How to Apply for a Loan if You are a Professional
Riya is a Chartered Accountant with 5+ years of experience. She has a good reputation among her clients, so newer clients are reaching out to her. With an increase in clientele, she is also looking to hire new staff. So, she wants to expand her practice. And that's why she plans to apply for a practice loan to set up a bigger office to accommodate all her needs.
How can a CA, CS, or healthcare professional meet their financial needs when they want to set up a new office or scale up an existing one?
Practice loan or loan for professionals in India are customized lending plans for special professional groups, mainly Doctors, Company Secretaries, and Chartered Accountants. These professions are often perceived as businesses and can avail of a practice loan
The demand for some professions like healthcare and financial operations increases rapidly with time. There is always a need to hire competent staff or upgrade to the latest tools and software. Tax-related services need initial investment in taxation books. In case they require a loan for the purpose, they would have to apply for a loan for professionals, known as a practice loan, instead of a business loan.
L&T Finance (LTF) is a leading NBFC offering best-in-class loans for professionals who aim to expand their services.
Eligibility for a Professional Loan
The standard eligibility to avail of a professional loan is simple
• Age group of 25-65 years.
• You must have a minimum experience of 3 years after qualifying for a relevant field.
A practice loan can be availed of by self-employed professionals in any of the following capacities:
• Sole Owner
• Registered Partnership Firm
• Private Limited Firm
• Small and Medium Hospitals/ Nursing centers, pathological labs, and diagnostic centers.
Documents Required for a Professional Loan
The document requirements for a professional loan are simple. First and foremost, you need to submit your KYC documents. For individuals, government-issued identity cards like PAN cards and Aadhar cards are required. At the same time, an additional requirement of a registration certificate, land ownership/lease/rent agreement, and utility bills are necessary for firms.
In addition, you need to submit your degree certificate, certificate of practice, and experience-related documents. You must submit your last two years' filed IT returns, the previous six months' bank statements, and balance sheets (if applicable).
How to Apply for Professional Loan
You can call our customer care representative to walk you through each step of the application process. Finally, if one-to-one interactions suit you better for a loan application, you can visit any of our branches to apply for a professional loan.
What Makes Professional Loans Attractive?
LTF offers customized professional loans at interest rates starting from 12% per annum. The rates are decided by the risk associated with the profession and the applicant's credit score. LTF guarantees no hidden charges when availing of a professional loan. You can even calculate your approximate EMI before applying for a professional loan.
Practice loans are tailor-made to offer easy access to funds required by the professionals like doctors and chartered accountants. Their needs are different from regular businesses and should be more noticed. LTF is committed to providing financial support to professionals who want to scale up their dreams and revenues using instant, convenient, and collateral-free loans. With transparency throughout the application process, you can leave your money worries to us and work toward a better future.