There are many instances wherein professionals who have set up their own practice need a cash infusion to take their business to the next level. This is where professional loans come in. They help doctors, accountants, engineers to address a variety of their professional and personal needs. Apart from business expansion, such loans can also be used for purchasing homes for immediate personal requirements such as weddings.
There are many financial institutions which offer such loans. Here, numerous factors such as the eligibility criteria, degree, and the work experience are taken into consideration when offering the loan. Let us thus know how professional loan works to have a better understanding of the features prior to opting for it.
Loans for Every Professional
Be it secured or otherwise, professional from the field of finance, engineering, and medicine avail the highest amount of loans in India. The biggest benefit of such loans is that professionals can meet all their financial requirements.
These include purchasing residential properties, buying equipment and other inventory, making payroll or even for business expansions.
Loans for Doctors
Among the various professional loan schemes which are available, loans for doctors are the most availed. This is because the costs incurred in setting up a medical practice is quite significant in comparison to other professions. However, with a professional loan for doctors, all such goals can be met easily.
A few of the ways in which doctors can utilise such loans are as follows –
As a Home Loan
The loan can be used by doctors to purchase a property of their choice. High-value loans are provided at very competitive interest rates which can be repaid back in a tenor of the borrower’s choice. There are a number of other additional benefits such as top-up loans, quick disbursal, and balance transfer facility.
As a Personal Loan
As the very name suggests, the loan can be used by doctors as a personal loan. Thus, they can use the loan amount anywhere that they feel like.
As a Business Loan
This is the option which is the most sought-after by doctors. This is because using this medical software, machinery, inventory, and even payroll can be made. The best part about this loan is that it is unsecured.
There are many more options available for doctors by which they can meet their goals. Similarly, professionals from other fields such as engineers and chartered accountants can avail loans and expand their business.
Additional Read: Know All About Professional Loan Eligibility, Documents Required