What is Professional Loan

Everything you need to know about Loan to Professionals

Transformation and growth are a part of life. As a professional, you have immense growth opportunities, some of which you are unable to pursue due to a lack of funding. However, if you get reliable, collateral/security free funding, you can make the most of the opportunities and grow significantly in your career. This assistance in the form of professional loans is a personalised credit offering available for working professionals, such as Doctors, Chartered Accountants (CAs) and Company Secretary (CS). As a professional, you can use this collateral-free loan to start or expand your business or practice.

Let's get acquainted with the loan to professionals:

Why have a separate category of loans to professionals?
Professionals, such as Chartered Accountants, Company Secretary and Doctors function differently from other ordinary businessmen. Further, these professionals individually also differ in financial needs from the other. For instance, the monetary requirements of a Doctor will be much diverse compared to a Chartered Accountant or a Company Secretary. In a case where a Doctor might require a hefty sum to start their practice, a Chartered Account will want a significantly lower amount to begin their professional practice. This is one reason why it is important to have a separate category as professional loans, catering to the individual financial requirements of each professional.

Professional loans are customised to suit the individual needs of the person taking the loan. Hence, these loans differ from business loans to some extent. While business loans are generally taken by companies to expand their business, professional loans fit the specific needs and eligibility of the borrowing professional. For instance, the funds required by a company to enter a new market will be different than the money required by a company secretary to start their practice.

Banks and financial institutions that grant professional loans consider not just the financial needs of the business but also check the eligibility of the professional by assessing their degree, working experience, the reason for the loan, and other factors when granting a professional loan. Another reason for distinguishing business loans from personal loans is the ease of availability. Professionals require minimal documentation and are more readily available for eligible individuals. These loans are available at competitive interest rates and charge much lower processing fees than personal loans. Also, professional loans are granted according to the customer earnings, existing obligations, and previous credit history.

Things to note while applying for a professional loan
Even though professional loans are readily available, there are a few things you need to keep a few things in mind, like:

  • Assess your funding needs: The first step when applying for a professional loan is to know your monetary requirements. Your financial needs will be different from any other professional. For instance, if you are a Chartered Accountant and want to start your practice, the quantum of funds needed will be different from a Doctor who wants to start their practice. Generally, the latter will borrow a higher amount because of expensive equipment, medicines, etc. Therefore, it is advisable to understand how much you need to borrow before approaching any lender for a professional loan.
     
  • Minimum and maximum funding available: Each lender – bank or financial institution – sets a minimum or maximum loan limit. You should check the minimum and maximum funding available from the concerned lender and see if that meets your professional financial requirements.
     
  • Compare different interest rates: Each bank or lending institution charges a different interest rate for professional loans. Usually, the interest rate for professional loans is between 10-18% per annum. The higher the interest rate, the higher would be the loan repayment burden in form of EMI. Therefore, when applying for a professional loan, compare different lenders as per their interest rates, and choose one that offers the minimum rate of interest on professional loans.
     
  • Collateral requirement, if any: Generally, professional loans are unsecured loans available without any security or collateral. However, some lending institutions might ask you to present collateral before availing of the loan. Therefore, when selecting the loan provider, check if the professional loan requires collateral and if you are willing to meet the requirement.
     
  • Processing fee: It is the one-time charge you pay to the bank or the lending institution when you avail of a professional loan. The processing fee covers the cost incurred by the lender on the loan process. The processing fee varies across lenders. Hence, it is best to compare it across lenders and choose a lender with a low processing charge.
     
  • Pre-payment or foreclosure charges: As a professional, your income is uncertain. You might earn exceptionally high in some months, and lower in some other months. Therefore, you might want to prepay or foreclose your professional loan. However, pre-payment or foreclosing your professional loan might require you to pay a penalty. Choose a lender that charges minimum or no pre-payment or foreclosure charges.
     
  • The credibility of loan provider: Check the credibility, reliability and market standing of the loan provider before availing of any professional loan. This is important to be safe from any legal liabilities or financial issues during the loan tenure.
     
  • Availability of digital and contactless processes: Given the current pandemic and increasing digitisation, choose a loan provider that offers a digital and contactless loan process. Facilities like online application, direct account receipt, mobile app, digital payments, etc., assures comfort and ease in loan processing.
     
  • Ease of documentation: Generally, professional loans involve minimum documentation. Lenders only assess your working experience and the professional degree to grant the loan. Hence, choose a lender that has a minimum and hassle-free documentation rather than a complicated documentation process.
     
  • Time of approval and disbursal: As a professional, you know opportunities strike unexpectedly. Hence, if you want to make the most of a chance, it is good to plan your finances well. Choosing a lender that offers quick approval and disbursal of funds will suit your purpose well.
     
  • Convenient tenure: All things being equal, a short professional loan tenure will mean you pay higher monthly instalments. Thus, you would be eligible for a smaller loan amount than if you choose a longer tenure professional loan.

Following the above points will help you choose the right loan amount and the professional loan lender.

About Poonawalla Fincorp Professional Loan
Poonawalla Fincorp understands your growth aspirations and subsequent financial requirements and aims to provide complete financial support to ensure you fulfil your dreams. Poonawalla Fincorp offers a diversified product suite to address the growing financial needs of businesses and professionals.

Especially, for professionals, the company offers reliable financing support in the form of professional loans. These loans ensure complete transparency, an attractive rate of interest, quick online loan process, approval and disbursal, hassle-free documentation, lowest fees and other charges, flexible repayment terms, seamless customer support and an advanced digital platform. Professional loans from Poonawalla Fincorp also levy no pre-payment or foreclosure charges.

Whether you are hoping to expand your existing services, scale up operations, fulfil working capital requirements or achieve a business milestone, professional loans from Poonawalla Fincorp will impeccably aid your purpose. Cost-effective professional loans from Poonawalla Fincorp assure you get immediate and easy access to funds, ensuring you don't miss out on potential opportunities. These unsecured loans are readily available and require minimum documentation and processing hassle so that you can focus on your practice rather than being involved in tiring documentation process.

Poonawalla Fincorp understands that each professional differs from the other. Therefore, the company has a separate professional loan category for Chartered Accountants, Company Secretary, and Doctors, given their specific financial requirements.

Poonawalla Fincorp professional loans for CAs
Poonawalla Fincorp offers unsecured, hassle-free, and easy professional loans for CAs to ensure they advance their career without any delay.

The specific purpose for which a professional loan is available
Poonawalla Fincorp offers professional loans of up to ₹30 lakh for CAs for specific purposes like:

  • Renovating their office
     
  • Acquiring or renting an office premise
     
  • Buying furniture and fixtures
     
  • Fulfilling everyday expenses
     
  • Meeting working capital requirements
     
  • Funding business expansion
     
  • Purchasing equipment
     
  • Business related financial requirements, such as foreign trips, client meetings, seminars, conferences, etc.
     
  • Overcome a liquidity crunch

Interest rates and charges applicable
Poonawalla Fincorp believes in offering loan to professionals like CAs so that loan liability is easily manageable.

Here is the full disclosure of all fees related to professional loans:

Particulars Figures*
Interest rate Starting at 9.99% per annum.
Pre-payment charges Zero pre-payment charges on foreclosing loan before the fixed tenure provided it is from own funds.
Loan processing charges Between 0% and 2% per profile and loan eligibility.
Late payment penalty Rs. 500 bouncing charge and a 3% interest penalty on the pending amount.

*T&C apply. These numbers are subject to change depending on existing offers

Eligibility criteria
Poonawalla Fincorp follows a simple and easy eligibility criterion to benefit most professionals.

Eligibility criteria for professional loans for CAs are:

Criteria Requirement
Applicant age Minimum 22 years at the time of loan application and maximum 65 years at the time of loan maturity.
Work experience Professional work experience of at least one year post qualification.
Income A minimum annual income of Rs. 3 lakh

Features and advantages
Poonawalla Fincorp understands the dedication of CAs towards their profession and aims to offer hassle-free, transparent, and cost-effective professional loans. Here are some of the advantages of taking a professional loan from Poonawalla Fincorp:

  • No restriction on the usage of funds
     
  • High professional loan up to Rs. 30 lakh
     
  • No requirement of security or collateral
     
  • Pocket-friendly interest rates starting at 9.99% per annum.
     
  • Completely transparent loan processing, approval, disbursal
     
  • The simple and contactless online application process
     
  • Minimum documentation and quick approval
     
  • Flexible repayment tenure of up to 60 months, as per your requirement.
     
  • No hidden fees or charges
     
  • Zero pre-payment or loan foreclosure charges
     
  • Seamless support
     
  • Special offers, timely issued for CA, CS, Doctors.

Documents required
Here is the list of documents CAs need to present when availing of a professional loan from Poonawalla Fincorp:

Documents List
KYC documents For self-employed CAs
  •     PAN card
  • Aadhaar card
  • Address proof – electricity bill/rent agreement/passport
  • Business address proof – electricity bill/rent agreement/passport
For firm/company
  • Firm/company PAN card, business address proof and other applicable registration documents
  • PAN card, Aadhaar card and residence proof of proprietor/partner/director.
Bank account statement Last six months
Qualification documents
  • Degree certificate
  • Certificate of practice

Poonawalla Fincorp professional loans for CS
Poonawalla Fincorp offers professional loans of up to Rs.30 lakh for CS for specific purposes like:

  • Expanding office space
     
  • Boosting operations
     
  • Infusing working capital
     
  • Building a team
     
  • Buying furniture and fixtures
     
  • Meet everyday expenses
     
  • Purchasing equipment
     
  • Business related financial requirements such as foreign trips, client meetings, seminars, conferences, etc.
     
  • Overcome a liquidity crunch
     
  • Achieve new milestones

Interest rates and charges applicable
Poonawalla Fincorp offers customized and cost-effective loans to CS.

Here is the full disclosure of all fees related to professional loans:

Particulars Figures*
Interest rate Starting at 9.99% per annum.
Pre-payment charges Zero pre-payment charges on foreclosing loan before the fixed tenure provided it is from own funds.
Loan processing charges Between 0% and 2% per profile and loan eligibility.
Late payment penalty Rs.500 bouncing charge and a 3% interest penalty on the pending amount.

*T&C apply. These numbers are subject to change depending on existing offers

Eligibility criteria
Professional loans for CS at Poonawalla Fincorp are easily available with minimum hassle. Eligibility criteria for professional loans for CS are:

Criteria Requirement
Applicant age Minimum 22 years at the time of loan application and maximum 65 years at the time of loan maturity.
Work experience Professional work experience of at least one year post qualification.
Income A minimum annual income of Rs. 3 lakh

Features and advantages
Poonawalla Fincorp aims to be a partner in the growth of professionals by offering them easy and quick access to funds at the right time without any need for collateral or security.

Some of the top benefits of taking a professional loan from Poonawalla Fincorp are:

  • No restriction on the usage of funds
     
  • High professional loan up to Rs. 30 lakh
     
  • No requirement of security or collateral
     
  • Pocket-friendly interest rates starting at 9.99% per annum.
     
  • Completely transparent loan processing, approval, disbursal
     
  • The simple and contactless online application process
     
  • Minimum documentation and quick approval
     
  • Flexible repayment tenure of up to 60 months, as per your requirement.
     
  • No hidden fees or charges
     
  • Zero pre-payment or loan foreclosure charges
     
  • Seamless support
     
  • Special offers, timely issued for CA, CS, Doctors.

Documents required
Here is the list of documents CS need to present when availing of a professional loan from Poonawalla Fincorp:

Documents List
KYC documents For self-employed CAs
  • PAN card
  • Aadhaar card
  • Address proof – electricity bill/rent agreement/passport
  • Business address proof – electricity bill/rent agreement/passport
For firm/company
  • Firm/company PAN card, business address proof and other applicable registration documents
  • PAN card, Aadhaar card and residence proof of proprietor/partner/director.
Bank account statement Last six months
Qualification documents
  • Degree certificate
  • Certificate of practice

Poonawalla Fincorp professional loans for Doctors
Poonawalla Fincorp offers professional loans of up to Rs. 30 lakh for Doctors for specific purposes like:

  • Expanding clinic
     
  • Integrating technology in practice
     
  • Paying wages and salaries
     
  • Fulfilling everyday expenses
     
  • Purchasing latest medical equipment
     
  • Buying office equipment and essentials
     
  • Fulfilling working capital requirements
     
  • Buying furniture and fixtures
     
  • Branding and marketing expenses
     
  • Any other business purposes

Interest rates and charges applicable
Poonawalla Fincorp offers specialised and cost-effective loans to Doctors, allowing them to grow their medical practice.

Here is the full disclosure of all fees related to professional loans:

Particulars Figures*
Interest rate Starting at 9.99% per annum.
Pre-payment charges Zero pre-payment charges on foreclosing loan before the fixed tenure provided it is from own funds.
Loan processing charges Between 0% and 2% per profile and loan eligibility.
Late payment penalty Rs. 500 bouncing charge and a 3% interest penalty on the pending amount.

*T&C apply. These numbers are subject to change depending on existing offers

Eligibility criteria
Doctors can easily and quickly get a professional loan at the lowest possible interest rates from Poonawalla Fincorp.

Eligibility criteria for professional loans for Doctors are:

Criteria Requirement
Applicant age Minimum 22 years at the time of loan application and maximum 65 years at the time of loan maturity.
Work experience Professional work experience of at least one year post qualification.
Income A minimum annual income of Rs. 3 lakh

Features and advantages
Poonawalla Fincorp understands the unique challenges and financial requirements of Doctors. Therefore, the company aims to allow medical professionals to concentrate on their practice without worrying about the finances through its professional loans for Doctors.

Some of the top benefits of taking a professional loan from Poonawalla Fincorp are:

  • No restriction on the usage of funds
     
  • High professional loan up to Rs 30 lakh
     
  • No requirement of security or collateral
     
  • Pocket-friendly interest rates starting at 9.99% per annum.
     
  • Completely transparent loan processing, approval, disbursal
     
  • A completely contactless online application process
     
  • Minimum documentation and quick approval
     
  • Flexible repayment tenure of up to 60 months, as per your requirement.
     
  • No hidden fees or charges
     
  • Zero pre-payment or loan foreclosure charges
     
  • Seamless support
     
  • Special offers, timely issued for CA, CS, Doctors.

Documents required
Here is the list of documents Doctors need to present when availing of a professional loan from Poonawalla Fincorp:

Documents List
KYC documents For self-employed CAs
  • PAN card
  • Aadhaar card
  • Address proof – electricity bill/rent agreement/passport
  • Business address proof – electricity bill/rent agreement/passport
For firm/company
  • Firm/company PAN card, business address proof and other applicable registration documents
  • PAN card, Aadhaar card and residence proof of proprietor/partner/director.
Bank account statement Last six months
Qualification documents
  • Degree certificate
  • Certificate of practice

How to apply for Poonawalla Fincorp professional loan?
Poonawalla Fincorp believes in offering professionals the right amount at the right time. The company follows an online, contactless application process and ensures quick loan disbursal. Applying for a professional loan at Poonawalla Fincorp is easy. The steps include:

  • Step 1: Visit our page of online professional loan
     
  • Step 2: Click on ‘Apply Now’.
     
  • Step 3: Select the employment and applicant type.
     
  • Step 4: Fill up the online form as required.
     
  • Step 5: Mention the loan amount and as per your professional needs. Select the loan tenure.
     
  • Step 6: Submit the required documents.
     
  • Step 7: Your application is processed by the expert team at Poonawalla Fincorp.
     
  • Step 8: Once approved, the professional loan amount is credited to the registered bank account.

For knowing your exact EMI, you can refer to the EMI calculator on our website.
If you wish to calculate your EMI (Equated Monthly Instalment) for the professional loan, you can use the online EMI calculator to know how much you need to pay each month. Using the online EMI calculator is easy and quick.

The EMI calculator requires you to input some basic professional loan details. The online tool quickly calculates your monthly liability per the professional loan principal amount. This information helps you to budget your monthly expenses accordingly. Moreover, you can assess your comfortability paying the EMIs and simultaneously, adjust your loan amount or tenure to suit your pocket. This cost-free online tool is simple to use and offers effective information ensuring you plan your EMIs efficiently and pay them on time.

You need to provide these three critical components to the EMI calculator:

  • The professional loan amount you want to apply.
     
  • The professional loan tenure (months/years) as per your repayment convenience.
     
  • Interest rate payable per your loan amount and loan tenure.

The EMI calculator uses these components and gives you a tentative payable amount.

Act now to avail of the best festive offers or get in touch with us!
Everything, right from the professional loan application, approval and disbursal, at Poonawalla Fincorp are simple, transparent and fast.

To apply for a Professional Loan, Click here

In case of any queries, contact us or refer to the FAQ section on the website.

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