Professional Loan

Balance Transfer of Professional Loan

Best offer for the Month

Doctors Non Salaried (MBBS, BDS & Above)
Loan Amount
  • 15 Lacs
  • >=15 Lacs
Rate Of Interest
  • 13.05%*onwards
  • 11.05%*onwards
Processing Fees
  • 0.05%
  • 0.01%

* above rates mentioned are only for limited period. These rates may vary from bank to bank and rates would be solely decided at the discretion of the bank.


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Balance transfer of Professional Loan Overview

Balance Transfer is an option where you can transfer your existing Loan to new lender. The process in which the customer transfers his existing Professional Loan to new Lender is called as Balance Transfer of Professional Loan. Generally customers tend to shift from the present Lender to new Lender on the basis of the Lower interest rate offered by the new lender. Lower interest rate means you will have to pay less interest rate on your existing Loan. Normally Banks offers top up amount (additional amount) while doing Balance Transfer of Professional Loan. Top up amount is an option where the customer can avail extra amount for his personal use. The end use of the amount is not monitored by the bank so the customers can use this amount for his personal use. Balance Transfer of Professional Loan with Top Up is a good option for the customers as the customer can transfer his existing Professional Loan for better rate of interest and can avail extra amount for his personal use.

Balance Transfer of Professional Loan with Top up

Professional Loan is a loan provided to Professional like CA's, Doctors, CS to meet your financial needs and is also referred as an unsecured Loan as there is no security against it Borrowers generally must have high credit ratings to be approved for a Professional Loan. It is usually taken by borrowers who are looking for quick and easy loans with manageable interest rate and minimum documentation. You can use a Professional Loan as per your convenience without being monitored for the actual end usage. The borrower promises to repay Professional Loan without offering an asset such as a home or car to serve as collateral in the event the loan is not repaid. To be approved for an unsecured Professional Loan, a borrower must have a good credit history.

Balance transfer of Professional Loan Features and Benefits

  • Our expertise to get u the right Banks / Institute to fulfill your requirement.
  • Loan repayment in flexible tenures from 12 months up to 60 months.
  • No collateral/ guarantor / security required.
  • Speedy approvals
  • Attractive Rate of Interest
  • Special Interest Rate for professional Doctors/ CA & Architect.
  • Minimum/Hassle free Documentation.
  • Funds available for business expansion, working capital, child's education or home renovation.
  • Convenience of doorstep service.

Balance transfer of Professional Loan Process

There are several steps in the Balance Transfer of Professional Loan process. Here are the steps in brief:

  • Application form & Document submission
  • Cibil report check
  • Residence verfication
  • Office verfication
  • Eligibility calculation
  • Personal Discussion
  • Credit decision
  • Signing of agreements and submitting post-dated cheques
  • Disbursement

Balance transfer of Professional Loan Eligibility

SELF EMPLOYED INDIVIDUAL

  • An Indian Resident
  • You should be in business for a minimum of 3 years.
  • You should be self employed Minimum 24 to maximum 65 years of age.
  • Your current place of residence should be occupied for a minimum of 3 years in the city.
  • You should have residence or office owned

SELF EMPLOYED Professional

  • An Indian Resident
  • You should be in business for a minimum of 3 years.
  • You should be self employed Minimum 24 to maximum 65 years of age.
  • Your current place of residence should be occupied for a minimum of 3 years in the city.
  • You should have residence or office owned

Salaried

  • You should be in business for a minimum of 3 years.
  • You should be employed Minimum 21 to maximum 65 years of age.
  • Your current place of residence should be occupied for a minimum of 3 years in the city.
  • You should have residence or office owned

Balance Transfer of Professional Loan Documents

To qualify for a Balance Transfer of Professional Loan, most of the lending institutions in India require you to be:

Documents Salaried Self Employed Properitorship Firm Self Employed Partnership Firm Self Employed Pvt Ltd / Ltd
Application Form With Photograph Duly Signed Professional Loan Professional Loan Professional Loan Professional Loan
Clear Pancard Copy, (Applicant & Co-Applicant) Professional Loan Professional Loan Professional Loan Professional Loan
Latest Residence proof (Applicant & Co-Applicant) Professional Loan Professional Loan Professional Loan Professional Loan
Latest Office Proof (Applicant & Co-Applicant) Professional Loan Professional Loan Professional Loan Professional Loan
Last 3 Months Salary-Slips Professional Loan Professional Loan Professional Loan Professional Loan
Last 12 Months Bank Statements Professional Loan Professional Loan Professional Loan Professional Loan
Form 16 / Income Tax Returns Of Last 3 Yrs Professional Loan Professional Loan Professional Loan Professional Loan
All Loan Sanction Letter If Any Professional Loan Professional Loan Professional Loan Professional Loan
Latest Foreclosure Letter from Bank / Institution Balance Transfer of Personal Loan Balance Transfer of Personal Loan Balance Transfer of Personal Loan Balance Transfer of Personal Loan
Business Profile Professional Loan Professional Loan Professional Loan Professional Loan
Degree Certificate Professional Loan Professional Loan Professional Loan Professional Loan
Practice Certificate Professional Loan Professional Loan Professional Loan Professional Loan
Proof Of Business Existence ( Gumasta License , Sales Tax Certificate , Form 26AS , ) Professional Loan Professional Loan Professional Loan Professional Loan
Last 3 Years Income Tax Returns With Computation Of Income Professional Loan Professional Loan Professional Loan Professional Loan
Last 3 Years CA Certified / Audited Balance Sheet And Profit & Loss Account Professional Loan Professional Loan Professional Loan Professional Loan
MOA /AOA Professional Loan Professional Loan Professional Loan Professional Loan
Partnership Deed Professional Loan Professional Loan Professional Loan Professional Loan
Company Pancard Clear Copy Professional Loan Professional Loan Professional Loan Professional Loan
Shareholding Pattern On Letterhead Professional Loan Professional Loan Professional Loan Professional Loan
Sundry Debtor & Creditor List Last 1year Professional Loan Professional Loan Professional Loan Professional Loan

Balance transfer of Professional Loan FAQ's

What is the need for a Balance Transfer & top up of Professional Loan?

Balance Transfer of Professional Loan is a loan where you can transfer your multiple loans (up to 3 loans) to a single loan under one bank/institute for better rate of interest and can avail additional loan amount for your business purpose. Balance transfer is a very lucrative facility for individuals who have taken a loan, but surprisingly very few avail of it.

Almost all the Banks/NBFC rules says that you are eligible for a top up loan only after 6-12 months of paying off the earlier loan regularly. You can avail top up loan with your existing track record for your urgent requirement. It may be for business expansion or for personal need. You need to have good repayment record to avail a top up loan. The final decision is always with the loan provider. The Bank/NBFC will also investigate with you the purpose of taking the top up loan.

Who are eligible for Balance Transfer & top up of Professional Loan?

Customers who have availed a loan and are looking for better rate of interest are eligible for Balance Transfer of Loan. But the most important factor is that the customer must have good track record of the existing loan for top up loan. The final decision is always with the loan provider.

Who can avail a Balance Transfer & top up of Professional Loan?

Self Employed Individuals/Professionals

Salaried Professional

What all document are required for applying for a Balance Transfer & top up of Professional Loan?

1. Identity Proof

2. Address Proof

3. Bank Statement (Latest 12 months)

4. Last 3 yrs ITR along with other relevant docs like Balance Sheet, P&L, Audit Report

5. Business proof (Gumastha licensce)

6. Degree Certificate

7. Practice Certificate

What are the stages in availing a Balance Transfer & top up of Professional Loan?

• Application

• Processing

• Documentation

• Sanctioning of the Loan

• Disbursement

What are the loan tenure options for Balance Transfer & top up of Professional Loan?
You can repay your loan over a period of 12 to 60 months
How much amount can I borrow in Professional Loan?
It mainly depends on your financial profile, credit reputation, the purpose of borrowing the loan and your loan repayment ability. Lenders evaluate these factors to consider what the amount of a Professional Loan should be.
How to apply for and get a Balance Transfer & top up of Professional Loan?

CFPL Gives you personalize solution & helps you to meet your financial requirement.

What is the quantum of finance one can avail in Professional Loan?

It will vary from bank to bank & also depends upon or borrowing capacity.

How is the interest charged/calculated in Professional Loan?

Interest is calculated on a monthly reducing balance basis.

What security/collateral do I have to provide for Professional Loan?

No security/collateral is required in Professional Loan.

Will an existing loan affect my application for a Balance Transfer & top up of Professional Loan?

Depends upon a financial & credit history.

How do I repay the Professional Loan?

The loan can be repaid through post dated cheques (EMI) or ECS (Electronic Clearing System)

Can I pre-pay my Professional Loan?

Yes you can pre-pay the Professional Loan after repaying a min. of 6 EMI's. Foreclosure charges would be applicable as per the banks term and condition.

How much time does it take for the disbursement of the Professional Loan?

The processing of the loans usually takes Approximately 15 working days after all the documents are submitted.

Should I compare Balance Transfer of Professional Loan online?

Comparing Balance Transfer of Professional Loan online depends on many factors such as your income, your obligation (existing loan) your existing rate etc. In online approach you will get general comparisons while you can get a personalize solution from Creative Finserve, which will help you with the best rate of interest and services for Professional Loan.

Should I apply Balance Transfer of Professional Loan online?

There is no process for applying online Balance Transfer of Professional Loan unless and until you have a relationship with the same bank. Mandatorily you need to submit relevant documents and sign the application form to complete the formalities. Creative Finserve gives you a personalized solution for Professional Loan, so why to confuse yourself with online approach if you can get better rate of interest and maximum eligibility through Creative Finserve.

Who all can apply Balance Transfer of Professional Loan on line?

Customers having online banking can approach their respective banks for Balance Transfer of Professional Loan through net banking and get information about Balance Transfer of Professional Loan. Appling online Balance Transfer of Professional Loan will give you information of your bank, and if you apply through us you will get information about other banks for better rate of interest, foreclosure charges, tenure and processing fees.

What are the drawbacks on applying for Balance Transfer of Professional Loan on line?

Appling online Balance Transfer of Professional Loan will give you information about particular bank. And if you apply through us our professionals will get exciting offers from other banks for better rate of interest, foreclosure charges, tenure and processing fees.

What is Balance Transfer of Professional Loan eligibility calculator?

Balance Transfer of Professional Loan eligibility calculator is a mechanism where you can calculate your Balance Transfer of Professional Loan eligibility by sharing your information such as your income and existing loan. This loan eligibility calculator cannot get you the exact loan amount so we recommend you to get in touch with our professional team to serve you better.

How to get best rate of interest in Balance Transfer of Professional Loan?

Rather than hunting in the market or approaching unprofessional consultants for better offers, give your few details and upload your few documents and get a personalized solution for your Balance Transfer of Professional Loan for better rate of interest in few minutes from our professional team.

How will I get best rate of interest for Professional Loan?

Since Creative Finserve has immense experience and tied up with all multinational and private banks, we would be able to guide you and give you the best deal available in Professional Loan.

What is Balance Transfer of Professional Loan EMI calculator?

Balance Transfer of Professional Loan EMI calculator is a process where you will be able to come to know the exact Balance Transfer of Professional Loan EMI (installments) which includes principal and interest component according to your requirements.

How can I get personalized solution through Creative Finserve for my Balance Transfer of Professional Loan?

We professional at Creative Finserve puts our best effort to give you a complete personalized solution. We take the pain of coordinating with various banks for you to give the best offer and service available in Professional Loan.

How to choose the right bank for my Balance Transfer of Professional Loan?

Choosing a right bank for Balance Transfer of Professional Loan is a cumbersome process , Creative Finserve guides you properly according to your requirements and gives you a personalize solution for your Professional Loan.

How I will come to know whether my Balance Transfer of Professional Loan is sanctioned or rejected?

Once your Balance Transfer of Professional Loan is sanctioned or rejected you will get a sms alert or call from the bank and if you have applied through us we will coordinate with the respective banks and inform you.

Is balance transfer of Balance Transfer of Professional Loan suggested?

It depends upon the current rate of interest of your existing Professional Loan as against the rate of interest available in the market. We recommend you to compare both the offers in our loan comparison calculator or else call us to get a personalized solution for your Professional Loan.

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