Professional loans can be taken by journalists, dentists, accountants, engineers, architects, solicitors, and other such professionals who are practicing their trades. Professional loans are available with interest rates that vary between 9.90% and 16% p.a. The loan amount can go up to Rs.500 lakh and the repayment tenure is usually between 12 months and 96 months.
Professional loans can be availed for requirements pertaining to their businesses such as purchase of equipment, construction, business premises, renovating premises, working capital, among others. These loans are meant to help a self-employed professional increase or improve his/her business and overcome liquidity crunch when buying equipment or investing in their own business.