NBFCs and banks have been offering very-very instrumental and easy loans to professionals like CAs and doctors. Since both doctors and CAs are among the most needed professionals in any country and community, it is for their growth that banks and NBFCs offer lucrative, quick, long-term, and collateral-free loans to them for both professional and personal growth.
Listing down reasons for you to quickly apply for this loan if you’re a newly-qualified CA in India.
- No collateral required:
Applying for these professional loans is more than convenient as, unlike any other traditional loans you don’t need to risk your collateral.
However the downside of it is that there are panel charges on the interest rate if you fail to pay installments within the given time.
- Attractive interest rates:
Since there is whopping competition among banks and NBFCs, they’ve been offering the lowest possible interest rates, as low as 8% to 20% on an average basis. The Poonawalla Fincorp Professional Loan offers a competitive interest rate, starting at just 9.99% p.a.
- Flexible and Long Loan Repayment tenure:
You get a long, quite long re-payment tenure window, as long as approximately 4 to 8 years. Bajaj FinCorp lets you repay your loan amount uptil 8 years. It’s apparently a great deal.
- Sanction Large Amounts:
One can get large funding when applying for a non-salaried professional loan. IDFC First bank promises a funding amount upto 1 crore and instant funding of INR 30 lakhs (provided one fulfills the required qualification criteria).
- Simple Application Process:
Online application of professional loans lets you enjoy the benefits of hassle-free loan processing quite safely and quickly. One just needs to fulfill the eligibility criteria (years of being in practice, minimum turn-over) and one is good to go with a processing fee as low as 2%.
One mostly only needs their certificate of practice, proof of residence, KYC documents, and financial statements in order to quickly procure the loan.
- Quick disbursement:
Since the loan can be applied online, and there’s no collateral involved, it promises quick disbursements, and instant approvals.
Indian Banks and NBFCs that offer attractive professional loans for Chartered Accountants:
- Bajaj Financial Services
- Poonawalla Fincorp
- HDFC Bank
- IDFC First Bank
- Lending Kart
- Peerless Finance
- Axis Bank
No doubt the websites/online portals for all these organizations enable you to easily apply for loans, however, we’ll suggest you to either apply offline or beware of sharing your OTPs or passwords online or on phone call with anyone. In any case it’s best to apply for the loan at a physical branch of a bank.