Are you looking for the right loan to meet your specific needs? As you explore different options, you might come across two common types of loans: personal loans and professional loans. Each of them serves unique purposes and comes with its own set of features. Let us take you through the key differences between these loan types from Bajaj Finance, so you can make an informed decision based on what suits you best.
Professional loan features
A professional loan is a specialised type of loan designed to meet the financial requirements of professionals, such as doctors, chartered accountants (CAs), and others in similar fields. These loans can be used for various professional purposes, such as setting up or expanding a practice, purchasing equipment, hiring staff, or meeting any other business-related needs.
- Three unique variants: Like personal loans, professional loans also come in three variants: Term Loan, Flexi Term Loan, and Flexi Hybrid Loan, allowing you to choose the best-suited option for their financial needs.
- No part-prepayment charges on Flexi variants: You can make part-prepayments without any additional charges on Flexi Term Loan and Flexi Hybrid Loan, providing greater financial flexibility.
- Higher loan amounts up to Rs. 80 lakh: Professional loans typically offer higher loan amounts, ranging from Rs. 2,00,000 to Rs. 80 lakh, enabling professionals to address their business requirements effectively.
- Convenient tenures up to 8 years: Borrowers can opt for flexible repayment tenures, usually ranging from 12 months to 96 months, allowing them to plan their loan repayment according to their business cash flow.
- Quick disbursal: Professional loans offer faster loan disbursal, and in most cases, borrowers can expect the loan amount to be credited to their bank account within 48 hours of approval.
- Transparent charges: At Bajaj Finance, the fees and charges for CA loan, and fees and charges for doctor loan are clearly mentioned. This makes it easier for professionals to assess the cost of the loan.
- No collateral required: Similar to personal loans, professional loans are unsecured, meaning professionals do not need to provide any collateral or security to avail the loan.
- End-to-End online application: The entire loan application process can be completed online, providing convenience and ease for busy professionals.
Know more about doctor loan.
Know more about chartered accountant loan.
Personal loan features
A personal loan is a type of unsecured loan that individuals can avail to fulfil their personal financial requirements. Personal loans are a popular choice for various purposes, including funding weddings, travel, medical emergencies, home renovations, and debt consolidation.
- Three unique variants: Bajaj Finance offers three distinct variants of personal loans to cater to different needs - Term Loan, Flexi Term Loan, and Flexi Hybrid Loan.
- No part-prepayment charges on Flexi Term Loan: You can make part-prepayments on your personal loan without incurring any additional charges. This provides the flexibility to reduce the loan burden whenever there are surplus funds.
- Loan amounts up to Rs. 55 lakh: Depending on your eligibility, a personal loan from Bajaj Finance ranges from Rs. 20,000 to Rs. 55 lakh, allowing you to manage both small and significant expenses.
- Convenient tenures: You can choose from a range of repayment options, typically ranging from 12 months to 96 months, making it easier to manage the loan as per their financial capabilities.
- No guarantor or collateral required: Personal loans do not require any guarantor or collateral, simplifying the application process.
What should you opt for - personal loan or professional loan?
A personal loan is an excellent choice when you need funds for personal reasons such as weddings, medical emergencies, travel, or debt consolidation.
A professional loan is ideal when you are a doctor, CA, or belong to any other profession and need financial assistance for business-related purposes. It can help you set up or expand your practice, purchase equipment, or manage any other professional expenses without pledging any collateral.
In conclusion, both personal loans and professional loans are valuable financial products that cater to different needs. Professional loans are tailored for professionals to address their business requirements, offering higher loan amounts, and longer repayment tenures. Understanding the differences between the two types of loans will help you choose the one that best aligns with your financial goals and requirements.
