Personal Loan for Professionals
A personal loan for professionals is designed specifically for individuals who work in certain professions, such as doctors, lawyers, engineers, architects, or accountants. Banks or financial institutions often offer these loans that can be useful for various purposes, such as starting a business, purchasing equipment, or expanding an existing practice.
The loan terms and conditions may vary depending on certain eligibility factors. But, typically, as a professional, you may be eligible for lower interest rates and more favourable repayment terms with a stable income and high creditworthiness.
Features & Benefits of Professional Loans
Here are some key features and benefits of loans for professionals.
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A professional loan for doctors, lawyers, engineers, architects, or chartered accountants has lower interest rates than other types of loans
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Requires minimal documentation for loan approval.
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Useful for various purposes, such as setting up a new practice, purchasing equipment, or expanding an existing business.
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Typically offer flexible repayment terms that align with your income and cash flow.
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Helps you achieve your financial goals by providing access to funds at lower interest rates.
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Minimal documentation requirements make the loan approval process faster and easier.
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May offer tax benefits and deductions for interest payments on the loan, depending on the jurisdiction
Personal Loan for Professionals EMI Calculator
Eligibility criteria of a Professional Loan
The eligibility criteria for a loan for professionals in India may vary depending on the specific loan product. However, here are some general criteria for a loan for professionals at IIFL Finance.
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Employment Status: The borrower must be a practising professional. There is a professional loan for doctors, and a professional loan for chartered accountants, lawyers, engineers, and architects.
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Age: The borrower should be a minimum of 23 years.
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Income: The borrower should have a stable and consistent income, with a minimum annual income requirement.
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Work Experience: The borrower must have a minimum number of years of work experience, usually ranging from 2 to 5 years, depending on the profession
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Credit Score: A good credit score increases loan approval chances.
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Education and Professional Qualifications: The borrower must have the necessary educational and professional qualifications to practice in their respective field.
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Business Experience (for self-employed professional loans): Self-employed professional loans require a minimum number of years of business experience and stable income history.
Documents Required for Professional Loan
The documents required for a loan for professionals include the following.
How To Apply For Professional Loan from IIFL Finance
To apply for a loan for professionals from IIFL Finance, you can follow these steps:
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Visit the IIFL Finance website and go to the "Loans" section.
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Click on the "Apply Online" button.
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Fill in the online application form with your personal and professional details, and verify OTP sent to the registered mobile number
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Verify your KYC details data to check income eligibility
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Choose the amount you want to borrow up to ₹ 5 lahks.
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Click submit to complete your KYC
Find the Right Personal Loan for You
When looking for a personal loan, it's important to find one that suits your specific needs and financial situation. Here are other personal loans offered by IIFL Finance.
Professional Loan FAQs
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