Professional Loans
Professional Loans are loans which self-employed people like doctors, lawyers, chartered accountants, etc. can avail without any collateral in order to upgrade business or purchasing equipment.
There are various banks in India who offer professional loans to customers. If you wish to avail a loan you can compare the loan amount, rate of interest, and repayment tenure offered by different banks before availing a professional loan of your choice.
Bank | Interest Rate | Processing Fee | Loan Amount |
HDFC Bank | Up to 14.50% | Up to 2.50% of the loan amount subject to a minimum of Rs.2,359 and maximum of Rs.88,500 | Up to Rs.75 lakh |
IDFC FIRST Bank | 10.85% onwards | Up to 3.5% of the loan amount | Up to 1 Cr |
Indusind Bank | 13% onwards | 2% onwards | Up to 35 lacs |
Axis Bank | 14.25% onwards | Up to 2% of the loan amount | Up to Rs.50 lakh |
Check out Best Professional Schemes in India
HDFC Bank Loan for Professionals
Key Highlights
- You can avail loan up to Rs.75 lakh
- Repayment tenure up to 5 years
- Simple and minimal documentation process
- You can reduce the EMI of your existing professional loan by transferring the loan to HDFC Bank at rate of interest ranging as low as 13.29% and processing fee as low as 0.99%
- You will get a special offer if you are a doctor
Interest Rate | Up to 14.50% |
Processing Fee | Up to 2.50% of the loan amount subject to a minimum of Rs.2,359 and maximum of Rs.88,500 |
IDFC FIRST Bank Professional Loan
Key Highlights
- Repayment tenure of up to 84 months for professionals
- Industry-best interest rates
- Quick eligibility up to Rs.30 lakhs
- Unique loan transfer and top up
- Minimum of 5 years of work experience
Interest Rate | 10.85% onwards |
Processing Fee | Up to 3.5% of the loan amount |
IndusInd Bank Professional Loan
Key Highlights
- Loan amount Minimum above 5 lacs
- Loan amount Minimum above 35 lacs
- Doorstep service
- Minimum documentation
- Quick processing & collateral-free
Interest Rate | 13% onwards |
Processing Fee | 2% onwards |
Axis Bank professional loan
Business loans for Chartered Accountant highlights
- You can avail loan of up to Rs.50 lakh
- Repayment tenure of up to 4 years
- No collateral or security required
- No pre-payment or foreclosure charges applied
Business loans for Doctors highlight
- You can avail loan of up to Rs.50 lakh
- Repayment tenure of up to 5 years
- No collateral or security required
- No pre-payment or foreclosure charges applied
Interest Rate | 14.25% onwards |
Processing Fee | Up to 2% of the loan amount |
Professional Loan Eligibility
There are certain eligibility criteria you will have to fulfill in order to avail a professional loan which are given below:
- Should be a resident of India
- Minimum age of eligibility should be 25 years and maximum age of eligibility should be 65 years
- Doctors, Chartered Accountants, professionals, and non-professionals can apply for a professional loan
- Minimum income should be Rs.1 lakh per annum
- Business must be making profit for at least 2 previous years
Note: The eligibility criteria will differ from lender to lender. Hence, you must always check whether you meet the eligibility criteria or not before applying for a professional loan from the bank
Documents required to apply Professional loan
Given below is the list of documents you will have to submit in order to avail a professional loan:
- Proof of Address such as Aadhar Card, Passport, Voter ID, etc.
- Proof of identity such as Aadhaar, PAN Card, Passport, etc.
- PAN Card
- Bank Statement for the past 6 months
- Proof of continuation such as ITR, Trade License, Establishment Certificate, Sales Tax certificate, etc.
- Latest ITR along with computation of income, Balance Sheet and Profit & Loss Account for the last 2 years with financial certified or audited by a CA
- Other Mandatory Documents such as Sole Proprietary Declaration or Certified Copy of Partnership Deed, Director-certified true copy of Memorandum & Articles of Association & Board Resolution (Original)
FAQs on Professional Loans
- How can I apply for a professional loan?
You can apply for a professional loan online by visiting the official website of the bank and clicking on the 'Apply Now' button. You will have to provide required details and submit the necessary documents. You will also have to choose the loan amount you wish to avail. Once you have submitted the documents, the bank will review and verify the documents and if they are found to be correct, then the loan amount will be disbursed to your bank account.
You can also apply for a professional loan offline by visiting the nearest branch of the lender from whom you wish to avail this loan. A representative from the bank will help you and take you through the process of applying for a professional loan. Make sure to carry all the relevant documents with you. - Where can I use the EMI calculator in order to decide the loan amount I must avail?
Various banks have the EMI Calculator tool on their official website which you can use. You will have to enter the loan amount you wish to avail, repayment tenure, and the interest rate and click on 'Calculate'. You will be able to view the EMI you will have to pay on a monthly basis.
You can also visit the BankBazaar website and use the EMI Calculator available. Enter the loan amount, repayment tenure, and interest rate and check the EMI you will pay on a monthly basis.
- What is the mode of repayment of loan?
You can repay your Loan various payment options. You can use your debit or credit card, net banking, UPI, or though NACH (National Automated Clearing House) in order to pay your EMI online. You can also visit the nearest branch of the bank from whom you have availed the loan and pay via debit card, credit card, cheque, demand draft, or simply by cash.
- Are there any pre-payment or foreclosure charges I will have to pay?
Whether you will be required to pay any pre-payment or foreclosure charges will depend from lender to lender.
- Can I have a guarantor if I am applying for a professional loan?
Yes, you can have a guarantor if you are applying for a professional loan.
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