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Leading banks are catering to the need of self employed professionals like Doctors, Chartered accountants, Interior Decorators, Architects, Company Secretary etc. by offering them professional loans at lucrative rates. Manufacturing/ trading/processing units are not eligible for such a loan. These loans are unsecured in nature.
Maximum Amount of Professional Loans Offered:
The amount of loan varies in banks, depending on the financial standing of the customer, his repayment capacity, tenure of the loan etc. Banks generally provide loan from Rs.25000 to Rs.25 lakh. The repayment can be done through Equated Monthly Installments or EMI. Tangible collateral security has to be provided in certain cases.
Interest Charged by Banks on Professional Loans:
Interest is charged according to the prime lending rate. It can be taken by clients on a fixed or fluctuating basis. Interest can be discounted depending on the customer’s profile and his financial capacity. The interest is generally calculated on the diminishing balance.
Process of Professional Loans Approval:
Professionals can apply for the loan by visiting the bank’s premises or applying online. Various banks charge a nominal processing fee which is around 1% of the loan amount.
Documents Required for approval of Professional Loans:

1. Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
2. Address Proof (Ration card Tel/electricity Bill/ Passport )
3. Bank Statements(latest 6 months bank statement /passbook)
4. Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
5. Qualification proof of the highest professional degree
6. Proof of continuation (Trade license /Establishment /Sales Tax certificate)
7. Other Mandatory Documents(Sole Proprietorship. Declaration. Or Certificate. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)

Corporation Bank Business (Professional) Loans In India
On the name of the loan scheme “Corp Professional”, the Corporation Bank offers Professional loans to the Professionals for acquiring Office premises for self occupation and Furniture and Fixtures required for the office premises purchased under the Scheme. The professionals might be practicing from any of the under mentioned areas:

* Registered Medical Practitioners
* Practicing Advocates
* Chartered Accountants
* Company Secretaries
* Consulting Engineers and Architects

The professional must be individually / jointly or as a partnership firm, having an established practice with a minimum experience of three years, in the age group of 25 to 55 years. The applicant should be an Income Tax Assessee with a minimum annual gross income of Rs1.50 lakhs.

Quantum of the Loan
Up to Rs.20 lakhs in Metro, Rs.12 lakhs in Urban/Port-town, Rs.8 lakhs in Semi-urban and Rs.3 lakhs in Rural places. The maximum loan amount determined based on financial viability and income/ repayment capacity of the professional.

Margin on Loan
15% of purchase consideration [the agreement value inclusive of stamp duty/ registration] in case of purchase of ready built premises [age not more than 5 years]
25 % in case the premise is more than 5 years old.
40 % for furniture and fixtures.

For other details such as Rate Of Interest, Security, Guarantee, Repayment, Processing Charges of the professional loans offered by the corporation Bank:

http://www.corpbank.com/asp/0100text.asp?presentID=58&headID=53