Professionals need professional loans to flourish in their careers. The company secretaries approach NBFC and banks to check loan that suits their personal and professional requirements. The professionals should understand the current interest rates, loan amount, repayment process, and eligibility criteria. The blog is worth reading to understand the advantages of professional loans, eligibility and the documents needed.

Eligibility:

Company secretaries take loans to renovate the office, improve the practice, enhance professional skills, understand the operations, consolidate the debt, plan the working capital requirements, and manage the overhead costs. Company secretaries enjoy the loan as they come under the special approach. To avail of the loan the following conditions should be satisfied.

Documents:

The following documents are mandatory for the submission. The loan approval team in the banks genuinely check these documents.

Advantages of professional loan:

The professional loans are open to chartered accountants, doctors and company secretaries. The loan help for developing the profession. The different types of professional loans offered fall under the following categories: professional loans for doctors, chartered accountants, lawyers, company secretaries, engineers and architects. Technological advancement and client satisfaction demand the development of the business. The benefits of company secretary loans are as under:

ICSI partnership with institutions:

ICSI has a memorandum of understanding with the Bank of Baroda exclusively for company secretaries. The special offers provided by the Bank of Baroda to company secretaries. The personal loans get a concession of 0.25 per cent, no processing charges, and fifteen lacs of personal loan. In the case of auto loans, the concession is 0.25 per cent to the existing interest rate. There are no processing charges. In the case of home or mortgage loans, the concession is 0.25 per cent and the processing charge go as 8,500. MSME scheme concession is 0.25 per cent and there are no processing charges. The Samsung phones and tabs also offer special discount prices, accidental damage protection, no EMI schemes and free shipping in India. These offers are given by the Rainbow technology partner of ICSI.   Bank of Baroda offers diamond credit cards for ICSI members. Poonawalla Fincorp Limited offers term loans to ICSI for renovating an office, buying a new place for an office, cash loans, and personal loans for weddings, higher education and vacation. HDFC offers a wide range of products under the roof of home loans for ICSI members.

Conclusion:

Professional loans are exclusively for professionals. The professionals work independently. The personal loans are as per the inflation. Personal loans have stringent conditions. Professional loans come with better options. Professional loans develop the business and economy. The working capital needs and fund management makes the professional loan a valuable one. Professional loans enhance competition. The professionals have high credit scores and that is another reason for obtaining loans with less effort. Company secretaries and chartered accountants have a wide range of options to establish a business and acquire the market. The self—confidence and hard work take professionals to the top level. The professional ladder poses challenges due to competition, technological advancement and economic factors. The professional loans are mentioned as unsecured loans in the balance sheet. It is the liability with no collateral obligation. A viable professional plan with an idea makes it meaningful in the long run. The lenders check the documents and the purpose of the loan. The professionals should have a comprehensive goal that benefits the business environment.

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