Professional Loan: Interest Rate & Charges
Affordable Funding | No Foreclosure Penalty | Competitive Rates & Charges
Borrowing cost-effectively and staying within your budget is a given with the Poonawalla Fincorp Professional Loan. The professional loan interest rate offered is one of the lowest in the market, starting at just 10.99% p.a., and the loan also features nominal fees and charges.
With a competitive rate, we enable you to borrow freely to meet any expense, without having to worry about exceeding your budget. Our loans are affordable, easy to manage, and we also have provisions for cost-effective prepayments.
Professional Loan Fees & Charges
|Late payment penalty
Things To Know About Professional Loan Prepayment
Prepaying a loan is when you choose to pay a portion of the outstanding principal amount during the tenure. This is almost always a smart financial move and can help minimise the debt burden. When done right, it saves interest and reduces the professional loan EMI amount by a significant amount. These are the two key benefits, but there are a few things to keep in mind before you prepay your Poonawalla Fincorp Professional Loan.
- 1. You can only prepay your loan with your own funds
- 2. You do not incur a prepayment penalty or have to pay any prepayment fees
- 3. You should refer to the amortisation schedule before you prepay
- 4. You must only prepay if you can afford the added financial expense comfortably
- 5. You should use windfall gains and bonuses to prepay your loan ahead of time
Professional Loan Foreclosure Guidelines
Foreclosing a loan is when you decide to pay off the remaining debt completely in one single payment. Much like a prepayment, foreclosures also help save on interest, and can greatly reduce the cost of borrowing if done early in the tenure. However, before you opt to foreclose a professional loan, check out these guidelines.
- Analyse and assess your financial standing to know if you can afford a foreclosure
- Do a thorough cost-benefit analysis to know how much you will save
- Use online calculators to get accurate and reliable results
- Consider the impact of such a payment on your private practice
Frequently Asked Questions
How much are the professional loan prepayment charges?
The Poonawalla Fincorp Professional Loan has no prepayment charges or penalties. You can make such payments at no additional cost, and save even more in the process.
What are professional loan processing fees?
Processing fees are administrative charges levied by lenders for handling loan processing. The Poonawalla Fincorp Professional Loan has a processing fee that ranges between 0% and 2% of the sanction, and the rate charged depends on the applicant’s profile.
Is the interest rate for CA loan different from the interest rate for CS loan?
No. The Poonawalla Fincorp Professional Loan is offered at an interest rate starting at 10.99% p.a., and it is applicable for all eligible professionals.
What are Poonawalla Fincorp Professional Loan foreclosure charges?
Foreclosing your professional loan with us is free and has no additional charges or penalties applicable. Do note that any such payments made must be done with your own funds.
How do I get the best rate on a professional loan?
To get the best professional loan interest rate, you must meet all the loan criteria, submit all the required documents, have a strong credit profile, and maintain stable finances.