What is meant by a loan for Professional Industry?
A professional loan is a financial assistance given to a working professional in order to meet a specific financial need. You can be doctor, a chartered accountant, an architect or any other profession that is eligible for a professional loan. Eligibility to get a loan depends on your income, obligations, repayment history and your capacity to repay the loan if in any case you got a loan in the past. At Intec Capital, there is a knowledgeable and experienced team of experts who are ready to help and support you get a perfect and secure professional loan.
The characteristics of a finance in Professional Industry.
The following are the characteristics of a professional loan:
- It does not require collateral to obtain it. This is because professional loans are unsecured. Collateral is a valuable asset or property that acts as a security for loan repayment and can be forfeited in any case the borrower is not able to pay.
- Professional loans are approved within 3 days of application.
- The net profit, turnover of the business, gross receipts and average bank balance are used to calculate the value of the loan.
What is the purpose of a loan for professionals ?
A professional loan is helpful in many different ways some of which include:
- It enables you to expand your practice or business.
- It can help you upgrade your software and equipment.
- In cases where clients’ payment and reimbursement is slow, it helps cover the gap in your cash flow.
How to get a loan for Professionals Industry
There are various several documents, proofs, filling of forms of application and other procedures required for you to get a loan. A guarantee is required by the lender of the loan so as to approve your eligibility to take the loan. Usually, most lenders require financial documentation and extensive credit with long procedures which takes days for you to get the loan.
In order to save you the agony of long procedures, Intec Capital provides professional loans with simple applications and a faster way for you to get the loan. You are able to get your loan within minutes of application as long you provide your basic data and a good review of the performance of your business.
What are the eligibility criteria for Professional Loans?
Any working professionals are eligible for this loan such as Doctors, Chartered Accountants, and Architects, any professional who are consulting or run a
self-practice. The criteria they need to match are:
- A minimum 4 years’ of experience.
- Annual income must be at least Rs. 1 lakh per annum.
- Age should be within of 25 – 65 years at the time of loan maturity.
- The business they are running should be running a profit for a minimum of
What are the documents required for Professional Loans?
Documents required for this product will be:
- Bank Statement of the last 6 months.
- Proof of address such as passport, aadhar card, driver’s license.
- Proof of identity such as voter’s id, passport, aadhar card, driver’s license.
- A copy of your pan card.
- Proof of professional degree qualification.
- Proof of continuation such as Trade license, Sales tax certificate etc.
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original).