Often people confuse professional loans with business loans, but there is a slight difference. Professional loans are given out to professionals like doctors, chartered accountants, company secretaries, architects, etc. The purpose of these loans is to enable professionals to expand their existing setup.
There are several types of professional loans available in the market. Poonawalla Fincorp, one of the leading financial institutions in India, offers three types of professional loans, mentioned below:
Generally, professionals such as doctors, architects, CAs, and CS apply for a professional loan to set up their own practices or businesses. For example, if you are doctor and want to set up your clinic, you may require some funds. A professional loan can be helpful in these scenarios.
Compared to other types of loans, professional loans have several benefits, some of which have been listed below:
While applying for a professional loan is easy, it is advisable to check the eligibility criteria before you opt for a professional loan.
The prime difference between a professional loan and business loan lies in the eligibility. While any business owner can avail of a business loan, taking a professional loan requires the applicant to hold a degree. There are other criteria as well that you should consider before you apply for a professional loan.
If you meet all these criteria, you can opt for a professional loan from any financial institution of your preference.
Many non-banking financial companies and loan providers offer some benefits to the borrowers. Similarly, Poonawalla Fincorp offers tailor-made professional loan to doctors, CA, and company secretaries with the below-mentioned perks.
Apart from all the benefits mentioned above, the minimum age of eligibility for applying for a Poonawalla Fincorp Professional Loan is lower. While other lenders require borrowers to be at least 25 years of age, Poonawalla Fincorp requires a borrower to be just 22 years of age, to apply for a Professional Loan. Additionally, you need a work experience of just 1 year post qualification, to be eligible for their professional loan. Such benefits encourage young professionals to start their practice early. You can compare all the benefits offered with other financial institutions to decide. Besides, you can calculate your professional loan EMIs using the EMI calculator on Poonawalla Fincorp’s website. It is always wiser to start early to be ahead in the competition. Therefore, professional loans are extremely helpful to set up your clinic or firm. It helps you with the necessary funds so that you don’t have to wait for the right moment.
Poonawalla Fincorp offers Professional Loans at competitive rate of interest with no additional or hidden charges.
How magical was the day when you discovered your career path? After a lot of research, putting in so much hard work, late nights, your heart and soul, you have become what you are today.