Self-Employed Professional Loan

Yes, you can get a professional loan if you’re a salaried employee. However, the requirements to borrow funds may differ from that of self-employed professionals. For salaried doctors and CAs, a professional loan can be received on their bank statement or income basis.

If you’re self-employed and want to upskill yourself, then yes, you can use a professional loan. It can be borrowed to manage debt, improve cash flow, expand your practice, and more. As long as the investment helps enhance your services and reach a broader audience, you can avail a professional loan.

We have one of the best Professional Loan solutions. Some of our major features are:

• Collateral-free loan up to ₹1 Crore with an extended tenure of 84 months

• Attractive interest rates

• Quick loan up to ₹30 Lakhs with minimum documentation based on your professional qualifications

• Loan based on bank statements or basis your ITR documents

• Funding also available for salaried professionals

• Superior customer experience with easy documentation and a hassle-free digitized process

Professional Loan can be availed in the form of a term loan or a dropline overdraft facility.

A term loan gives you a one-time amount of money that you repay over a pre-determined period in regular instalments. The professional loan interest rate stays the same throughout, making it easier to plan and budget your repayments.

Dropline Overdraft is another type of credit facility that allows you to withdraw funds from pre-approved credit limit as and when required.

With the dropline feature, the Overdraft limit gradually decreases over time until it reaches zero. You will be charged interest only on the overdraft amount utilized.

Unlike a standard overdraft, a dropline overdraft is a revolving credit line, meaning you can borrow, repay, and borrow again up to your credit limit. The interest needs to be paid only on the amount utilized.

The interest is levied only on the utilized amount and not on the total amount borrowed. Interest is calculated daily and levied at the end of each month.

The withdrawal limit reduces every month till the end of the loan tenure. The limit can be renewed every year based on the repayment behaviour.

The minimum loan amount one can avail of is ₹5 Lakhs and up to a maximum of ₹1 Crore.

Being one of the leading banks in the Professional loan segment, we are currently offering our customers a loan tenure from a minimum of 12 months up to a maximum of 84 months.

To apply for IDFC FIRST Bank Professional Loan, you need to have a minimum work experience of 3-5 years based on your profile and you should be at least 23 years of age and a maximum of 68 years of age at the time of loan maturity.

If your parents are in the same profession, the age criterion has been relaxed to a minimum of 21 years.

Here is a list of documents required for a professional loan -

For salaried professionals, you’ll need KYC (ID & address proof), a degree & registration certificate, the last 3 months’ bank statements & salary slips, an employee ID card, and the residence ownership proof.

For self-employment/institutions, you’ll need KYC (ID & address proof), degree & registration certificate, office/residence ownership proof, and the business proof (Shop Act/GST/MOA/ITR/Udyam, etc.)

For income documents, you will need 2 years of income tax returns & computation, the last 12 months’ bank statement, the last 3 months’ bank statement, 2 years of ITR, and the last 12 months’ bank statement. 

The interest rate for a professional loan starts at 11% per annum and may increase depending on the repayment tenure, loan amount, financial profile, and other factors.

Click on the link to know more about the charges of professional loan.

The principal amount and the interest rate applied to the principal make up your EMI. The amount you borrow, the rate of interest charged, and the loan tenure are the variables that affect the EMI. If the interest rate increases, EMIs may alter.

You can calculate your potential EMI here

At IDFC FIRST Bank, we aim to safeguard our customers’ interest by offering the below insurance covers:

• Life Group Credit Protect - In the event of death, disability or illness of the insured member, it will protect the insurer’s family from the burden of repaying the outstanding loan.

• Health Protect Plans - Covers medical expenses that arise due to an illness.

• Accident Protect Plan - Covers medical expenses pertaining to injuries like a broken limb, loss of a limb, burns, lacerations, or paralysis.

• EMI Protect Plan - Protection plan that offers insurance coverage on EMI in case you are unable to pay an EMI

You can apply for IDFC FIRST Bank Professional Loan via –

Our Website - https://www.idfcfirstbank.com/business-banking/loans/professional-loans

Our Mobile App - https://my.idfcfirstbank.com/digital-banking-app

Our Branches - https://nearme.idfcfirstbank.com/

Our Loan Centres - https://www.idfcfirstbank.com/support/asset-branch

Or you can call us on 1800 10 888 and speak to our representative

It generally takes 7 to 15 working days to get approval on your professional loan application.