Do you remember the days when you would stay awake for days and nights for examinations? Toiling for days together just to fulfill your ambition to become a doctor or a C.A?. Well nothing seems to have gone wasted. Now you have your own practice. You have a good clientele and a very satisfying career.
But sometimes you feel that you can do much better in your practice if you had access to the latest technologies or equipments. An automated database structure to speed up the service to your client or latest equipment to enhance your medical practice. But all this costs a lot of money.
Recognising this, banks and a few financial institutions have introduced a novel loan product designed exclusively for professionals like yourself - Professional Loans.
Who can get a Professional Loan?
You can get a Professional Loan if you are: A Doctor, A Chartered Accountant, An Architect, An Engineer, A Management Consultant (MBA), Cost and Works Accountants (I.C.W.A), Company Secretary (C.S), Commercial Pilot License holder, MCA Graduates of NID/NIFT
Highlights of Professional Loans
Personal Loan with a difference
Professional Loans are similar to Personal Loans with one difference - this loan is given only to qualified self-employed professionals instead of employees of a company. With the same amount of flexibility provided with a personal loan, this loan is made as simpler to avail considering the time constraint faced by the professionals.
No questions asked!
This loan is meant to meet not only your professional needs but also your personal needs. Thus, there is no restriction on the end use of the loan giving you the total freedom to decide as to where and when to use the loan.
Hard work pays off
The loan is provided to you in consideration of the degree or qualification that you hold. Thus, providing your qualification certificate along with other identity documents are the only formalities to avail this loan. There is no requirement of hypothecation of asset or providing a guarantor for the loan.
Higher loan amounts
As the banks are more comfortable with the profile of the professionals, they are provided with the maximum loan amount. Loan Amount extends up to Rs 1,000,000 compared to the restricted amount of Rs 800,000 in a personal loan.
Professionals, thus enjoy this benefit over the employees of the company, hard work duly rewarded.
If you don't qualify for federal loans, then you might consider looking at private lenders. Banks and loan companies often provide student loans at relatively low interest rates. Each institution is different, so be sure to check out the terms and conditions of any loan you obtain, federal or private, and make sure you know the details before signing on the dotted line.
Bank of Baroda Professional Loan
Nature of facility
Overdraft or as a Demand / Term Loan
Working Capital requirements, (Overdraft or Loan)
Development of shop/office/clinic etc. (e.g. purchase of ofice equipments, P.C, air-conditioner, furniture etc.), only up to need based requirements, to be given as Demand / Term Loan.
Bank guarantee for any need related to the profession.
Minimum: Rs. 25,000/-
Maximum: Rs. 25 lacs
Individuals, Proprietorship, Partnership concerns, firms & Private Ltd. Cos., engaged in any profession, self employment, services sector, (other than trading, processing and manufacturing units and transport operators) e.g. Chartered accountants, doctors, practising company secretaries, architects, consultants, institutions providing education/training, coaching classes, interior decorators, travel agents etc. which are required by community and not prohibited by law or opposed to public interest.
The business / professional units should have been established in the line of business for a minimum period of 2 years.