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Professional Loan

Loan for Professionals

Professional Loan of up to Rs. 45 Lakhs | Instant Approval

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

 

If you are a self-employed professional, you invest your time and work hard to hone your skills to take your career to the next level. However, in many cases, apart from hard work and time, you also need funds to grow your career as a working professional. A professional loan can be really helpful in such a situation.

 

Financial institutions offer professional loans to self-employed professionals such as doctors, chartered accountants and architects to expand their businesses and meet their working capital needs. You can easily avail a professional loan at Bajaj Markets with minimal documentation and affordable interest rates.

Features of Professional Loan

Apart from meeting your professional needs, a professional loan should guarantee that your financial needs are taken care of swiftly and efficiently. Let’s have a look at some of the features and benefits:

  • Easy Application Process: It is incredibly easy to avail a professional loan since the entire process is online. All it requires are a few clicks, and minimal documentation to apply for a professional loan. 

  • Swift Disbursal: Once your details are verified, your professional loan is approved within 2 minutes. Post that, the loan amount is transferred to your bank account within 24 hours.

  • Flexible tenure: You can repay your professional loan comfortably over a tenure of 12 to 60 months.

  • No Collateral: Professional loans are unsecured. Therefore, you need not pledge any collateral in order to avail a professional loan.

Professional Loan Interest Rates

Doctors and CAs can easily avail a professional loan at Bajaj Markets to expand their businesses or to meet their working capital needs. The rate of interest applicable on professional loans along with the processing fee and a few other charges are as follows:

Interest rate

Starting at 14%

Processing fee

Up to 2% of the loan amount

Bounce charges

₹3000 (Inclusive of applicable taxes)

Penal interest

Any delay in payment of EMI shall attract penal interest at the rate of 2% per month on the EMI outstanding, from the date of default until the receipt of EMI

Outstation collection charges

₹65 + GST

Prepayment/ charges

Term Loan : 4% plus applicable taxes on the outstanding loan amount payable by the borrower on the date of such full prepayment

Flexi Loan: 4% plus Applicable taxes of the Total Withdrawable Amount as per the repayment schedule, on the date of such full Prepayment.

Part payment charge

Term Loan : 2% plus applicable taxes on the amount part- prepaid

Nil incase of flexi Hybrid Loan

Annual Maintenance Charges

Term Loan: Nill

Flexi Hybrid loan:  0.25% plus applicable taxes 

Types of Professional Loans

Loans for Professional can be majorly classified into the following two categories:

  • Professional Loan for Doctors: Doctors can easily get professional loans of amounts up to ₹45 Lakhs with flexible repayment options and low EMIs. Doctor loans are approved quickly with minimal hassle. Loan processing for Doctor loans also does not require much paperwork.

  • Professional Loan for Chartered Accountants: CAs can get a professional loan to meet their working capital needs and for a variety of other purposes, including business expansion, paying off rent and salaries, purchasing equipment, managing cash flow, and so on. CAs can also get a professional loan of an amount up to ₹40.5 Lakhs at Bajaj Markets.

Why Do You Need a Professional Loan

There can be several reasons to apply for a professional loan. A few of which are mentioned below:

  • Professionals such as doctors might want to set up their clinics for private practice. This would require a considerable amount of capital to start, and hence a professional loan would be an ideal choice in such a case.

  • A professional might already have a place to practise but may be looking to expand or upscale it. This can include renovations, looking for new locations, and employing more people. The funds required for these can be easily accessed with the help of a professional loan.

  • As a professional, it is important to always stay up to date with the technological advancements and progress being made in your industry. A professional loan can be utilised to purchase new equipment or machinery and stay updated in your professional practice.

Eligibility Criteria for Professional Loan

The eligibility criteria to avail a professional loan at Bajaj Markets are quite simple. You may refer to the following pointers for details on the eligibility conditions you are required to fulfil in order to avail a professional loan:

  • You must have a professional degree or diploma in your field.

  • You must be aged between 25 and 65 years.

  • You must be a resident of India.

  • You must be a self-employed individual.

Additionally, depending on the type of loan (i.e., doctor or CA loan), you may be asked to meet a certain set of profession-specific criteria.

How to Apply for Professional Loan?

Applying for loans for Professionals at Bajaj Markets is fairly simple. All you need to do is follow the below-mentioned steps:

  • Step 1: Visit the Professional Loans page on the Bajaj Markets website.

  • Step 2: Click on “Apply Now”. A new page will open with a form in which you need to fill in a few details.

  • Step 3: Enter some basic details like your income, type of employment and contact number.

  • Step 4: Enter the loan amount you wish to avail and the desired tenure for the loan.

  • Step 5: You can not customise your loan package by including some of the unique additional features such as the Finserv Protection Plan to protect your loan liability.

If your application is approved, the loan amount will be disbursed to your bank account within a few minutes.

Documents Required for Professional Loan

Here is a handy list of documents that you need to furnish at the time of applying for a professional loan:

  • Proof of Identity (Passport, PAN Card, Aadhaar Card)

  • Proof of Address (Ration card, Aadhaar Card, Utility bills)

  • Copies of your professional degrees and diplomas

  • Bank statement for your business for the last 6 months

  • Profit and loss statements of your business

  • Proof of ownership/lease of a property to set up the practice (if applicable)

FAQs on Professional Loans

  • ✔️What is the mode of repayment for a professional loan?

    You can repay your loan with various payment options. You can make your EMI payments through your debit card, net banking, UPI, or through NACH (National Automated Clearing House).

  • ✔️Are there any prepayment or foreclosure charges I will have to pay?

    The prepayment or foreclosure charges vary from lender to lender. If you avail a professional loan at Bajaj MARKETS, you have to pay 4% of the outstanding loan amount as a foreclosure/prepayment charge.

  • ✔️What should I keep in mind when availing a new professional loan?

    You must keep in mind your financial needs and the terms and conditions of the loan including the applicable interest rate, processing fee and any other charges when applying for a professional loan.