Professional Loan

What you mean by Professional Loan Eligibility Criteria?

Are you planning to start practice & expand your business, Professional loan for doctors, chartered accountant, lawyers & architects. This type of facility requires minimal documentation & low processing fee.

Professional Loan Eligibility Criteria.

Eligibility Criteria depends on several factors like repayment history, salary or business sales/turnover& Creditworthiness …etc.

• • Applicant age should be in-between 25 – 65 years of age
• • Last 2-year business must be in profit
• • Minimum income required 1 lakh per annum
• • Resident of Indian

Note: – You can get up to 50 lakh as a maximum loan amount.

What are the factors generally affecting Professional Loan Eligibility Criteria?

There are top factors that generally affects professioeligibility criteria as given below: –

Low credit score: – Applicant with less than 650 range of credit score refer to bad credit & this happen when they fail to pay bills on time or EMI. Hence, due to low credit score your eligibility get affected./p>

Loss in business: – One of the major reasons behind affecting eligibility is backdrop in business, as its mandatory requirement your business meet profit in last 2 years.

What are the ways to increase Professional Loan eligibility?

To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.

Do payment on time: – This can be the best way to increase eligibility as lender will consider your past repayment history by checking your credit score. Therefore, by giving importance to do payment on time will rescue from affecting credit score as well as eligibility.

Avoid applying loan for multiple times: – Once, you have chosen your perfect lender to avail loan, make sure you apply with them only, by avoid applying loan for multiples it would help to enhance eligibility.