A Guide to Tailor-Made Loans for CAs, CSs, and Healthcare Professionals

Author: Terkar Capital

A professional loan is a type of financing specifically designed to help professionals, such as chartered accountants, company secretaries, and medical professionals (doctors), grow their practices. Let us take a closer look at an example to understand how this works.

Purvi has been practising as a chartered accountant for more than five years. Her client base is growing and many more are approaching her since she has a strong hold on her practice and she was able to build a positive reputation among her existing client base. Now, she wants to hire more personnel to accommodate the growth of her clients. She therefore desires to expand her practice. Because of this, she intends to apply for Tailor-made financing for professionals to open a larger office that can meet all of her financial needs.

So, If you are a CA, CS, or healthcare professional looking to expand your business, there are tailored financing options available to meet your specific needs. These options can help you get the funding you need to take your practice to the next level.

Key Benefits of Professional Financing

Attractive Interest Rates

Professional loans are often offered at competitive interest rates, which means you can borrow maximum funding at a lower interest rate. This makes them a more affordable option for consumers than other unsecured loans. If you have a credit score of 720 or higher, you can easily qualify for a loan with favourable terms.

Loan Amount

They might range in size from 25 lakhs to 2 cr and beyond. Your qualifications, Year of practice, Financials and professional profile will determine this.

Easy approval and basic documentation

Applying for professional financing is a straightforward process that requires less documentation. Instant disbursement ensures that you have the funds you need when you require them the most.

Application Process

You can apply for a professional loan online without having to visit a bank. Almost all financial institutions now allow you to submit an online loan application. However, you can connect with executives at Terkar Capital who can help you simplify your efforts to secure the necessary funding.

Get funds without any collateral

Professionals are able to apply for funding without having to provide any collateral.

Flexible repayment plan

It is popular because of their flexible credit terms. In accordance with your comfort level and ability to repay, you can budget and select the duration. The repayment period may be anything from 12 to 96 months.

When requesting a professional financing, it would be prudent to keep in mind that the terms and conditions may vary amongst lenders. Before they disburse the loan, they could have requirements like a minimum wage, employment experience, age, credit score, etc.

Eligibility for Professional Financing

  • The application requires a minimum annual income of 1 lakh INR and two years of profitability.

  • The applicant must be a self-employed professionals

  • The applicant must have been in practice for at least three years.

  • The applicant should be in the age group of 25 to 65 years.

  • The borrower is eligible for a professional loan related to the following capacities:

  • Sole Owner(Proprietory firm)

  • Registered Partnership Firm

  • Private Limited Company

  • Small and medium hospitals/nursing centres, pathological labs, and diagnostic centres.

Documentation required for Professional Financing

Business proof – Practice Certificate, Partnership Deed (in case of partnership firm), Degree Certificate. (In the case of a private limited company) Shop Act Licence (only for Maharashtra), MOA, AOA.

Address proof – Aadhaar card, passport, Sales deed, Driving Licence, Ration Card, Telephone Bill, Electricity Bill, or Property Purchase Agreement (If the purpose of the loan is to purchase a property).

Photo Identity proof – It includes an Aadhaar card, passport, driving license, voter ID, and PAN card.

Income Proof – It includes Bank statements of the previous six months to check your present-time financial position, the latest filed ITR, and audited financials (including the balance sheet and profit/loss account for the previous 24 months).

How to apply for Professional Funding?

The requirement of immediate funds is crucial for any business or profession to thrive, however, availing funds for your business is a complex and time-consuming process.

Hence, Terkar Capital and our team of experts can be a great help to you. We understand that you need assistance to reach your financial goals, and we offer no-collateral funding to professionals from banks and NBFCs. Our funding solutions and loans are designed to be flexible and cost-effective. Additionally, our professional financing offers a variety of attractive benefits, such as quick disbursement, a flexible repayment schedule, and no foreclosure fees.

Why Terkar Capital for professional funding?

We are investment bankers who offer tailor-made financing for professionals and take a client-centred approach. We provide fast turnaround time and collaborate with all major debt players in the Indian economy. At Terkar Capital, we specialize in finding the financial instruments that work best for professionals or businesses of all sizes.

Conclusion

Professional financing is a great option for professionals who look for growth, buy equipment, or expand their operations. They are availed with competitive interest rates, substantial loan amounts, easy processes, collateral-free funding, and flexible repayment options. Hence, Terkar Capital is a reliable resource for professionals seeking tailor-made financing solutions.