The type of professional loan sought depends on many factors, such as the nature of the practice, whether the borrower is a salaried individual and the purpose. Professionals can take loans for setting up their businesses, buying or renting premises, for expanding their business, staffing requirements, acquiring working capital, attending seminars and conferences, and also to tide over short-term requirements. Below mentioned are the types of professional loans offered by financial institutions:
Loans for Doctors
Professional Loans for Doctors are offered up to Rs. 2 crore with flexible repayment options and easy EMIs. Doctor loans are approved instantly with a hassle-free loan process. Less paperwork is required for loan processing for Doctor loans.
Loans for Chartered Accountants
Loan for CAs are offered to meet their working capital requirement and for various purposes like business expansion, paying-off rent and salaries, buying equipment, managing business cash flow, etc. The loan amount offered CAs shall vary from bank to bank and depends on the applicant’s profile and business requirements.
Professional Loans for Engineers
Engineers can avail loan against property for up to Rs. 3.5 crore for IT, computer science, mechanical, civil, chemical or electronic engineers. Engineers can also avail personal finance up to Rs. 2 crores with flexible repayment options.
