Depending on who you ask, in recent years, many dreamers have made their dreams a reality or can see clear steps to achieving their dreams by taking their professional and financial future into their own hands. Even just a few years ago, many talented individuals could not fulfil their dreams due to the lack of seed capital or many liabilities. Today, with easy loan availability, individuals can get unsecured loans to achieve their dreams.
From CA Loans to Doctor Loans, whether you are a doctor, engineer, chartered accountant, architect or any other professional who wants to invest in their professional future without any collateral, it is now easier than ever before. Here is how:
What is Professional Loan?
Like any other loan, a professional loan is a sum of money borrowed from a lender in exchange for future repayment of that principal borrowed sum along with interest in the form of an equated monthly instalment or EMI. In the case of a professional loan, the borrower is a professional who will use this sum of money to invest in advancing their career.
For example, a doctor opting for a doctor loan from a lender such as Bajaj Finserv enables them to invest in their future without having to set up collateral as a security. This means that the loan is granted to individuals without them having to mortgage their house or car or put up a valuable commodity such as gold as security.
For those unaware, a collateral item such as a home, car, or gold can be taken away if the borrower fails to repay the loan in time. This is why getting professional loans without collateral helps them chart the course towards their dream of the future without fear.
What are the Types of Professional Loans?
As a professional looking to opt for a loan to invest in their future, it is imperative to check and assess whether you are eligible for the loan. Here is a list of some of the most common types of professional loans based on the professions who can avail a loan:
Doctor Loans
Chartered Accountants/CA Loans
Company Secretaries/CS Loans
Engineer Loans
Lawyer Loans
Who is Eligible for Professional Loans in India?
Individuals seeking a professional loan for their career should understand and assess the eligibility requirements for the loan. Whether you are a doctor, engineer, company secretary, or lawyer, remember that there are a few standard documents and requirements for all individuals. At the same time, there are certain additional specific requirements, such as a medical registration certificate for a doctor and a bar council certificate for a lawyer.
Here is a list of some of the common and specific eligibility requirements and documents to fulfil when applying for a loan from a leading insurer such as Bajaj Finserv:
The borrower must be at least 22 years of age and at max 80 years old during loan maturity.
They must be of Indian Nationality.
They must have a good credit history and a decent credit score of at least 685.
They must have an Aadhar, Passport, Voter ID, Driver’s license, etc for KYC.
They must have a PAN card.
They must have profession-specific proof such as a medical registration certificate, bar council certificate, CA license, etc.
They must have education certifications or degrees in the field of profession.
They must have bank statements from a few years with positive cash inflow.
They must have Income Tax returns.
Profitable P&L (Profit and Loss) account of at least two years.
How to Get a Professional Loan in India?
Getting a doctor loan, engineer loan, or CA loan in India is quite simple; all it requires is for individuals to download the app of a leading lender such as Bajaj Finserv and follow the given steps to get a loan ranging from ₹2 Lakhs to ₹75 Lakhs:
Download the Bajaj Finserv app from the App Store or Play Store.
Sign up using your phone number and email address
You'll see the 'Loans' section on the home page below the search bar.
Tap on it and select the right loan for your needs, such as “Loan for Chartered Accountants” or “Loan for Doctors”.
Enter the required information as KYC and submit any relevant documents to apply for the loan.
Conclusion
Professional loans are tools which enable individuals to invest in their future and help them advance their careers without having to worry about mortgages or collateral. Not only does this reduce the fear and allow professionals to develop themselves and their jobs, but it does so in a worry-free manner, gently boosting them from behind.
So start your professional career today with the right professional loan from one of the leading lenders, such as Bajaj Finserv and take your future into your own hands.
