professional loan eligibility and documents required

Professional Loan Eligibility & Documentation

Loan up to 50 Lakhs | Attractive Interest Rate | Zero Foreclosure Charges

A Professional Loan is a finance or credit option available to professionals such as Doctors, Chartered Accountants (CAs), 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.

Professionals can borrow money to buy or rent premises, expand their businesses, hire new employees, acquire working capital, attend seminars and conferences etc. We have optimized our Professional Loan application process by keeping the busy schedules of working professionals in mind. Availing of the Poonawalla Fincorp Professional Loan is easy and convenient when you meet our simple criteria and 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 completely online process to assist you. Reach out to us online or visit our branch and we will guide you through the requirements promptly. To qualify for a Professional Loan, you must meet certain requirements. The following are the eligibility criteria for Professional Loan:

Criteria Requirement
Age Applicants must be between 24 and 65 years (during 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 Professional Loan eligibility list is indicative. Additional documents & eligibility criteria may be required during loan processing by Poonawalla Fincorp.

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Documents Required for A Professional Loan

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Documents required for a Professional Loan are listed below:

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 Doctors: Doctor’s Prescription Letter
  • For CA/ CS: Firm / Member Card
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 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.

Where can I check Professional Loan eligibility details online?

The full list of eligibility criteria is available 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, qualification documents etc. 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 mentioned above. 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 Professional Loan for?

A Professional Loan 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 minimizes turnaround time. Quick Professional Loan will help you to achieve this goal.
  • Undertake a professional course
    To stay ahead in the game, you must continually upgrade your knowledge. There are several professional courses available that can teach you new and better ways to improve your business operations. A Professional Loan can help you pay for any training you or your employees might need.
  • Business growth
    Every business owner has ambitious goals for their business’s expansion and growth. However, raising money can be difficult for small and medium businesses. Poonawalla Fincorp can help you with the capital with its simple processes, rapid disbursals, and flexible repayment options.

What are the different types of Professional Loans?

Some of the professions where Professional Loans issued by financial institutions are listed below:

  • Loans for Doctors
    Doctors can get Professional Loans up to ₹50 Lakh with various repayment options and low EMIs.
  • Loans for Chartered Accountants (CAs)
    CAs are eligible for a Professional Loan up to ₹50 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 Professional Loan with various repayment options, attractive interest rates and quick disbursal.

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