The financial goals of professionals are subjected to variation considering their requirement to meet their personal and professional commitments.
Catering to the customized financial needs of professionals, the leading lenders offer high-value funding in the form of loans for professionals.
The funding so availed offers borrowers with multiple financial leverages. These loans can be used to fund and expand one’s occupation, or meet personal financial goals – depending on the financial product chosen.
Reputed financers take into consideration the three significant professions that require the maximum financial support – personally and professionally.
It includes doctors, engineers, and chartered accountants. Catering to their tailor-made financial requirements, lenders offer them a loan for professionals.
While the first two are collateral-free or unsecured advances, the rest require potential borrowers to provide a mortgage.
Each financial product offers professionals with its leverage and requires them to choose one that best caters to their financial requirements.
All that professionals need to do is check upon a few metrics –
1. Collateral-free advances – Personal/business loans
A suite of loans for professionals has been drafted to fund the diverse personal financial requirements of doctors, engineers, and chartered accountants.
The list of such varied financial requirements may source from various needs like –
- Sponsoring a child’s higher education,
- Arranging for vacations,
- Funding for weddings, etc.
Considering that personal loans for chartered accountant, engineer, doctor, come with no end-use restrictions, availing it to meet diverse financial requirements seems appropriate.
As for business loans, setting up a practice involves multiple avenues of expenditure that can be listed as –
- Renting a clinic or expanding up a firm,
- Hiring trained employees,
- Purchasing state-of-the-art equipment, etc.
With chances of providing enhanced services, businesses post this investment are sure to draw more revenue.
However, for the initial investment, eligible individuals with the required business vintage who avail the Loan for Professionals from reputed financers like Bajaj Finserv can have access to the following leverages –
- Loan amount – The maximum limit on the loan amount that can be availed by eligible professionals varies as per the profession of the applicant. However, the amount in all cases is adequate to meet their personal professional financial requirements.
- Repayment tenor – The repayment structure is kept convenient for borrowers with attractive professional loan interest rates and a flexible tenor that may range from 12 to 60 months (CA) or 96 months (doctor).
- Additional facilities – Apart from the ones mentioned above, this funding option comes with multiple additional facilities that include –
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- Hassle-free application procedure,
- Nominal documentation,
- Part prepayment facility, etc.
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Bajaj Finserv also provides there are pre-approved offers on numerous financial products that include business loans, personal loans, home loans, etc.
2. Mortgage loans – Home loans and loans against property
Professionals with a requirement of a high-value loan amount can choose to avail mortgage advances from leading NBFCs by offering a mortgage. While the loan to value percentage can vary from 70% to 90%, borrowers need to ensure that their mortgaged property –
- Lies within the serviceable range of the financer,
- It is in good condition.
Such mortgage loan impacts your CIBIL score and is of two types –
- Home loans.
- Loan against property.
The latter comes with no end-use restrictions and can hence be used to finance multiple expenditures. On the flip side, the former can be used to buy your dream home with a loan to help.
Such finances are accompanied and equipped with multiple financial leverages –
- Loan amount – The loan amount on mortgage advances can go up to Rs.2 crore.
- Repayment tenor – The repayment tenor on these high-value advances range from 2 to 18 or 20 years
- Additional facilities – Multiple add-on facilities are available on theses mortgage advance that make it a preferred option for multiple –
- Property dossier,
- Online loan account management.
Depending on the profession of the applicant, the professional loan interest rates may vary. Yet another determinant to the rate of interest can be the work experience and vintage of business.
Nevertheless, make sure to weigh in the financial leverages offered by various credits before settling upon one because availing a loan is a crucial financial decision.