Apply for Professional Loans in India. Get up to ₹ 45 lakh Now! Check Eligibility

For starting and expanding their business or practise, professionals including architects, engineers, doctors and others are offered professional loans. These loans are granted on the basis of their qualifications, experience, track record, income, and reputation. 

You can buy a licence of expensive software like AUTOCAD, install printers and other computer attachments in your workshop, or even pay your IT technicians with the borrowed money. Here, you will learn everything about a professional loan for architects and engineers. 

What are the Interest Rates & Charges for Engineers & Architects Loans?

Professional loans for engineers can be availed at interest rates as low as 10.85%. In addition, these schemes do not require any collateral. With its help, an architect or engineer may upscale their business or purchase any equipment that is necessary for their profession. 

While applying you need to bear a processing fee that generally stays within 2% of the entire borrowed sum. If you are requesting a loan from a non-local lender then you must pay Rs. 65 (exclusive GST) as outstation collection fees. Moreover, there is no provision for annual maintenance charges if you have applied for a term loan. Whereas, if you fail to meet the timely repayments you may need to bear part prepayment charges. It is 2% of the EMI amount plus applicable taxes for term loans.  

How to Apply for an Engineers & Architects Loan?

The application process for applying for a professional loan for architects and engineers is mentioned below:

  • Step 1: Visit the application section on the lender’s website.

  • Step 2: You get redirected to a fresh page. It gives you a loan application form.

  • Step 3: Provide your employment details, income proof, age, and contact information.

  • Step 4: Enter the loan amount you wish to borrow. Please note that the entered sum should fall under the approvable limit.

  • Step 5: Select a favourable tenure.

Now, you have to wait for the loan approval confirmation text. Once you get the message you can check for the credited balance which will be transferred to your account within a few minutes. 

What are the Eligibility Criteria for an Engineers & Architects Loan?

The eligibility criteria for professional loans are kept pretty simple. Lenders set these credentials keeping in mind the hectic schedule of engineers and architects who primarily seek loans to assume better career opportunities. 

Here you may check out the key eligibility criteria:

  • Age-wise you should not be above 65 years or below 25 years while applying for a professional loan.

  • You need to be an Indian resident.

  • You must be able to showcase a professional diploma or degree in your current job field.

  • The loan applicant must be a non-salaried individual.

Besides the above conditions, different lenders set their prescribed gross receipt criteria. For instance, Axis Bank has declared to offer professional loans to self-employed engineers with a minimum of Rs. 5 Lakhs gross receipt proof.

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What are the Documents Required for an Engineers & Architects Loan?

The comprehensive list of documents for a professional loan for architects and engineers are given here:

  • Address proof (Aadhaar card, Passport, Voter ID card)

  • Identity proof (Aadhaar card and Passport)

  • Bank statement of the preceding 6 months

  • PAN card

  • Proof of continuation (Trade licence, Establishment certificate, ITR, Tax certificate, etc.)

  • CA-audited balance sheet, profit and loss account, and latest ITR

  • Miscellaneous documents like Sole Proprietary Declaration or Partnership Deed’s copy (certified), Director-verified true copy of Memorandum, etc

What are the Features & Benefits of a Professional Loan for Engineers & Architects?

Professional loans are combined with several helpful features that aid engineers and architects to settle repayments easily. Here you may take a look at all the associated benefits:

  • Easy Application Procedure

As mentioned above, you can execute the loan application process swiftly completing the 5 steps. Also, the requisite documentation is limited which makes the process hassle-free.

  • Unrestricted Disbursal

Provided you have matched all the criteria and presented the documents, your loan request gets approved without any hindrance. After the confirmation text arrives, the principal gets credited to your bank account within 24 hours.

  • Flexible Tenure

You can repay the loan at your convenience. The tenure can even be stretched up to 96 months. Also, you may prepay the outstanding amount sooner bearing 4% prepayment charges. 

  • No Collateral

Professional loans do not mandate pledging any collateral. All you must ensure is having a good credit history, a spotless professional track record and meeting the other eligibility criteria.

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What are the Top Banks Providing Professional Loans for Engineers & Architects?

In the table below you can compare the various loan deals offered by top Indian banks and NBFCs:

Lender

Interest Rate (per annum)

Loan Amount

Tenure

IDFC First Bank

10.85% onwards

Up to 1 Crore

Up to 60 months

Indusind Bank

13% onwards

Up to Rs. 35 Lakhs

Up to 48 months

Axis Bank

14.25% onwards

Up to Rs. 50 Lakhs

6 – 36 months

HDFC Bank

Up to 14.50%

Up to Rs. 75 Lakhs

12 – 60 months

Bajaj Finserv Limited

11% - 18%

Up to Rs. 55 Lakhs

Up to 96 months

Aditya Birla Capital

14% - 26%

Up to Rs. 15 Lakhs

Up to 84 months

Mahindra Finance

Negotiable terms and conditions as per the lender’s ease

Up to Rs. 3 Lakhs

Up to 36 months

Disclaimer: The metrics shared in the above table is as per latest reports collected from the official websites of the respective lenders. However, they can change anytime, thus it is advised to check the particulars before applying for a professional loan.

A professional loan for architects or engineers is ideal for meeting expensive IT hardware and software bills, organising mergers, or even funding individual needs. People with a minimum work experience of 5 years easily get pre-approved loan offers with flexible repayment tenures. However, before selecting an offer online, ensure to check the various options and go with a lender that has gained prominence in the market.

FAQ for Professional Loan for Engineers & Architects

How much loan can an engineer get?

A self-employed engineering professional is eligible for a loan amount of up to Rs. 50 Lakhs. They may repay this sum within 4 years as per the EMI value levied by the lending institution. 

 

What are the benefits of professional loans for architects?

A professional loan for architects comes with competitive pricing, multiple tenure options, and high loan amounts. Also, they can be combined with numerous add-on benefits that make the plan more personalised for an architect.

 

How to get a professional loan for an engineer?

To secure a professional loan engineers can visit the official website of the lender. 

 

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