Professional Loans are unsecured loans given to paid-for professionals including doctors, company secretaries, and chartered accountants. Analysts claim that these loans are for business expansion, professional advancement, or other needs specific to the profession.
In contrast to these loans, Personal Loan are for people who need money to meet individual requirements such as vacations, wedding expenses, home renovations, and medical emergencies. According to industry experts, this loan benefits everyone, including salaried employees working in a company or self-employed people who own a business and require funds for personal purposes.
This article will discuss the difference between Personal and Professional Loans in detail, which will help you decide which loan product by Credit success is best suited for you.
Why Do You Need a Professional Loan?
Stay Updated:
It is crucial to stay up to date with recent advancements and progress in your profession. A Professional Loan will allow you to easily maintain a strong foothold in your field by helping you purchase new equipment or machines, open a new branch, etc. Other than this, there can be several other reasons to apply for this loan.
A physician, for instance, may desire to open a private practice clinic. However, this would necessitate a significant amount of funds to get started. A Professional Loan would be the best choice for a considerable sum of money required for a professional cause. If interested, you should check out the current physician loan interest rate.
Expand or Upgrade:
A professional may already have a practice space but wishes to expand or upgrade it. Renovations, searching for new locations, and hiring more personnel are significant factors for growing a business or service. However, with the help of a Professional Loan, the finances required for these activities can be simply accessible.
Eligibility and Benefits
Minimum Documentation:
Professional Loans from Credit success require minimum documentation, have the lowest interest rates, and have no hidden costs or processing fees. Their wages and obligations determine a customer’s eligibility to get this loan. The criteria also include the credit history of the professional or business person.
Unique Features:
Some unique features of this type of loan are the facility to make partial payments and the absence of prepayment fees if the borrower wishes to pay off the loan with personal funds.
Optimisation Benefits:
These facilities can help borrowers optimise their interest outflow, making it a more cost-effective and wiser decision. However, you should know that qualifying requirements vary between lenders. Therefore, before applying for a Professional Loan, ensure that you match the eligibility requirements.
Documents Required
Submitting the following documents is a must when applying for a Professional Loan.
- Proof of Identity
- Proof of Address
- Professional Qualification Proof
- Last six months Bank Statements
- Proof of Ownership/Lease
- Know Your Customer (KYC) paperwork
- Employment Or Business Proof
You can submit these documents offline and get the loan, but apply for a loan online at Credit success to get quick approval and loan disbursement, say for a physician loan at the minimum interest rate.
How do Professional Loans fare in comparison to Conventional Personal Loans?
A Professional Loan should ensure that your financial demands are met quickly and efficiently and satisfy your professional needs. The following are the aspects and advantages of taking Professional Loans by Credit success.
Simple Application Procedure: Obtaining a Professional Loan is relatively simple because the entire process is online. All you need to apply for this loan is a few clicks and some essential documentation.
Quick Disbursement: After your information is validated, your Professional Loan gets approval in less than two minutes. In addition, you receive the loan amount in your bank account within 24 hours.
Flexible repayment period: You have the option of repaying your Professional Loan over 12 to 60 months.
No Collateral: Professional Loans are unsecured. As a result, you do not require any collateral to obtain this loan. Instead, such loans are available in a variety of forms.
Best Benefits of Professional Loans
Unique Features:
Lower interest rates, a flexible loan length, cheap processing costs, and a digitally enabled platform make Professional Loans a better choice for providing seamless and quick channels to support professional growth. These loans are custom-made to meet the needs of professionals.
Additional Benefits:
Professional Loans can include benefits such as no-fee part payments and no-fee complete prepayment. If it does, in that instance, based on the business cash flows, the interest outflow can be further lowered and optimised.
Eligibility Criteria for Professional Loan
The following are the simple eligible criteria for obtaining a Professional Loan.
- A professional degree or qualification in your subject.
- Must be a practicing professional for at least 1-year post qualification
- Age between 22 and 62 years.
- You must be an Indian citizen.
- You should be self-employed.
- Minimum annual receipts of Rs.3 lakhs
- Furthermore, depending on the type of loan (for example, a doctor or CA loan), you may be required to meet a set of profession-specific criteria.
Should you take a Professional Loan?
Professional Loans are an excellent way for self-employed professionals to advance their careers. For instance, if you are a physician who has always wanted to open your clinic, you can apply for a physician loan with low-interest rates. You can also consult the loan experts at Credit success to get the best rates.
