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Key Features of Professional Loan OD

  • Loan Type: Overdraft facility(withdraw funds as required)
  • Loan Limit: Up to ₹50 lakh – ₹2 Crore(varies by bank and applicant profile).
  • Interest Rate: Starts from 8.50% p.a.(charged only on the utilized amount).
  • Repayment Flexibility: Pay only interest during the tenure; principal repayment can be done later.
  • Loan Tenure: Up to 5 years(renewable annually in some cases).
  • Processing Fee: Up to 2% of the sanctioned limit.
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Benefits of a Professional Loan Overdraft

  • Flexible Fund Access: Withdraw funds anytime up to the approved limit.
  • Interest Charged Only on Usage: Pay interest only on the amount utilized, not the full limit.
  • No Fixed EMI Commitment: Repay as per your cash flow – only interest needs to be paid regularly.
  • Prepayment Option: Pay back anytime without pre-closure charges (in some banks).
  • High Loan Amount: Get up to ₹2 Crore based on eligibility.
  • Minimal Documentation: Easy paperwork for quick approval.

Eligibility Criteria for a Professional Loan OD

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How Does a Credit Card Work?

  • Eligibility Check: Lenders evaluate your income, credit score, and work history to determine your credit limit.
  • Credit Limit: You get a pre-approved credit limit, depending on your salary and credit profile.
  • Revolving Credit: Use the card for various expenses and repay over time in flexible installments.
  • Payment Flexibility: Choose to pay the full bill or opt for EMI conversion on purchases.

Eligibility Criteria for Credit Cards

To qualify for a salaried credit card at Login to Loans, you need:

  • Age: 21 to 60 years.
  • Employment Status: Must be employed in a government, private sector, or MNC.
  • Credit Score: 650+ for better offers.
  • Minimum Monthly Income: ₹25,000 or as per lender guidelines.
  • Work Experience: Minimum 1 year in the current company.

Documents Required

Applying for a salaried credit card is simple. You need:

  • KYC Documents: PAN Card, Aadhar Card, Passport, or Voter ID.
  • Income Proof: Latest salary slips or bank statements for the last 3-6 months.
  • Address Proof:Utility bills, rent agreement, or a bank statement.

Why Choose Login to Loans for a Credit Card?

  • Instant Approval: Get approved within minutes.
  • Flexible Credit Limits: Based on your salary and credit profile.
  • Exclusive Rewards: Enjoy cashback, discounts, and loyalty points.
  • No Extra Documentation: Apply with minimal paperwork.

Frequently Asked Questions About Professional Loan Overdraft (OD) in India

What is a Professional Loan Overdraft (OD)?
A Professional Loan Overdraft is a credit facility designed for professionals (e.g., doctors, chartered accountants, architects, lawyers) to meet their financial needs, such as business expansion, equipment purchase, or working capital requirements. It allows borrowers to withdraw funds up to a pre-approved limit, with interest charged only on the utilized amount.
Who is eligible for a Professional Loan OD?
Eligibility typically includes:
Professionals: Self-employed or salaried doctors, CAs, architects, lawyers, engineers, or company secretaries.
Age: 21–80 years (varies by bank).
Citizenship: Indian citizen.
Work Experience: 1–5 years of practice (e.g., IDFC First Bank: 3–5 years).
Credit Score: 685+ (e.g., Bajaj Finserv).
Qualifications: Medical registration, CA certificate, SANAD (for lawyers), etc.
Which banks and NBFCs offer Professional Loan OD in India?
Providers include:
Banks: HDFC Bank, ICICI Bank, SBI, Axis Bank, Kotak Mahindra Bank, PNB, Bank of Baroda, Indian Bank, Union Bank, Yes Bank, IndusInd Bank.
NBFCs: Bajaj Finance, Tata Capital, IDFC First Bank, LoanTap, Aditya Birla Capital.
What are the key features of a Professional Loan OD?
Flexible Withdrawals: Access funds as needed.
Interest on Usage: Pay interest only on the amount used.
No Fixed EMIs: Repay based on convenience.
Unsecured Options: Many providers offer collateral-free loans.
Renewable Limits: Limits often renewed annually.
Minimal Documentation: Simple KYC, professional proof, and income docs.
Loan Amount: ₹50,000–₹80 lakh unsecured, up to ₹5 crore with security.
What is the difference between a Professional Loan OD and a Term Loan?
Purpose: OD suits short-term needs; term loans for planned expenses.
Repayment: OD has no fixed EMIs; term loans have structured EMIs.
Interest: OD charges interest only on used amount; term loans on the full disbursed amount.
Flexibility: OD allows multiple withdrawals and repayments; term loans provide a lump sum.
What documents are required to apply for a Professional Loan OD?
Common documents include:
KYC: Aadhaar, PAN, Passport, etc.
Professional Proof: Medical/CA/Law practice certificates.
Income Proof: ITR, P&L statement, balance sheet (last 2 years).
Bank Statements: Especially for non-account holders.
Business Proof: Trade license or business registration (if applicable).
What is the interest rate for Professional Loan OD?
Interest typically ranges between 9.5%–18% p.a., based on:
Applicant Profile: Credit score, income, and banking history.
Secured/Unsecured: Secured ODs (e.g., against FDs) have lower rates.
Interest is charged on the used amount, calculated daily and billed monthly.
How can I apply for a Professional Loan OD?
Online: Via websites or mobile apps (e.g., ICICI InstaOD, Axis FlexiCredit).
Branch Visit: Submit forms and required documents.
Pre-approved Offers: Check in net banking or app.
Quick approvals possible; some platforms claim 3-minute approvals.
What is the tenure of a Professional Loan OD?
Typically 12 months, renewable annually.
Some banks offer up to 5 years (e.g., SBI against FDs).
Dropline ODs: Limits reduce monthly till expiry (e.g., IDFC First Bank).
Can a Professional Loan OD be used for any purpose?
Yes, for purposes like clinic/office expansion, equipment, or working capital.
Restrictions: Cannot be used for speculative trading, gold purchases, or loan repayment per RBI rules.
Are there any prepayment or foreclosure charges?
Most banks and NBFCs (e.g., ICICI, Bajaj Finserv) don’t charge prepayment or foreclosure fees on ODs.
Always confirm with your lender, as policies may differ.
What is a Dropline Overdraft?
A Dropline OD is a facility where the credit limit gradually reduces every month until the end of the tenure.
Interest is charged only on the utilized amount.
Example: IDFC First Bank offers this to professionals.
Can salaried professionals avail of a Professional Loan OD?
Yes, salaried professionals like doctors and CAs can apply, provided they meet eligibility conditions such as valid qualification proof and maintaining a salary account with the bank.
What are the risks of a Professional Loan OD?
High Interest Costs: If not repaid promptly, interest can accumulate.
Overuse: Reliance may lead to financial burden.
Credit Score: Defaults affect creditworthiness.
Limit Reduction: Dropline ODs reduce credit over time.
How is the overdraft limit determined?
Based on:
Credit Score & Income: Higher score and income mean better limits.
Professional Revenue: For self-employed professionals.
Bank Relationship: Strong history improves limit.
Secured OD: May be 75–90% of FD or collateral value.

List of Professional Loans OD Banks in India