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Professional loans are personal loans for professionals like Doctors, CA, accountants, journalists, engineers, solicitors, surveyor, architects, and management consultants etc., who have the proper skills and are qualified to practice their trades. Professional loans can be availed for requirements pertaining to their businesses such as purchase of equipment, construction, business premises, renovating premises, working capital, among others. These loans are meant to help a self-employed professional increase or improve his/her business and overcome liquidity crunch when buying equipment or investing in their own business. These loans are available primarily from government banks, however some private banks also offer professional loans.
These loans are packed with features as per individual banks’ policies. Each bank offers its own set of benefits and features; however the outlook for the offerings is more or less the same for all lenders.► Hypothecation of the purchased assets or mortgage of premises accepted as primary security. ► Half the loan amount as collateral security along with one guarantor, preferable spouse of applicant may be required, as per loan documents. ► Collateral security may not be required for premise acquiring requirements. If required, immovable properties or office equipment will be accepted as collateral by the loaning authority. ► Some of the accepted collateral securities include LIC/KVP/NSC policies, land and building, bank deposits etc. subject to acceptance by the bank. ► Personal guarantee of partners/friends/family/title holders of collateral securities etc. may be required as per your lender. ► In case of loan being used for auto purchase or related usage, loan terms will generally be the same as for auto loans. ► Maximum repayment tenure is generally 60 months, though some banks also offer 84 months or more repayment period to customers. This tenure includes/excludes up to 6 months moratorium. ► There is generally no prepayment penalty on professional loans. ► Business-related travel expenses such as hotel boarding, airfare, seminar fees etc. can be covered with the loan. ► Self-assembled equipment such as computers are generally not eligible for financing. ► Payments may be made directly to the dealers/suppliers if the situation so arises. The loan may also be disbursed in installments after the lender verifies the end use of the finances. ► Quick loan approval and disbursal. ► Attractive interest rates and repayment tenures.