Professional Loans For Company Secretary

Company secretaries may have different financial requirements at various stages of their careers. Their requirements may vary right from expanding or upgrading their existing office to scaling up operations. Many banks and NBFCs comprehend the unique financial needs of company secretaries and hence provide a customized professional loan for them. Whether you want to expand the office space or infuse working capital into your business, you can fulfill all your financial obligations with professional loans for company secretaries. Company secretary loans usually don’t have a collateral and come with multiple benefits, such as flexible repayment tenure and easy eligibility criteria

What Are The Interest Rates And Charges For Company Secretary Loans

• Professional loans come at very affordable interest rates. It usually begins from 11.75% per annum.
• The loan obtained can be used for business expansion, buy furnishings for your office, and pay the salaries of the hired employees.
• Professional loans only incur 1 to  2% of the processing fees at the time of issuing. 
• Additionally, you can also foreclose your loan. Foreclosure comes with aprepayment fee of about 4% on the balance payable. 
• If you do not make timely repayments, apart from these fees, you may  have to bear up to Rs. 3000 as bounce charges. 
• There is a penal interest of 2% on the borrowed principal. It is charged on the due EMIs for the default.

What Are The Reasons To Take A Company Secretary Loan? 

You can take a company secretary loan to cover your diverse professional goals. Below are some reasons why you should consider a professional loan for a company secretary. 

• Enhance your professional skills 
• Consolidate high-interest debts
• Improve your professional practice 
• Boost your operations 
• Meet working capital requirements     
• Pay for overhead costs

What Are The Features and Benefits of A Professional Loan For Company Secretary?

• The borrower can use the loan amount according to their needs.
• These loans can be customized according to the individual’s professional requirements. 
• Funds are transferred directly to your beneficiary’s account through cheques. 
• These are unsecured loans and do not require collateral.

What Are The Various Types of Professional Loans?

Professional loans are curated to aid self-employed individuals like doctors, company secretaries, engineers, etc. run their businesses. Here is a list of professional loans you can take in India. 

• CA/CS Loans- Company secretaries or chartered accountants may apply for professional loans to fund their personal business plans, renovate office spaces, and meet other professional expenses. The upper limit on the amount is set depending on various factors like annual income, relevant job field, and other essential factors. 
• Doctor Loans: Doctors may also apply for these loans to expand their clinic or buy any expensive machinery for medical services. The lender evaluates the risk involved in lending and provides the required money on favorable terms. 
• Engineer Loans: Engineers and architects require professional loans to expand their business, buy equipment, for payroll expenses, and to pursue higher education, etc. 
• Consultant Loans: Those who run consultancy firms and want to scale up can apply for professional loans. Required documents like balance sheet, ITR, bank statement for the previous 6 months, etc must be kept ready.  
• Lawyer Loan: Lawyers need financial assistance to fund their professional ambitions. The amount borrowed in professional loans helps them in setting up their office and also to fund campaigns for acquiring clients. 

Eligibility Criteria For A Professional Loan For Company Secretary

 

Documents For A Professional Loan For Company Secretary

   

Professional Loan For Company Secretary - Fees and Charges

How to Apply For Company Secretary Professional Loans?

• Choose the lender from whom you want to get a professional loan
• Go to the application page and fill in details like occupation, income, contact details, etc. 
• Enter the desirable loan amount and loan tenure
• Finally, check if there is an option to customize your loan offer
• A confirmation text will be sent to your registered mobile number
• After approval, the loan amount gets disbursed to your account instantly

Conclusion

Company secretary loans come with easy eligibility criteria and minimal documentation. They have a hassle-free application process and are quick to obtain. 

FAQS

Do you have to pay any charges additionally for availing a company secretary professional loan? There is a minimum processing fee for the loan application procedure when you are applying for a professional loan.  This amount should not be more than 2% of the borrowed principal. 

Who are all eligible for a professional loan?

• You must have a diploma or professional degree in your field
• Your age must be in the range of 25 to 65 years. 
• You must be a resident of India. 
• You must be a self-employed individual.