In the world of Credit, there are specially crafted loans for salaried or self-employed professionals. There will be some special privileges to these professionals.The following are the type of professional loans.
Professional Loans for Doctors
These Loans are precisely for Doctors. Primarily doctors choose these type of loans for expansion of their medical practices. The following are the evident features of this kind of loan:
- These loans are only to the doctors who are working with private or government hospital or working in a clinic.
- To get eligible for this professional loan, you need to meet a requirement of minimum income. Doctors with specified income range will only be able to withdraw this loan amount.
- These Professional Loans are unsecure loans and need no collateral. There is no need to enter into any agreement or mortgage any kind of security nor a co-signer is vital to get the professional loan.
- You will have to submit necessary documents. These include address proof, identity proof, bank statements, bank statements, qualification certificates etc.
- These Loans are Instantly approved for Doctors.
Professional Loans for Engineers
These Loans are specifically for Engineers for their expansion of practice or business. Below are the salient features :
- These professional loans are offered in two variants one is term loan and the other is the line of credit. In case of term loan a limited amount will be issued and to the borrower and the interest will be charged on the whole loan amount, and in terms of line of credit the specific amount is issued and the interest is charged on the amount disbursed. Hence line of credit is the flexible and affordable assistance in case of a professional loan for engineers.
- Generally, these Loans are pre-approved where an appreciable loan amount can be availed.
- Some non-banking financial companies need security or collateral for providing professional loan for Engineers. There are a lot of lenders in the market who do not ask for any security and assist you with Professional Loans.
- Self-Employed or a Consultancy Engineer can get this Loan. And there are some banks who provide this professional loan for salaried engineers also.
- To get eligible for this Professional Loan, you should hold some experience as an engineer. The minimum experience differs from bank to bank. But you should possess work experience after your graduation to apply for a Professional Loan.
Professional Loans for Chartered Accountants
Another kind of Professional Loan is for Chartered Accountants. Generally, self-employed professionals opt these loans. Salaried Chartered Accountants who are working with private or government firms can also apply for Professional Loan. Below are some Features:
- Professional Loans for Chartered Accountants are extended to secured and unsecured loans. It is recommended that you go for a secured loan if you hold a collateral, with this your interest rates will be low. If you don’t have any security you interest rates will be a bit higher, but the loan process will be easy.
- You should hold acceptable experience as a CA in a private or government company or in your own firm. Fresh Chartered Accountants with no experience are not eligible for applying for a Professional Loan.
- Your educational qualification which states you as a Chartered Accountant is an important document to apply for this Loan