How to Apply for Professional Loan: Professional loans are given to professionals or professionals like doctors, chartered accountants, company secretaries. These professionals often apply for this loan due to their business or personal needs. According to the rules, these loans are given to such people who are professionally qualified and who provide professional service to people as individuals or business. But the question is if you are a professional then should you take this type of loan?
Get professional loan easily
Experts believe that taking a professional loan is easy as it requires minimal documentation. Also, the rates of such loans are quite competitive. Every bank wants to have maximum number of such customers. The chances of getting stuck in such a loan are negligible. Professional loans have very low processing fees and no hidden charges.
No charge on part payment or prepayment
How much you will get a professional loan, it is decided by looking at your shortcomings and current responsibilities. Apart from this, the credit history of this type of loan customer also plays an important role. One of the features of this type of loan is that there is no charge for partial payment or prepayment. But the customer has to pay it from his own source. Because of this, this loan becomes cheaper and a better option than other personal loans.
Complete loan approval process online
In the process of sanctioning a professional loan, you do not have to sign any document in any document nor do you have to give a post-dated cheque. The entire process is done through online e-signing. e-NACH is used for EMI payment. If the customer wants to take more loans in the future, then he also gets a top-up. However, the terms and conditions fixed for a professional loan vary from bank to bank.
Proof of professional qualification, KYC documents, bank statements, proof of employment or business are required for the loan. With these documents one can apply for the loan online.
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Professional loan is cheaper than personal loan
Professional loan is cheaper than a normal personal loan. Loan rates for self-employed or salaried professionals start at 9.99 per cent. Whereas personal loan rates start from 12 per cent. If you take a professional loan of Rs 10 lakh for three years at 9.99 per cent rate as against 12 per cent, you can save EMI up to Rs 34,000. There will be no charge if you want to make partial payment or prepayment of the Professional Loan. On an average, professional loans are in the range of 10 to 12 lakhs.
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