Loans for Professionals: Best Way to Solve Your Financial Problems

Loans for Professionals: Best Way to Solve Your Financial Problems

Financial problems can be a result of many factors including monetary indiscipline, wrong investment choices and global events among others. While there are different ways to deal with such problems, an ideal way to do so is through loans for professionals.

A new concept making deep in-roads in the loan space of India, these offerings are aimed to cater to the personal and professional needs of an individual. Read on to know more about these loans, their features and various other benefits.

What makes professional loans an ideal choice?

  • Easy to avail with a large loan amount

Professional loans are strictly targeted towards people in a specific profession, which make them easy to avail. For example, if you are an engineer, you can avail an engineer loan to overcome your financial woes.

For instance, Bajaj Finserv offers the following two variants of Engineer Loan:

  • Personal Loan for Engineers
  • Business Loan for Engineers

While Personal Loan for Engineers sanctions funds up to Rs. 25 lakh, you can avail a loan amount up to Rs. 30 lakh through Business Loan.

You can opt for the Personal Loan for Engineers variant to meet requirements such as home renovation, meeting wedding expenses and funding overseas education, while the Business Loan for Engineers helps to free up blocked capital, purchase new equipment and manage working capital effectively. It’s essential to note that the loan amount varies across lenders and financial institutions.

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Collateral-free loan

Financial problems may compound if the loan requires collateral. However, most loans for professionals are collateral-free. It means you don’t need to mortgage any asset as security to the lender for obtaining the desired funds.

This acts as a big relief as often borrowers find it difficult to arrange collateral or aren’t comfortable with the idea of mortgaging an asset for a loan. It also expedites the loan application process, as arranging collateral and completing the relevant paperwork can eat up a lot of time.

Quick disbursal of funds

This is another major advantage of a professional loan. Quick arrival of funds makes it easy to keep financial worries at bay. There are several occasions when the paucity of funds makes it difficult to address financial commitments. However, this is not the case with loans for professional.

For example, Engineer Loan from Bajaj Finserv is approved within 24 hours. In other words, you get the desired funds into your bank account within 24 hours, thus giving you the much-needed peace of mind.

Flexibility to borrow as and when required

New-age professional loans give you the flexibility to borrow funds as and when required without making multiple applications. This saves time and gives you a mental comfort as you know you have the finances in place to deal with the situation.

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For instance, Engineer Loan offered by Bajaj Finserv comes with a Flexi Loan Facility that allows you to withdraw funds as and when required from the approved limit. Also, you need to pay interest only on the amount borrowed and not the entire sanctioned limit. This helps in lowering of the EMI amount, something that comes handy while dealing with financial problems.

Flexible repayment tenor

Repaying the loan on time is essential as any fault can dent your credit score. Flexible repayment tenor associated with professional loans helps you spread your EMIs as per convenience. This helps you repay the loan taken on time hassle-free.

Often lenders are willing to negotiate on repayment tenor and its terms and conditions, if you have a high credit score and a clean credit report.

Also, professional loan eligibility is easy to meet which further accelerates the loan approval process. Scout your options well before sealing the deal.