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Professional Loan

Professional loans are loan facilities granted to working professionals like Doctors, Chartered Accountants, Architects, Company Secretary etc. who are looking for funds to start their own practice or expand their trade. A professional loan can be availed for requirements pertaining to business requirements such as purchase of equipment, business expansion, construction of business premises, renovating business premises, amongst other business requirements.Professionals applying for a professional loan must be qualified and must possess the proper skillset required to practice their trades. It is similar to a personal loan in the sense that it is generally a no-collateral loan.

Features of Professional Loan:

Loan Amount You Can Avail Business Loan up to 1 Cr Loan Amount as per your income eligibility.
Interest Rate Fixed Interest Rate. Starts at 10.85% onwards.
Tenure 1 Year to 5 Years. Depends on Profile and Nature of Business
Processing Fee Up to 2%
Processing time Only 2 working days Required for Sanction after process your application
Flexible Prepayment Flexible Prepayment option available in Professional Loan which makes it attractive.
Collateral Not Required For Professional Loan

Eligibility Criteria for Professional Loan

Eligibility Criteria For Self-Employed Eligibility Criteria Details
Age Minimum Age 21 years and Maximum 65 years at the time of Loan Maturity
Minimum Income 5 Lac Gross Annual Receipt
Cibil Score Minimum CIBIL Score of 700 with No Any Default in Past
Employment Stability Minimum 2 Years in current Profession
Resident INDIAN Only
Who Can Avail Personal Loan Salaried Person and Self Employed Professionals

Document Required for Professional Loan

Required Documents For Self-Employed Professional Required Documents Details
Photo Passport size photo
Id proof Pan Card / Aadhar Card / Passport / Voter Id Card / Driving Licence
Address proof Aadhar Card / Passport / Voter Id Card / Driving Licence / Mobile Bill / Telephone Bill / Electricity Bill / Water bill ( any one document required for address proof )
Income documents Last 2 years ITR, Computation, Profit & Loss Statement, Balance Sheet, Audit Report ( if audited ), GST if applicable
Bank statement Last 12 months bank statement
Professional degree & ownership Proffesional degree / Registration / Practice Certificate (as per your profession) / Ownership Proof
Exisiting loan statement Exisiting / Running loan statement only for balance transfer*
Professional Loan Interest Rates Details-
Bank Name Interest Rates Processing Fees
HDFC BANK 10.85%-16.99% 1.50%-2.25%
ICICI BANK 10.99%-17.99% 1.50%-2.50%
AXIS BANK 10.99%-17.99% 1.50%-2.50%
IDFC FIRST BANK 11.25%-20.00% 1.75%-2.75%
TATA CAPITAL 15.00%-20.00% 1.75%.2.50%
BAJAJ FINSERV 14.00%-18.99% 1.50%-2.75%
STATNDARD CHARTERED 15.50%-20.00% 1.75%-2.75%
RBL BANK 17.00%-22.00% 1.50%-2.50%
Mentioned Interest Rates, PF and Charges Are Subject to Change and It's Sole Discretion of RBI, Bank and NBFC.

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