Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    Professional Loans

    We found 32 Professional Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Professional Loans is Rated as "Great!" by 74151 Users

    Personal Loan BYTES FROM OUR KITCHEN

    Professional loans are personal loans for professionals like accountants, dentists, journalists, engineers, solicitors, surveyor, architects, and management consultants etc., who have the proper skills and are qualified to practice their trades. Professional loans can be availed for requirements pertaining to their businesses such as purchase of equipment, construction, business premises, renovating premises, working capital, among others. These loans are meant to help a self-employed professional increase or improve his/her business and overcome liquidity crunch when buying equipment or investing in their own business. These loans are available primarily from government banks, however some private banks also offer professional loans.

    Professional loan eligibility criteria

    The eligibility criteria for professional loans is simple, with borrowers allowed to Apply for Loans in both personal as well as joint capacities.

    • People who are already practising their trades or novices in different professions, with licenses issued by state or central legislations.
    • Group or association of people indulging in one profession given that every member of such a group is licensed and is duly qualified to practice the said profession.
    • Copy of professional certificate denoting that they practice the said profession.
    • Professionals can include people having a diploma/degree who are sufficiently qualified or possess the skills to practice professions such as lawyers, journalists, chartered engineers, chartered accountants, software engineers, management consultants and similar fields.
    • Individuals, joint borrowers, partnership companies and firms and proprietorships can apply for this type of loan.
    • Applicants within the ages of 18 to 65 years can apply for professional loans.

    Documents required to apply for a professional loan

    Professional loan applications typically ask for minimal documentation, mainly pertaining to proofs that the applicant is indeed a self-employed professional in a particular field.

    • Membership certificate copies issued by relevant professional authorities to individuals or individual partners.
    • Firm registration certificate copies for registering with applicable professional authorities, apart from any other similar certifications as specified by the bank or loaning institution.
    • Papers or documents that help in judging the repayment capacity of the borrower, such as expenditure and income statements from 3 fiscal years, balance sheet statements, assessment order copies/tax return copies of individual, firm, partners or guarantors, apart from debt service obligations particulars etc.
    • Recent utility bill showing name and address, or any other similar identity document.

    Professional loan interest rates and charges

    • Interest rates vary between 10% and 18% according to lender.
    • Margin usually ranges from 15% to 25% of the loan amount.
    • The maximum loan amount varies from Rs.10 lakhs to Rs.30 lakhs as per bank's’ policies.
    • Processing fee is generally charged within 0.20% to 1.00% of the loan amount.

    Features and benefits of professional loans

    These loans are packed with features as per individual banks’ policies. Each bank offers its own set of benefits and features, however the outlook for the offerings is more or less the same for all lenders.

    • Hypothecation of the purchased assets or mortgage of premises accepted as primary security.
    • Half the loan amount as collateral security along with one guarantor, preferable spouse of applicant may be required, as per loan documents.
    • Collateral security may not be required for premise acquiring requirements. If required, immovable properties or office equipment will be accepted as collateral by the loaning authority.
    • Some of the accepted collateral securities include LIC/KVP/NSC policies, land and building, bank deposits etc. subject to acceptance by the bank.
    • Personal guarantee of partners/friends/family/title holders of collateral securities etc. may be required as per your lender.
    • In case of loan being used for auto purchase or related usage, loan terms will generally be the same as for auto loans.
    • Maximum repayment tenure is generally 60 months, though some banks also offer 84 months or more repayment period to customers. This tenure includes/excludes up to 6 months moratorium.
    • There is generally no prepayment penalty on professional loans.
    • Business-related travel expenses such as hotel boarding, airfare, seminar fees etc. can be covered with the loan.
    • Self-assembled equipment such as computers are generally not eligible for financing.
    • Payments may be made directly to the dealers/suppliers if the situation so arises. The loan may also be disbursed in instalments after the lender verifies the end use of the finances.
    • Quick loan approval and disbursal.
    • Attractive interest rates and repayment tenures.
    • Easy and simple application process.

    FAQs

    1. What are the purposes covered under financing through professional loans?

      Loans can be sanctioned for purposes such as financing new equipment purchases, construction of new premises or renovation of old premises, working capital needs, business-related travel expenses, honing skills through expansion etc. The basic premise for sanctioning professional loans is that the borrower should be able to justify the loan with respect to his/her trade and direct implications of the loan amount on his/her profession.

    2. Is there a cap on the amount of the loan I can avail?

      Most banks will have a maximum limit of professional loan amount. This amount varies from bank to bank, with the actual amount decided as per the repayment capacity, disposable income and requirement.

    3. Will the end use of the loan amount be monitored by the lender?

      Yes, some lenders may ask you to explain how the loan amount is being used. Some banks may even disburse the loan amount in instalments, with further instalments released subject to satisfactory response from the bank with regards to use of the finances.

    4. What is the repayment tenure for professional loans?

      In general, a professional loan has to be repaid within 5 years of approval and disbursement for fixed rate loans. Floating rate professional loans generally have a repayment tenure of 7 years.

    5. How will the loan amount be disbursed?

      The loan amount can be disbursed as a lump sum by your bank. However, some banks will disburse the amount in instalments after you have shown satisfactory usage of the loan amount to the lender.

    6. Is this a secured or unsecured personal loan?

      Professional loans are Secured Loans wherein you have to submit collateral securities apart from a guarantor to vouch for the loan on your behalf.

     Loading your search... Loading your search...
  • Professional Loans Reviews

    • HDFC Bank Personal Loan
      "Fast and Best Service in HDFC"
      0.5 5.0/5 "Blown Away!"
      I am an account holder of HDFC, hence my home branch have reached me and provided the best loan option. They sanctioned the personal loan with the interest rate around 14% and they processed within same days. Hence I have cancelled HDFC online loan request.
      Was this review helpful? 0
      , dindigul
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      After giving the loan request to Kotak Mahindra bank, they had called me and shared the loan process update. But due to the personal reason I had postponed the plan. Other banks are providing beneficial interest rate but Kotak charges high rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been up to my satisfaction. It was a nice experience because the team was helpful in giving me the details and they also checked about my requirement as well. They were in constant touch and the website was good and user friendly.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • IDBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      IDBI is good in the rate of interest. I got the interest rate of 9.8% for the personal loan with the processing fee of 1% of the loan amount. Documentation process is very simple and it is surely a recommendable bank. Even they maintain good customer service.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Prompt service"
      0.5 5.0/5 "Blown Away!"
      I do not have any suggestions for bankbazaar as everything went good with them when I approached them for the loan process. Their website is easy to handle and it is informative. I got very good responsiveness and good customer service from bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Citibank Personal Loan
      "High Interest Rate"
      0.5 4.0/5 "Great!"
      Citi bank is on higher end in terms of interest rate. They quoted some high rate of interest for the personal loan. When I checked with other banks, I got lower interest rate than CITI bank so I closed my application with CITI. Customer service and everything is fine except the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank has been good in the services for the personal loan. The team contacted me on time and informed me the details. The loan could not process due to the banking norms. I was offered a normal interest rate and processing charges.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • Tata capital Personal Loan
      "Interest rate is high "
      0.5 2.5/5 "Just OK"
      My existing home loan was running with AXIS, I thought its better to take personal loan from same AXIS bank. Hence I have not taken personal loan from TATA Capital and their interest rate is too much high. Tata Capital charging around 13.99% but AXIS giving 11.99% of interest.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      My overall experience with Bankbazaar was good. I was contacted on time and given the details.The website was good and informative. But when I click on the bank names to get more details is was taking me to the application page. Else good and no issues.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • ICICI Bank Personal Loan
      "Prompt service"
      0.5 5.0/5 "Blown Away!"
      ICICI bank offered high interest rate for the personal loan which is 12.75%. Th services are very prompt and they are really good in processing the loan application. I did not have any issues with them in the entire process. All things went good with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Standard Chartered Bank Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      Since I had to travel out of the country, I did not proceed ahead for the personal loan with Standard Chartered Bank. They did contact me a couple of time for the loan. The rate of interest was low but not the lowest, it was around 11.49% and the processing charges were normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.0/5 "Great!"
      Two years ago I availed the loan through bankbazaar. So again I approached bankbazaar for the personal loan this time. I got good response from them and their website is quite easy to handle. It would be fine if the mobile app is even more user friendly. Overall service is pretty good.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Capital First Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      When I applied for the personal loan with Capital First, they offered the loan but it was not up to my requirement also I got better offers from other banks so I just moved out from capital First. But their response and customer services are good with capital first. Interest rate and processing fee is good with Capital First.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Axis Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the Axis bank and the rate of interest was around 14.5% and the processing charges were okay with them. I would like to suggest that they can make lesser rate of interest for the customer, so that they can make the business. Customer service is fine one with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have made the balance transfer of my personal loan with the HDFC bank and the rate of interest was around 11.29%, which is really good. The loan amount got disbursed to my account within three to four days of time, also there were no processing charges with them till now.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Timely process has to be done"
      0.5 4.0/5 "Great!"
      I am not happy with Kotak Mahindra personal loan process, they took more than a month and they processed an EMI before sanctioning the loan. I took the amount of 3 lakhs with the tenure of 3 years and my EMI is 10,802, its running without any issues.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      The customer services are good at Bankbazaar and they know how to handle a customer. The portal is good and very much helpful. It helped me to identify the right bank by using the comparison tools on the portal. The follow up calls are also of great support to me.
      Was this review helpful? 0
      , raipur
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Easy to Navigate"
      0.5 4.0/5 "Great!"
      Bank Bazaar come to know through online but they are good in service, they are doing speedy service and they are analyzing the customer's profile and giving best service. The portal is also good to check multi information of banking products.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • ICICI Bank Personal Loan
      "Unhappy with the banking services"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with ICICI bank and it was not up to the mark. The customer support needs to be more professional and though I received a response, I am not happy with the overall services. I did not go to the extent to talk about the interest rate and charges.
      Was this review helpful? 0
      , raipur
      Reviewed on May 27, 2017
    • IndusInd Bank Personal Loan
      "They Should Bring New Ideas"
      0.5 1.0/5 "Really Bad"
      I have few other loans are running , hence when I gave loan request to Indusind, however they have rejected it. But I am a prompt payer, I could track my record and process the loan. Indusind not potential to get the customer inside as they dont provide praactive customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.