Competitive Interest Rates and No Hidden Charges
We offer Professional Loans for Doctors, CAs, and CSs at attractive interest rates, with great features, nominal fees, and no hidden charges.
With a competitive Professional Loan interest rate, you can begin a stress-free borrowing journey to meet any expense, without having to worry about exceeding your budget. Our loans are affordable and easy to manage, and we also have provisions for cost-effective prepayments.
Professional Loan Fees & Charges
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Interest rates
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Processing Fees
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Prepayment charges
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Late payment penalty Defaulting on loan EMIs attracts a penalty and penalty charges are mentioned below:
Also, in case of cheque bounce there will be a charge ₹500 per bounce, plus taxes as applicable |
Professional Loan – Schedule of Charges & Other Features
| Loan Amount | ₹1 Lakh to ₹75 Lakh |
| Loan Processing Fees | 2% + GST for Company Secretary, Chartered Accountant and Doctors |
| Professional Loan Interest Rates | 13% p.a onwards for Company Secretary, Chartered Accountant and Doctors |
| Lowest EMI per month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12 - 60 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources. |
| Default Charges | 24% per annum |
| Repayment Instrument Dishonor Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
4 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 loan tenure. This is a smart financial move and can help minimise the debt burden. When done right, it saves interest and reduces the EMI amount considerably. These are the two key benefits, but there are a few things to keep in mind before you prepay your loan:
- 1. You can only prepay your loan with your own funds.
- 2. You do not incur a prepayment penalty or pay any prepayment fees.
- 3. You should refer to the EMI schedule before you prepay.
- 4. You must only prepay if you can afford the added financial expense comfortably.
Professional Loan Foreclosure Guidelines
Foreclosing a loan is when you decide to pay off the remaining debt completely in a single payment. Much like a prepayment, foreclosures also help you save on interest. However, before you opt to foreclose a Professional Loan, check out the following 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 payment on your private practice.
Frequently Asked Questions
What are the Professional Loan prepayment charges?
The Poonawalla Fincorp offers loan to professionals with no prepayment charges or penalties if paid from their own sources. You can make such payments at no additional cost and save even more in the process.
What are the Professional Loan processing fees?
Processing fees are administrative charges levied by lenders for handling loan processing. The Poonawalla Fincorp Professional Loan has a minimal processing fee of 2% the sanction amount plus applicable taxes for Chartered Accountants, Company Secretaries & Doctors.
What are Poonawalla Fincorp Professional Loan foreclosure charges?
Foreclosing your Professional Loan with us is free and there are 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 the loan criteria, submit the required documents, have a strong credit profile, and maintain stable finances etc.
*T&C Apply
