professional loan eligibility and documents required

Professional Loan Eligibility & Documentation

Loan up to 30 Lakhs | Attractive Interest Rate | Zero Foreclosure Charges

A Professional Loan is a finance or credit option available to professionals such as doctors, Chartered Accountants, architects, and others to start and grow their practice or business. Individuals with professional qualifications are eligible for these loans, which are granted based on their talents, track record, revenues, and reputation.

Professionals can borrow money to start their firms, buy or rent premises, expand their businesses, hire new employees, acquire working capital, attend seminars and conferences, and cover other short-term needs. They lead busy lives and often don’t have the time for long-winded formalities. We’ve accounted for your fast-paced lifestyle and have optimized our Professional Loan accordingly. Availing of the Poonawalla Fincorp Professional Loan is an effortless undertaking when you meet our simple criteria or submit minimal paperwork.

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Professional Loan Eligibility Criteria

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We recognize the importance of your time, which is why we have a dedicated relationship manager. Reach out to us online or visit our branch and we will guide you through the requirements promptly and offer a hassle-free experience. To qualify for a Professional Loan, you must meet certain requirements. The following are the eligibility requirements:

Criteria Requirement
Age Applicants must be between 22 and 62 years of age.
Work Experience Applicant must be practising professional for 1-year post qualification.
Income Applicant must have a minimum receipt of ₹3 lakh.
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Documents Required For A Professional Loan

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The documents required for a Professional Loan are nearly identical to those required for a KYC when opening a bank account or doing any other financial transaction. In general, the lending institution will require the following documents:

Criteria Requirement
KYC For Self-Employed Professionals:
  • PAN Card
  • Aadhaar Card
  • Residence Address Proof: Electricity Bill / Rent Agreement / Passport
  • Business Address Proof: Electricity Bill / Rent Agreement
For Firm / Company:
  • Firm/Company PAN Card, Business Address Proof and Other Applicable Registrations
  • Proprietor/Partner/Director: PAN Card, Aadhaar Card
  • Residence Address Proof: Electricity Bill/Rent Agreement/Passport
Financial Documents Bank account statement for the past 6 months.
Professional Qualifications Certificate of Practice and Degree Certificate.

Do note the above-mentioned list of Professional Loan eligibility documents is indicative. Additional documents may be required during loan processing.

How to check Professional Loan eligibility?
To know if you qualify for our offering, simply visit the official webpage and check the list of Professional Loan eligibility criteria. For further insight, you can also connect with our support team online or visit a branch nearest to you.

Where can I check Professional Loan online eligibility details?
The full list of eligibility criteria is listed clearly on our website. All you have to do is visit the official Professional Loan webpage and click on ‘Eligibility & Documents’ to find the information you need.

What are the documents required for a doctor’s loan?
To prove your eligibility for our Professional Loan, you are required to submit KYC, financial, and qualification documents. Find the full list online or contact our support team to know more.

Are there any specific Professional Loan eligibility criteria for CS applicants?
No. All CS, doctors, and CA professionals must meet a standard set of criteria. There are no special profession-related requirements.

Do I need to submit documents to prove my professional qualifications?
Yes. All applicants must submit their degree certificate to prove their qualification as well as their certificate of practice, if applicable.

What can we use Professional Loan for?
A Professional Loan can be used for multiple roles. Here are some of them:

Professional loan for debt consolidation
Businesses amass debt from a variety of sources over time, with varied payback schedules and interest rates. If not handled properly, this can be costly to your company.

Loan for Purchase of equipment
The latest equipment assure flawless operation while also allowing for large-scale operations. The most up-to-date equipment, along with cutting-edge technology, speeds up processes, improves efficiency, and minimizes turnaround time.

Undertake a professional course
To stay ahead of the game in this age of fierce competition, you must continually upgrade yourself. There are several professional courses available that can teach you new and better ways to run your business. A Professional Loan can help you pay for any training you or your employees might need.

Business growth
Every business owner has ambitious expansion goals. However, raising money from accruals can be difficult for small and medium businesses. You can benefit from our simple processes, rapid disbursals, and flexible repayment options when you take out a Professional Loan from Poonawalla Fincorp.

What are the different types of Professional Loans?
Many factors influence the sort of Professional Loan sought, including the nature of the practice, whether the borrower is paid, and the purpose. The forms of Professional Loans issued by financial institutions are listed below:

Loans for Doctor.
Doctors can get Professional Loans up to ₹30 lakh with various repayment options and low EMIs. Doctor loans are authorized quickly and with minimal difficulty.

Loans for Chartered Accountants
CAs can get a loan to satisfy their working capital needs and for a variety of reasons, including business expansion, paying off rent and salaries, purchasing equipment, managing cash flow, and so on. The loan amount granted to CAs varies by bank and is determined by the applicant's profile and business needs.

Professional Loans for Company Secretaries
Company Secretaries can get a Professional Loan with various repayment choices.

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Professional loans benefits
Why professional loans are financially beneficial?

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. Now, why compromise on achieving success out of it?

Cash Flows
How to manage cash flow in business?

The key to a sustainable business is its financial and cash flow management! Your working capital helps you define a realistic business growth plan, goals and grab the opportunities on your way. Whether you want to scale up the operations, expand the existing structure, purchase state-of-the-art machines and equipment, or need help in maintaining your day-to-day capital, cash flows management plays a crucial rule for all of them.

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