Easy Eligibility and Minimal Documentation
A loan to professionals is a credit option available to professionals like Doctors, Chartered Accountants (CAs), and Company Secretaries (CSs) to grow their practice. Individuals with professional qualifications (Doctor/CA/CS) are eligible for these loans, which are granted based on their financial track record, revenues, business experience, etc.
Loan to professionals can be availed of to buy new premises, business expansion, hiring new employees, acquiring working capital, attending seminars and conferences, and more. We have optimised our Professional Loan application process by keeping the busy schedules of working professionals in mind.
Availing of a loan for professionals is easy and convenient. All you have to do is meet our simple criteria and submit minimal paperwork.
Required Eligibility Criteria and Documents
Eligibility Criteria
To qualify for a loan to professionals, you must meet certain requirements. The following are the eligibility criteria for Professional Loan:
| Criteria | Requirement |
| Age | Applicant’s age must be at least 24 years while applying for a loan and 65 years at the time of loan maturity. |
| Work Experience | Applicant must be a practising professional for at least 1-year post qualification. |
| Income | Applicant must have a minimum annual professional receipt of ₹3 Lakh. |
Note: The above-mentioned eligibility for professional loan list is indicative. Additional documents & eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Documents Required
Documents required for a Loan to professionals are listed below:
| Criteria | Requirement |
| KYC |
For Self-Employed Professionals:
|
| Financial Documents | Bank account statement from the last 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.
Factors Affecting Professional Loan Eligibility
There are a lot of factors that affect your eligibility for professional loan, such as:
Age
Work Experience
Monthly Income
Credit Score
- Age - Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or may not have enough income to support EMIs. Similarly, if the applicant is beyond the maximum age limit, they may be close to retirement and may not have enough working years left to pay the EMIs.
- Work Experience - Applicants with more work experience are usually considered to have a financially secure future compared to an applicant who has recently started working.
- Monthly Income - Your income is assessed for two significant reasons. Firstly, to know whether you can afford the EMIs for the loan amount you seek. Secondly, to determine your disposable income, considering all your other obligations. For instance, applicants with a debt-to-income (DTI) ratio greater than 50% are less likely to get approved for a loan because they are already servicing a great deal of debt.
- Credit Score - A credit score is one of the most critical factors that affect your eligibility for professional loan. It depicts your credit history i.e., your loan repayments and other credit card payments history. A high credit score shows you have repaid your debts on time. This means you will most likely repay your loan EMIs on time. On the other hand, a poor credit score shows inconsistent credit behaviour, which may result in loan rejection. However, you can improve your credit score by making timely repayments and clearing your dues.
Frequently Asked Questions
Where can I check the eligibility for a professional loan in detail online?
The full list of eligibility criteria is available on our website. Simply visit our ‘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 loan to professionals, you are required to submit KYC details, financial proof, and qualification documents like certificate of practice and degree certificate.
Are there any specific Professional Loan eligibility criteria for CS applicants?
No. All CS, Doctors, and CA professionals must meet the standard criteria. There are no special profession-related requirements specific to CS only.
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 a Loan to professionals for?
A loan to professionals has multiple uses. Here are some of them:
- Loan for Purchase of Equipment
A modern equipment, along with cutting-edge technology, speeds up processes, improves efficiency, and minimises turnaround time. A quick loan to professionals will help you to achieve this goal. - Professional Course
It is necessary to continuously upgrade your knowledge with time. There are several professional courses available that can help you learn new and better ways to improve your business operations. A loan to professionals can help you pay for any skill training courses you or your employees might need. - Business Growth
Every business owner has ambitious goals for the expansion and growth of their enterprise. But raising funds can be a difficult task. Luckily, Poonawalla Fincorp can help you with the capital with its simple process, rapid disbursal, and flexible repayment options.
What are the different types of loans to professionals?
The different type of loan to professionals offered by us are:
-
Loans for Doctors
Doctors can get loan for professionals up to ₹75 lakh with various repayment options and affordable EMIs. -
Loans for Chartered Accountants (CAs)
CAs are eligible for a loan to professionals up to ₹75 lakh. The loan amount granted to CAs varies and is determined based on the applicant's profile and business needs. -
Professional Loans for Company Secretaries (CSs)
Company Secretaries can get a loan for professionals with various repayment options, attractive interest rates, and quick disbursal.
