age criteria can also differ from one lender to the other.
The loan helps the self-employed professionals in overcoming the liquidity requirements to avoid any usage from their savings.

The professional loans are required when the professionals are looking for funds to meet their expenses at the time of emergencies. Here is a quick look at the characteristics of the professional loan.
  • Professionals can apply for a loan amount up to Rs. 75 lakhs
  • No prepayment charges along with another cost for the loan
  • No fore-closure charges for the professional loan
  • Professionals can choose ECS, PCD, and EMI for closing the loan
Document Required

As the professional loan is obtained with minimal documents, you need to submit KYC documents along with documents referring to your profession. The list includes.
  • Documents of your professional degree
  • PAN card of your firm, company or individual
  • Documents of your KYC like passport, Aadhar card, driving license, Voters ID Card, or PAN card
  • Residential proof like passport, Aadhar card, driving license, or Voters ID card
  • Bank Account statement of last 6 months
  • Income tax computation, profit and loss account, and balance sheet, of the last 2 years along with the latest ITR attested by a chartered accountant
  • Proof regarding the continuation of the business like the Trade license, ITR, Sales tax certificate, or establishment certificate
Apart from all these, other documents might be required if asked by the lender.

FAQ'S -

How Will My Eligibility Be Calculated?

You are eligible for getting a professional loan if your age ranges from 23 to 65 years. You should have a stable professional practice of a minimum of 2 years and your minimum income should be Rs. 5 lakhs annually.

How Much Maximum Business Loan Can I Get?

The maximum loan amount an individual can apply for a professional loan is Rs. 75 lakhs.

How Much Credit Score Is Important While Getting a Professional Loan?

In general, the credit score of the individual applying for a professional loan should range between 300 to 900 for giving the lenders a good idea of your creditability. However, the range depends on the lender.In general, the credit score of the individual applying for a professional loan should range between 300 to 900 for giving the lenders a good idea of your creditability. However, the range depends on the lender.

What Are the Interest Rates Available for Professional Loans?

The rate of interest charged on the individuals for professional loans ranges from 11% to 16%. However, some banks also provide professional loans at 10.50% pa. Hence, it depends on the lender.

How Can I Apply for a Professional Loan?

Applying for a professional loan is much comfortable with Finance Mitra. You can easily visit our official website, check your eligibility along with required documents and our experts would help you with the entire process of application.

How Professional Loan Different from Another Loan?

The professional loans are charged with a reduced interest rate compared to other generic business loans. The maximum tenure of repayment is around 60 months, but some banks provide a tenure of 72 months.