Get Professional Loans Online up to Rs. 80 lakh in India

Professional loans are personalised credit offerings for working professionals such as doctors and chartered accountants who need funds to expand or start their practice. These loans are tailor-made to suit the financial needs of these professionals, such as for clinic expansion or to start a new office or branch.

Bajaj Finserv offers a range of special loans to help professionals like doctors and chartered accountants (CAs) meet their financial goals.

Our professional loans are designed keeping in mind the diverse professional and financial commitments of doctors and CAs. They are offered with simple eligibility criteria, minimal documentation, and quick disbursal of funds.

Learn all about Bajaj Finserv Professional Loans and see how you can get the required money when you need it.

Features and benefits of professional loan

A professional loan is designed to help self-employed professionals like doctors, chartered accountants, architects, and lawyers manage their financial needs. Here’s a look at its key features and benefits:

Features of a professional loan

• High loan amount: These loans usually offer borrowers a higher loan amount to meet their business and personal expenses.
• No collateral required: Most professional loans are unsecured, meaning you don’t have to pledge any assets.
• Multiple repayment tenures: Borrowers can choose a repayment period based on their financial situation.
• Quick approval and disbursal: Many lenders usually offer swift approvals and disburse the loan amount within 48 hours of the application.
• Documentation: Borrowers need to provide basic KYC and professional qualification certificates.
• Interest rates: Interest rates are usually lower for professional loans.

Benefits of a professional loan

• Business expansion: You can use the funds to upgrade equipment, expand your practice, or set up a new office.
• Working capital support: Easily manage daily operational costs, payroll, rent, and other expenses without financial strain.
• Enhances credit score: Timely repayments can improve your credit history and increase future loan eligibility.
• No restriction on usage: The loan can be used for all kinds of business and professional needs.

1. Upgrade equipment and technology

For doctors, getting new diagnostic tools or telemedicine technology is crucial. Accountants may need to invest in cloud-based accounting solutions or AI-driven software. Use a loan to keep up with technological advancements, which can set your practice apart and improve productivity and service quality.

2. Expand or renovate your practice

Professional loans provide funds to expand your clinic or office. Doctors can add new treatment rooms or upgrade facilities. Accountants can open new offices and create a better work environment for clients and staff.

3. Manage cash flow gaps

Both doctors and accountants can experience revenue fluctuations. A professional loan helps cover expenses like salaries, utilities, and supplies, ensuring smooth operations during these times.

4. Hire skilled staff

Growing practices often need more skilled staff. Doctors can hire nurses or technicians, while accountants can bring in junior accountants. A professional loan can cover hiring and training costs, allowing you to offer better services.

5. Invest in marketing and client acquisition

Professional loans can fund marketing efforts. Doctors can build an online presence or run campaigns to attract patients. Accountants can invest in digital marketing or attend networking events to grow their client base.

6. Pursue further education or specialisation

Professional loans can finance further education. Whether you're a doctor looking to specialise in a new field or an accountant pursuing new certifications, using the loan to enhance your qualifications can provide long-term benefits.

7. Debt consolidation

A professional loan can consolidate multiple existing loans, simplifying repayments and possibly reducing interest costs. This gives you better control over your finances.

Eligibility criteria for professional loan

To get quick loan approval and a smooth disbursal process, you must meet the eligibility criteria for doctors, CA and lawyers, based on these factors:

• Age: Should be between 22 years and 80 years years for doctor and CA loan. To avail a Lawyer Loan, individuals should be bewteen 22 years and 72 years of age.
• Citizenship: Must be an Indian citizen.
• Work experience: A minimum of one year of practice after obtaining the required qualification.

Documents required for professional loan

To apply and secure approval, submit:

• Any 3 of your basic KYC documents like, Aadhaar Card, Driving License, Voter ID, Passport, NREGA job card or a letter from the National Population Registration.
• PAN Card
• Professional qualification proof. For doctor loan one needs to provide their medical practice certificate, certificate of practice (COP) for CA loan and SANAD registration certificate for lawyer loan.

Interest rate on professional loan

Interest rates on professional loans vary based on the lender, applicant’s profile, loan amount, and repayment tenure. Financial institutions determine the interest rate considering factors such as credit score, income stability, work experience, and financial history.

Generally, professional loans offer competitive interest rates, making them an attractive financing option for self-employed professionals like doctors, chartered accountants, company secretaries, and engineers.

Factors affecting the interest rate:

• Credit score: A high credit score can help secure lower interest rates.
• Income and financial stability: Lenders assess the applicant’s annual income and financial records to determine the applicable interest rate.
• Work experience: Professionals with more experience may receive better loan terms.
• Loan amount and tenure: Higher loan amounts and longer tenures may impact interest rates.
• Lender policies: Different financial institutions have varying interest rate structures based on their risk assessment.

To secure the best possible rate, professionals should maintain a strong credit profile, ensure stable income, and compare different lenders before applying.

How to apply for a professional loan with Bajaj Finance

Step-by-step guide to applying for a professional loan:

• Click on the ‘APPLY’ button on this page
• Enter your 10-digit mobile number and OTP
• Fill in the application form with your basic and professional details
• Once you fill out the form, click on ‘PROCEED’
• Update the KYC details
• Schedule an appointment for document verification

*Note: Keep your professional registration certificate handy to complete the KYC process.

Important things to consider before taking a professional loan

Here are some factors to think about before applying for a professional loan:

Potential for expansion: Think about how the loan will help grow your practice. For doctors, this might mean adding specialised medical equipment or expanding patient services. For accountants, it could mean hiring skilled staff or upgrading software for better client management.

Impact on overall budget: Managing loan repayments alongside daily duties can add stress for busy professionals like doctors and accountants. Choose a loan with flexible repayment options to avoid interference with your personal and professional commitments.

Revenue fluctuations: Doctors and accountants can experience income changes due to various factors. Doctors may face lower patient numbers, while accountants may be busier during tax season. Make sure the loan's EMI schedule matches your income cycles to manage repayments during slower months.

Risk of over-commitment: Doctors and accountants often juggle multiple tasks. Consider whether you have the time and resources to use the loan effectively without overburdening yourself. Assess your repayment ability and avoid borrowing more than necessary to prevent financial strain and potential penalties.

Insurance and risk coverage: Doctors may need to insure high-value medical equipment bought with the loan. Accountants might consider professional indemnity insurance, especially when expanding services. Factor in these costs before applying for the loan.

Client payment cycles: Delays in patient payments or client invoices are common. Health insurance claims for doctors might take time to process, while accountants could face slow client payments during off-peak times. Choose a loan that allows payment deferral if needed, aligning with when you expect payments to clear.