Many people apply for a personal loan to meet their urgent money needs. This also includes professionals who require money for their needs. In India, professionals like doctors, CA, CS, or architects can get personal loansfrom a bank or NBFC for their work needs. They can use this money to open an office, get furniture or equipment, or any other purpose.
There is no need to offer security to get a personal loan, and the same rule applies here. If you are a professional, you can avail of this loan and use the money per your needs. You need to pay the EMIs on time, and the lender has no control over how you use the money.
Read on to learn how professionals can get up to Rs. 50 lakh loan in India and other vital details.
Personal Loan for Professionals
You can apply for a personal loan if you are a professional who works in India and needs money for work or home. Many banks and NBFCs will offer you a personal loan of up to 50 lakhs if they believe you meet the given criteria for the facility. The process is very simple, and you only need to submit a few docs to apply. You do not need to offer any security for this loan and are free to use it as you deem fit. However, you must note that the loan must not be used for illegal purposes.
Before you apply for a personal loan for 50 lakhs as a professional, you need to check if you are eligible for the loan. Here are the factors that will decide if you can get the loan:
- Credit score: You must have a CIBIL score of over 650 to apply for Rs. 50 lakhs loan. Though, to improve your chances of getting the loan, the credit score shall be over 750.
- Age: Banks and NBFCs specify the age range for which they offer personal loans. Your age must be 25–65 years to get a personal loan.
- Experience: You must have 4–5 years of work experience to apply for a professional loan of Rs. 50 lakh. The higher your work experience, the better your chances of a loan.
- Education: You must have a valid degree and license for your trade. The license must be from an authorised public body with the power to issue such licenses.
- Income: You must earn at least Rs. 1 lakh yearly to get this loan. Your business should be profit-making for the last two years.
When you apply for a personal loan of Rs. 50 lakhs, you must submit documents such as:
- Valid ID Proof like Aadhar, Voter ID, or Passport.
- Income Proof in the form of Income Tax Returns for two years.
- Bank account details for the last year.
- Address proof like Passport, Utility bill, Aadhar etc.
- Any other details as required by the lender
How to Apply for Rs. 50 Lakh Personal Loan
You can apply for the loan online or offline. The process is as follows:
- Visit the website or open the mobile app for the lender.
- Click on the link for ‘Personal Loan’ section.
- Click on the option ‘Apply for a Personal Loan’.
- Enter details like name, age, profession, work experience, loan amount, tenure etc.
- If asked, scan and upload vital documents.
- Click the submit button, and you are done now.
- You can track the status online. For example, if you apply with HDFC bank, you can check your personal loan status HDFC on the bank’s website.
- If your application is approved, the lender’s representative will call you.
- Then, money will be sent to your bank account.
- Collect the personal loan application form from the office of the lender. You can also ask them to send a form to your email and take a printout.
- Fill out the form with the correct details. If you need help, ask the lender to send a representative to your residence.
- Attach copies of the documents required by the lender.
- Sign the form and the documents and submit the application.
- If your application is approved, a representative will call you.
- Then, money will be sent to your bank account.
Personal Loan Interest Rate
Personal loan rates can start as low as 8.90%, but how can you get such offers? Here are some useful tips:
- Improve credit score: You must ensure that your CIBIL score is over 750 when applying for a personal loan. This will tell the lenders that you have a good credit history and pay your EMIs on time. As such, you will be able to get the best offers from banks and NBFCs.
- Negotiate: You must negotiate if you have a good credit score or have had an account with the lender for some time. Even a 0.25% discount on the interest rate can save you a lot of money. So, make it a point to discuss the matter with the lender as soon as possible.
- Pay Your Dues: If you have a credit card, clear the balance in full before applying. You shall also close any loans that you may have. This will help you get your loan at low interest rates.
- Compare: Do not take the first offer that the lender gives. You need to spend some time comparing various loan offers from other lenders to get the best deal. This can help you get the best offers on your loan.
A personal loan of Rs. 50 lakhs can be very useful to meet your money needs. However, you must opt for an amount you can afford to repay easily. For the best deals and offers on personal loans for professionals, get in touch with the experts at Piramal Finance. They offer low interest rates and high loan amounts to meet all your needs.