Personal Loans are the loans that provide reorganize loan solutions to the working professionals such as Doctors, Lawyers, Chartered Accountants, Architecture, etc. It is a credit option enlarged to professionals for setting up and growing their organizations. Such loans are mainly for applicants with professional qualifications.
Features of professional loans
The features of a professional loan vary from bank to bank.
- The loan amount for a professional loan is up to Rs. 1 Crore.
- It has a flexible repayment tenure of up to 5 years.
- It can be used for various purposes such as the purchase of equipment, renovation of offices, working capital requirements, etc.
- The loan amount and interest rates depend on the type of profession such as Doctor, CA, CS, Lawyer, Engineers, Architecture, etc.
Types of professional loans
Professional loan for Engineers: - An engineer can take a professional loan to organize their engineering firm.
Professional loan for Chartered Accountants: - CA can pursue this loan for various purposes like renting an office, hiring employees, and buying furniture for the office, etc.
Professional loan for Lawyers: - A lawyer can opt for this loan to hire employees or rent an office.