If you are looking for a loan, and happen to be a professional, you are in the right place. Here are some of the key points that you should know before applying for a loan:
1. Special loans for self-employed or salaried professionals like architects, chartered accountants, doctors and company secretaries are offered by banks and NBFCs.
2. There is no collateral involved as professional loans fall in the category of unsecured loans.
3. Professional loans have lower rates, higher loan amounts and easier processing facilities, as the default ratio is very low in this segment.
4. The loan amount can go upto Rs 30 lakh, and the loan tenor ranges from 1 to 5 years, which mainly depends on the current, income and repaying capacity.
5. A degree certificate and in most cases a minimum post qualification experience is required to avail of this loan.