Lenders offer professional loans to self-employed individuals such as doctors, chartered accountants, lawyers, architects and company secretaries. With these loans, you can improve your practice, and flourish in your respective career.
As a company secretary, you can approach banks and NBFCs to get personalised loan offers that best suit your professional requirements. When availing a company secretary loan, you need to assess certain factors such as:
● Prevailing interest rates
● Loan amount you need and the sanction offered
● Repayments plans
● Eligibility criteria set by the lender
You need to gauge these factors when opting for a loan. To help you understand more about these loans, here is a comprehensive guide detailing the essential loan specifics.
Why is a Professional Loan Important for Company Secretaries?
As mentioned, these unsecured forms of credit options specifically cater to the requirements of professionals such as company secretaries, doctors, architects and many others.
An instant loan for professionals helps manage business financial requirements with ease. Whether you need to expand your business or handle personal expenses, these loans are generally the best choice.
With various types of professional loans available, you can choose a suitable one based on your qualifications. Apart from this, you are free to buy gadgets or software licences with the loan amount. In case you have high-interest debts, you can consolidate them with this borrowed amount as well.
Whether you need to cover operational costs or enhance your skill set, a company secretary loan helps you manage such requirements. This sums up the significance of availing professional loans.
What are the Eligibility Parameters for Availing a Company Secretary Loan?
Like any form of credit, a company secretary loan also has certain criteria set by lenders. Meet these parameters, and you are good to go! The main goal is to ensure you get the required benefits with easy-to-meet eligibility criteria.
Here are a few common parameters most lenders check before giving a loan approval:
● You need to be an Indian resident
● Your degree needs to be relevant to the type of loan you are applying for
● The minimum age is 24 years, and the maximum age is capped at 65 years
● You must be having a reputed practice of at least 3 years
● You need to be a self-employed individual to avail an instant loan for professionals
When you meet the required eligibility criteria, you can apply for a loan after doing a thorough analysis of lenders.
What Documents are Essential When Opting for a Company Secretary Loan?
Here is a list of necessary documents to submit after you get loan approval. However, note that documentation requirements vary across lenders, so you need to check with the lender during the loan application process.
● Identity proof (Aadhaar Card, Passport, PAN card, etc.)
● Address proof (Ration card, Aadhaar card, Utility bills, etc.)
● Ownership proof of your business entity where you are practising
● Proof of your educational qualifications
● Latest Income Tax Returns
● Previous 6 months’ bank statements
● P/L statement of your firm
How to Apply for a Company Secretary Loan?
The process of applying for a company secretary loan is simple and straightforward. First, visit the lender’s website after comparing various loan options available in the market. Then, check the professional loan category and click on the application form.
Here, you may have to provide your particulars, such as income, employment details, address and contact information. Enter the amount you choose to borrow, along with your preferred tenure.
Then, you may check if you are eligible for any pre-approved loan offers. Once you get loan approval, you can submit essential documents and get funds credited to your account. However, researching various options before finalising a lender is ideal as that helps you make informed decisions.
What are the Various Features and Benefits of Company Secretary Loans?
Be it an instant loan for professionals or a company secretary loan, you can enjoy the following features and benefits:
● Competitive Interest Rates
Most lenders offer affordable rates starting from 10.00% p.a., reducing your overall loan expenses. Furthermore, you may also calculate your monthly instalments beforehand using an online EMI calculator.
● Collateral-free Loans
You can avail these loans without the need for pledging any asset or security. You can avail even up to ₹50 Lakhs without collateral.
● Flexible Repayment Tenure
When you avail a company secretary loan, you can choose a tenure that best aligns with your financial goals. You can even repay your loan within a period of 60 months.
● Simple Loan Application Process
Getting a professional loan is easy and you can even apply for one online. Furthermore, you can utilise the borrowed loan amount to cater to your business needs. When you require emergency funds to meet operational needs or hire new staff in your organisation, a company secretary loan or other types of professional loans come in handy.
● High Loan Amount
Some lenders may sanction loan amounts up to ₹50 Lakhs. Simply meet the required eligibility criteria and submit relevant documents post approval. With no hidden charges and a transparent process, availing a company secretary loan is easy and quick.
● Multiple Uses of the Borrowed Loan Amount
An instant loan for professionals not only caters to operational costs or upgradation of the infrastructure. You can use it for multiple needs, such as scaling your daily operations, constructing a new office space, paying overhead costs of the firm, renovating the existing space, or even meeting some unexpected business expenses.
While you are aware of interest rates and other factors of these loans, know that you may have to pay approximately 1-2% of processing charges depending on the total loan amount. Apart from this, any default on EMI payment can attract charges up to 2% on the monthly due amount.
However, these charges vary across lenders, and you need to consider these factors before choosing a suitable lender. This not only reduces overall loan expenses but also helps manage your monthly finances better.
