No collateral loans are those that do not require the borrower to deposit a security with the bank. In case of collateral loans the asset which the borrower deposits with the bank works as security. In case the borrower fails to repay the loan within the tenure, the bank or lender takes possession of the asset.
Professional loans do not require the borrower to deposit a security with the bank. A professional loan can prove to be a great boon to self-employed or practicing professionals like doctors, journalists, engineers, architects, lawyers etc. Here is how a professional loan can help you:
• You can use it to expand your business
• You can use the loan to make foreign trips pertaining to your work
• You can use the loan to buy new apparatuses for your business.
• Professional loans can also be very useful if you want to renovate your office or expand it.
Professional loans can be easily availed by anyone belonging to any profession. You will be able to get a loan for professionals if you have two years of trading experience, if you are a licensed practitioner and if you are between 21 to 65 years old. You simply need to provide documents like PAN/Aadhar card, ID proof, address proof as per the guidelines of the bank and you can get professional loan hassle-free.
You need to get a professional loan over other types of loans because of the following reasons:
Credit protect insurance plan: Many banks offer a credit protect insurance plan along with a professional loan. Here you simply need to pay a nominal premium and your loan gets covered. In other words, if you unfortunately pass away within the loan tenure, you do not leave your family stranded and indebted, at least financially. The premium that you paid in the beginning would be used to pay off a significant part of the loan.
Flexible tenure: Professional loan is a good option because it allows flexible tenure, which lasts from 12 to 60 months.
Reasonable interest rates: If you modify your current loan into a professional one, you get to reap the benefits of interest rates as low as 12.99%.
It is easy: You can get up to 50 lakhs INR on a professional loan, depending on your credit history, the success of your business etc. And, you can use this money to give your business that extra boost that it requires.
Professional loans do not require the borrower to deposit a security with the bank. A professional loan can prove to be a great boon to self-employed or practicing professionals like doctors, journalists, engineers, architects, lawyers etc. Here is how a professional loan can help you:
• You can use it to expand your business
• You can use the loan to make foreign trips pertaining to your work
• You can use the loan to buy new apparatuses for your business.
• Professional loans can also be very useful if you want to renovate your office or expand it.
Professional loans can be easily availed by anyone belonging to any profession. You will be able to get a loan for professionals if you have two years of trading experience, if you are a licensed practitioner and if you are between 21 to 65 years old. You simply need to provide documents like PAN/Aadhar card, ID proof, address proof as per the guidelines of the bank and you can get professional loan hassle-free.
You need to get a professional loan over other types of loans because of the following reasons:
Credit protect insurance plan: Many banks offer a credit protect insurance plan along with a professional loan. Here you simply need to pay a nominal premium and your loan gets covered. In other words, if you unfortunately pass away within the loan tenure, you do not leave your family stranded and indebted, at least financially. The premium that you paid in the beginning would be used to pay off a significant part of the loan.
Flexible tenure: Professional loan is a good option because it allows flexible tenure, which lasts from 12 to 60 months.
Reasonable interest rates: If you modify your current loan into a professional one, you get to reap the benefits of interest rates as low as 12.99%.
It is easy: You can get up to 50 lakhs INR on a professional loan, depending on your credit history, the success of your business etc. And, you can use this money to give your business that extra boost that it requires.
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