How to Apply for Professional Loan in India

"Know the process of applying for a professional loan in India. Explore step-by-step guidance and expert tips to navigate your loan application seamlessly."

How to Apply for Professional Loan in India

3 mins read

Published: 1 May 2024

Updated: 1 May 2024

Professional loans are given to some selected professionals like CAs, Doctors, company secretaries, etc. These professionals sometimes apply for their business needs. According to the rules, these loans are given to people who are professionally qualified and who provide professional service to people as individuals or businesses.

Proof of professional qualification, KYC documents, bank statements, and proof of employment or business is required for the loan. With these documents, one can apply for a loan online.

Get a Professional Loan very easily:

Taking a Professional Loan is very easy as it takes very few documents. Also, you get the benefits of competitive interest rates in professional loans because every bank wants to have the maximum number of such customers. Because the chance to be stuck in professional loans is very low. These have very low processing fees and there are no hidden charges in the professional loans. How much professional loan you will get, is decided by looking at your constraints and current responsibilities. Also, the customer’s credit history also plays a role. There is no charge for partial payment in professional loans.

Different types of Professional Loan:

Loan for Chartered Accountant:

Chartered accountants can use professional loans to meet expenses such as paying salary, office expansion, also for any personal needs.

Loan for Doctors:

Doctors can borrow the loan to expand their clinical practice, get new equipment, and other personal needs.

Loan for Engineers:

Those Engineers who are salaried or self-employed can easily avail a professional loan to meet any requirement.

Loan for Lawyers:

Lawyers can avail of a professional loan to pay the bills of the office, manage the cash flows, or also can fund any personal needs such as certification courses.

Loan for Consultants:

Consultants can get professional loans to fund personal as well as business expenses.

How to Apply for a Professional Loan:

You can apply for a professional loan online by visiting the official website of My Mudra and clicking on the 'Apply Now' button. After applying you have to provide some basic personal details and thеn submit the necessary documents rеquirеd. After this, you will also have to choose the loan amount you wish to avail from the rеspеctivе bank. Once you have submitted the documents our executive will review and verify the documents submittеd and if the documents are found to be correct and thеn the loan amount will be disbursеd to your bank account within a few hours. You can also apply for a professional loan offline just by visiting the nеarеst branch of the bank from whom you wish to avail your professional loan. A representative from the bank will help you and teach you the complete process of applying for a professional loan. Makе surе to carry all thе rеlеvant documеnts with you.

Factors Affecting Professional Loan Interest Rate:

Professional loans are provided by various lenders at competitive interest rates, which usually range between 10% - 20% p.a. The interest rate depends on various factors such as credit score, monthly income, and repayment capacity of the borrower.

1. Credit score and repayment history

A good credit score, usually 700 and above, makes you eligible for professional loans at competitive interest rates. Along with a good credit score repayment history also plays a vital role in proving a professional loan.

2. Ability to repay the loan

The ability to repay the loan amount of a borrower also decides the interest rate provided by the lender. For this purpose two major things are required: the borrower's income and the debt-income ratio.

3. Relation with the lender

While availing the professional loan banks also consider the borrower's relationship with them while deciding on a professional loan interest rate. For instance, if a borrower holds deposits in a savings account with the bank then the person is regarded as a trusted customer.

Calculate the EMI on your Professional Loan and Plan in Advance:

My Mudra Professional Loan EMI calculator is a very easy-to-go web tool that helps you calculate how much your EMI would be paying in different scenarios. It is a simple, free-to-use digital tool that is easily accessible on My Mudra’s website and extremely user-friendly. To calculate your EMI amount within seconds, you just have to follow a few steps: you can select multiple tenures, loan amounts, and rate of interest. As professionals, you can make informed decisions using our EMI calculator, especially if you are considering a Professional Loan for Chartered Accountants, Doctors, Professional Loan Architects, or other professionals.

If you are looking for loans for your professional courses, My Mudra can help you to get that without any hassle. Contact us for more information, visit our, and learn everything about professional loans.

Also read: How to use your CA degree to take a Professional Loan?

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