What is Professional Loan
Professional Loans in ajmer refer to loans that self-employed persons like lawyers, doctors, chartered accountants and others. can obtain without the need for collateral for the purpose of upgrading their the business or purchase equipment. There are many banks in India which provide loans for professionals to their customers. If you are looking to take a professional business loan in ajmer, you can check the amount of Loan , rate of interest and repayment timeframe offered by various banks prior to obtaining a professional loan that you like.
Features and Benefits of Professional Loan
Given are the features and benefits of a professional loan:-
Avail extra finance, and so donât have to wait until your business generate enough profit.
Instant approval of loan sanction up to Rs.30 lakh.
Flexibility to make prepayment and foreclosure benefits with no intervention from the bank.
Flexible tenure ranging up to 60 months.
Competitive professional loan interest rates that is affordable and competitive.
No hidden charges and complete transparency is maintained during entire process.
Types of Professional Loan
You can avail professional loans for multiple purposes without any restrictions on end-usage. Best professional loans available for specific uses are as follows:-
Buying a new office or space to run your business:
One of the main reasons to take advantage of a professional loan is to buy commercial property for expansion of the business’s operations. It is possible that you started your business on a modest size with only a handful of workers and some equipment. But, as the years pass by over time, you will see your company as well as your clientele expand and you’ll need an official setup for your professional operations.
Purchase of quipment:
In any industry, particularly in engineering or anything that involves mechanics, you need the most recent equipment. This could also include new software in the event that your company involves IT or knowledge-based. This is not just a way to ensure efficient operation but also provides the possibility of scaling operations. Modern equipment that is based on modern technology speeds up operations, improves efficiency, and decreases the time to turnaround. This equipment can be costly and will require a strong financial backing.
To increase working capital:
Liquidity is vital to the success of businesses, especially when it is a medium or small scale business. In order to ensure smooth operation and access to capital to meet the demands of the day it is essential to have sufficient working capital. You may also get a professional loan to help with working capital.
How to Apply for a Best Professional Loan Online?
To apply for an online best professional loan, either you can visit the official website of the lender or perform the following steps:-
Step 1 : If you need a thorough professional loan comparison before deciding on the bank, visitrupiloan.com.
Step 2 : Click on the Professional Loan tab.
Step 3 : Fill in the required information like name, Contact No, loan amount required,panCard No etc on the form given on the right side.
Step 4 : Click on âGet Quote’.
Step 5 : Fill the OTP and click âSubmitâ.
Step 6 : At this step, you will be requested to provide a few more details to get customised offers. Fill in the details and click âSubmitâ.
Step 7 : Compare your eligible offers and select the one that meets your requirements.
Step 8 : Get assistance from our loan advisors or choose to complete the online journey to get instant loan approval and disbursal.
Documents Required for Professional Loan
You need to be ready with the following list of documents to be submitted at the time of professional loan application:-
Identity & Age Proof
Completely filled personal loan application with photograph
Residence proof – Passport driving license, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
Personal Loan EMI Calculator
Personal Loan EMI Calculator is an online tool that helps you to calculate the EMI by entering details about the loan amount, interest rate and tenure. Advanced EMI calculators also build an amortization schedule which gives you a break up of every EMI into interest as well as loan repayment. EMI calculators are preferable over manual calculation due to their instant and accurate results and an ability to do multiple calculations in one go.
Personal Loan Eligibility Criteria
You need to be ready with the following list of documents to be submitted at the time of personal loan application:-
Age : The minimum and maximum age to avail personal loan is 18 to 65 years. However, many banks require a minimum age of 21 years.
Loan Amount : You can get a Loan of upto â¹ 75 Lakh, subject to your eligibility calculated based on your net take-home salary. Some banks usually limit the maximum eligibility to 10 â 27 times of net monthly income.
Employment : Salaried persons working in government, private, or MNC companies can avail of a loan by submitting relevant proofs such as ITR and salary slips.
Work Experience : The minimum work experience may vary in banks. However, banks prefer individuals with job stability with at least 3 years of total experience and 6-12 months of current work experience.
Credit Score : Lenders may only approve your loan at low-interest rates if you have a 650 or more credit score.
How to Get Instant Approval on Personal Loan?
To get instant approval on a personal loan, you need to fulfil the following conditions:-
A good relationship with your existing bank is maintained by paying off dues and instalment on time. If you are a savings account holder, ensure that you maintain the minimum required balance per month. This way, the lender develops trust in you and grants you an instant loan based on your financial credibility.
Make credit card payments on time and maintain a good balance between no use and excessive usage of your credit card.
A good credit score is key to getting a loan quickly. Maintain a good credit score above 650 and get the loan amount sanctioned in the account within no time.
If you are working with top corporations and getting timely salary credits, you stand a better chance of getting a loan.