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.

A professional loan for doctors, lawyers, engineers, architects, or chartered accountants has lower interest rates than other types of loans
Requires minimal documentation for loan approval.
Useful for various purposes, such as setting up a new practice, purchasing equipment, or expanding an existing business.
Typically offer flexible repayment terms that align with your income and cash flow.
Helps you achieve your financial goals by providing access to funds at lower interest rates.
Minimal documentation requirements make the loan approval process faster and easier.
May offer tax benefits and deductions for interest payments on the loan, depending on the jurisdiction

Personal Loan for Professionals EMI Calculator

Calculate your EMI and choose the most suitable product for you

Loan Amount

₹ 5 K ₹ 5 L

Time to Repay (Tenure)

Years

0.25 Years 3.5 Years

Rate of Interest

12.75 % 44 %

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Your EMI Amount

₹

‌ Total Payment

‌ Interest Payable

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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.

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.
Age: The borrower should be a minimum of 23 years.
Income: The borrower should have a stable and consistent income, with a minimum annual income requirement.
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
Credit Score: A good credit score increases loan approval chances.
Education and Professional Qualifications: The borrower must have the necessary educational and professional qualifications to practice in their respective field.
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.

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Identity Proof:

Any of the following documents may be required–PAN Card, Aadhaar Card, Passport, Voter ID card, or Driving Licence.

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Income Proof:

Bank statements for the last 3 months.

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Educational Qualification Proof:

Any of the following documents may be required: Degree certificate, professional licence, or diploma.

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Professional Experience Proof:

Any of the following documents may be required: Work experience certificate, professional license, membership certificate or business registration certificate, GST registration certificate, or partnership deed for a personal loan for self-employed professionals.

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e-mandate:

Debit card or net banking details for setting the e-mandate

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.

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