Secretaries of companies may face different financial requirements at various points in their careers. Their needs may range from expanding or enhancing their current office to scaling operations. Many banks and NBFCs understand the specific financial requirements of corporate secretaries and offer specialized loans to meet their needs. If you want to expand the office space or add funds for working capital to your company, it is possible to meet your financial obligations using corporate secretaries’ professional loans. These loans typically don’t require collateral, and they come with various advantages, like the flexibility of repayment terms and simple application requirements.
What Are The Interest Rates And Charges For Company Secretary Loans
- Professional loans have meager rates of interest. The typical rate starts at 11.75 percent per year.
- The money you receive could be used to expand your business, buy office furniture, or pay employed employees’ wages.
- Professional loans will only cost 1-2% of processing charges at the time of issuance.
- In addition, you may close your loan. Foreclosure is accompanied by a prepayment charge of about 4% of the amount due.
- If you don’t make timely payments, aside from the fees, you could have to pay up to Rs. 3000 in bounce charges.
- There is a penalty rate of 2 percent on the borrowed principal. This is imposed on due EMIs in the event of default.
What Are The Reasons To Take A Company Secretary Loan?
You could take out a company secretary loan to meet your professional needs. Here are a few reasons you should consider an official loan for a secretary at a company.
- Improve your professional capabilities.
- Consolidate high-interest debts
- Enhance your professional skills
- Increase the efficiency of your operation
- Meet working capital requirements
- Cover overhead costs
What Are The Features and Benefits of A Professional Loan For Company Secretary?
- The borrower can utilize the loan amount according to their requirements.
- The professional needs can tailor the loans.
- The funds are deposited directly into your beneficiary’s bank account using cheques.
- They are loans that are not secured and do not require collateral.
What Are The Various Types of Professional Loans?
Professional loans help self-employed people like medical professionals, secretaries for companies, engineers, doctors, etc., manage their businesses. Here is a list of business loans that you could take to India.
- CA/CS Loans Corporate secretaries and chartered accountants can apply for professional loans to fund their business plans, remodel office spaces, or pay for other expenses associated with professional work. The maximum amount will be determined by the year’s income, relevant field of work, and many other aspects.
- Doctor loans: Doctors may also apply for these loans to build their practice or purchase expensive equipment for medical care. The lender analyzes the risks involved in lending and then provides the funds at favorable conditions.
- Engineering LoansEngineers or architects must obtain professional financing to grow their business, acquire equipment, pay payroll costs for higher education, etc.
- Consultant Loans People who operate consultancy companies and are looking to expand their business are eligible to get professional loans. Documents required for approval, such as balance sheet ITR, bank statements, balance sheet for the past six months, etc., should be available.
- Lawyer LoanLawyers require financial aid to finance their professional goals. The money they borrow from professional loans aids lawyers in setting up their offices and in financing campaigns to attract clients.
How to Apply For Company Secretary Professional Loans?
- Choose the lender you wish to take a loan for professional purposes.
- Go to the form page and fill in your income, occupation, and contact information details.
- Input the desired loan amount and the loan term
- Also, make sure to determine an option to modify your loan offer
- A confirmation message is sent out to the registered mobile number
- Once approved, the loan amount is credited directly to your account.
Corporate secretary loans have simple eligibility requirements and require only minimal documents. They are easy to apply for procedures and are simple to get.