A professional loan is a financial instrument that allows professionals like doctors, chartered accountants to access capital that can be used for to fulfil requirements, without pledging any collateral. The requirements can include expanding the office, purchasing new equipment and much more.
A professional loan can help you take your career and practice to the next level. In fact, applying for a professional loan on Bajaj Markets is beneficial as you can get quick approval along with customised offers. You can access these offers if you are a doctor, chartered accountant or any other professional to get the funds you need to grow your business.
Furthermore, you need only submit minimal documentation, making it easier to avail. Here’s what you need to know about this financial offering.
Apart from meeting your professional requirements, a professional loan can help ensure that your financial needs are handled cost-effectively. Take a look at some of its unique features and benefits:
Easy Application Process: It is easy to avail a professional loan since the entire process is online. Applying for this loan requires only a few clicks and minimal documentation.
Swift Disbursal: Once your details are verified, your professional loan is approved within minutes. Post that, the loan amount gets credited to your bank account within 24 hours.
Flexible Tenure: You can repay your professional loan comfortably over a tenure ranging between 12 and 60 months.
No Collateral: Professional loans are unsecured types of loans. Hence, you need not pledge any collateral to avail this loan.
Multipurpose Function: Being a professional requires you to manage diverse expenses, which also include operational costs. Availing a professional loan can help you use the entire borrowed funds to meet any requirements without any restrictions.
Affordable Interest Rates: Most lenders offer low interest rates, so you can borrow the required amount without stressing much about the interest outgo.
Devoid of Hidden Charges: With a professional loan, you need not worry about hidden charges, as most lenders handle loan proceedings with complete transparency.
Part prepayment Facility: You can prepay the loan when you have the capital to do so, and most lenders levy minimal, if not nil, charges on a professional loan.
Doctors and CAs can easily avail a professional loan on 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:
Starting at 14%
Up to 2% of the loan amount
₹3,000 (Inclusive of applicable taxes)
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 the EMI
Outstation collection charges
₹65 + GST
Term Loan: 4% plus applicable taxes on the outstanding loan amount payable by you 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.
Term Loan: 2% plus applicable taxes on the amount part- prepaid
Nil in case of flexi hybrid loan
Annual Maintenance Charges
Term Loan: Nil
Flexi Hybrid loan: 0.25% plus applicable taxes
Disclaimer: The rates mentioned are subject to change at the lender’s discretion.
Loans for professionals can be primarily classified into the following categories:
As a doctor, you can easily get professional loans of up to ₹45 Lakhs with flexible repayment options and manageable EMIs. Furthermore, you can get quick approvals on doctor loans which require minimal documentation.
As a CA, you can get a CA loan to meet your working capital requirements and for various other purposes, which include the following:
Pay rent and salaries
Manage cash flow, etc
As a CA, you can get a professional loan of up to ₹40.5 Lakhs on Bajaj Markets.
As a company secretary, you may avail a Company Secretary loan for the following purposes:
Lease or buy new space for setting up your office
Pay for operational costs
Consolidate other debts with high interest rates
Improve professional skills
Purchase new machinery in your office
As a lawyer, you can apply for these loans and enjoy affordable professional loan interest rates. However, before applying for these Lawyer loans, ensure you practise for at least three years with good profits.
While these requirements vary across lenders, checking with your lender before you apply for a professional loan is ideal.
You can get these Engineer/Architect loans provided you have a good track record, income, experience and reputation. As an engineer or architect, you may require funds to purchase the licence of expensive software such as AUTOCAD or buy any costly technical components.
With a professional loan, you can use the funds to set up your firm or even pay your technicians.
The professional loan eligibility criteria on Bajaj Markets are quite simple. Here are a few essential parameters you must know:
You must have a professional degree or diploma in your field
You must be 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.
Here is a list of documents you need to furnish when 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 of your business for the last six months
Profit and loss statements of your business
Proof of ownership/lease of a property to set up the practice (if applicable)
Follow these steps to apply for a professional loan at Bajaj Markets.
Step 1: Click on the ‘Apply Now’ on this page.
Step 2: Fill in a few essential details, such as your profession, mobile number, date of birth, name and pin code
Step 3: Receive an OTP in your registered number and check your offer
Step 4: Complete the verification process and submit the required documents upon approval
Step 5: Get the loan amount credited to your account within a few minutes after the approval of your application
That’s all it takes to apply for a professional loan from the comfort of your home.
There can be several reasons to apply for a professional loan. Here are a few of them.
As a doctor, you may want to set up your clinic for private practice. This requires a considerable amount of capital to start.
Being a professional, you already have a place to practise but may be looking to expand or scale it. This can include renovations, looking for new locations, and employing more staff.
Keeping yourself updated with the latest technological advancements is essential. A professional loan can help you purchase new equipment or machinery and stay updated in your professional practice.
Finally, you can get a professional loan to bolster your working capital so that you can manage daily operations of your firm without any interruptions.
You can get this loan once you meet the required eligibility criteria. You can always check for these parameters on the lender’s website before you apply for a professional loan.
Getting a professional loan can help you set up your clinic or firm if you are a doctor or lawyer. Additionally, you can use the loan to increase your working capital, pay salaries to your workers or even purchase the latest machinery. Finally, as a professional, you can use funds to enhance your skills by learning new courses.
The tenure of a professional loan varies across lenders. However, in most cases, the tenure ranges from 5 to 7 years.
Interest rates of business loans can vary between 10%-18%, depending on the lender.
A professional loan may or may not require collateral, which varies across lenders and loan types. While some lenders may offer loans without pledging any assets, others may insist on collateral.
You can repay your loan with various payment options. For instance, you can make your EMI payments through your debit card, net banking, UPI, or NACH (National Automated Clearing House).
The prepayment or foreclosure charges vary from lender to lender. For example, if you avail a professional loan on Bajaj Markets, you have to pay 4% of the outstanding loan amount as a foreclosure/prepayment charge.
When applying for a professional loan, keep in mind your financial requirements and the terms and conditions of the loan, including the applicable interest rate, processing fee and any other charges.