What is Professional Loan

Everything you need to know about Loan to Professionals

Transformation and growth are a part of life. As a professional, you have immense growth opportunities, some of which you are unable to pursue due to a lack of funding. However, if you get reliable, collateral/security free funding, you can make the most of the opportunities and grow significantly in your career. This assistance in the form of professional loans is a personalised credit offering available for working professionals, such as Doctors, Chartered Accountants (CAs) and Company Secretary (CS). As a professional, you can use this collateral-free loan to start or expand your business or practice.

Let's get acquainted with the loan to professionals:

Why have a separate category of loans to professionals?
Professionals, such as Chartered Accountants, Company Secretary and Doctors function differently from other ordinary businessmen. Further, these professionals individually also differ in financial needs from the other. For instance, the monetary requirements of a Doctor will be much diverse compared to a Chartered Accountant or a Company Secretary. In a case where a Doctor might require a hefty sum to start their practice, a Chartered Account will want a significantly lower amount to begin their professional practice. This is one reason why it is important to have a separate category as professional loans, catering to the individual financial requirements of each professional.

Professional loans are customised to suit the individual needs of the person taking the loan. Hence, these loans differ from business loans to some extent. While business loans are generally taken by companies to expand their business, professional loans fit the specific needs and eligibility of the borrowing professional. For instance, the funds required by a company to enter a new market will be different than the money required by a company secretary to start their practice.

Banks and financial institutions that grant professional loans consider not just the financial needs of the business but also check the eligibility of the professional by assessing their degree, working experience, the reason for the loan, and other factors when granting a professional loan. Another reason for distinguishing business loans from personal loans is the ease of availability. Professionals require minimal documentation and are more readily available for eligible individuals. These loans are available at competitive interest rates and charge much lower processing fees than personal loans. Also, professional loans are granted according to the customer earnings, existing obligations, and previous credit history.

Things to note while applying for a professional loan
Even though professional loans are readily available, there are a few things you need to keep a few things in mind, like:

Following the above points will help you choose the right loan amount and the professional loan lender.

About Poonawalla Fincorp Professional Loan
Poonawalla Fincorp understands your growth aspirations and subsequent financial requirements and aims to provide complete financial support to ensure you fulfil your dreams. Poonawalla Fincorp offers a diversified product suite to address the growing financial needs of businesses and professionals.

Especially, for professionals, the company offers reliable financing support in the form of professional loans. These loans ensure complete transparency, an attractive rate of interest, quick online loan process, approval and disbursal, hassle-free documentation, lowest fees and other charges, flexible repayment terms, seamless customer support and an advanced digital platform. Professional loans from Poonawalla Fincorp also levy no pre-payment or foreclosure charges.

Whether you are hoping to expand your existing services, scale up operations, fulfil working capital requirements or achieve a business milestone, professional loans from Poonawalla Fincorp will impeccably aid your purpose. Cost-effective professional loans from Poonawalla Fincorp assure you get immediate and easy access to funds, ensuring you don't miss out on potential opportunities. These unsecured loans are readily available and require minimum documentation and processing hassle so that you can focus on your practice rather than being involved in tiring documentation process.

Poonawalla Fincorp understands that each professional differs from the other. Therefore, the company has a separate professional loan category for Chartered Accountants, Company Secretary, and Doctors, given their specific financial requirements.

Poonawalla Fincorp professional loans for CAs
Poonawalla Fincorp offers unsecured, hassle-free, and easy professional loans for CAs to ensure they advance their career without any delay.

The specific purpose for which a professional loan is available
Poonawalla Fincorp offers professional loans of up to ₹30 lakh for CAs for specific purposes like:

Interest rates and charges applicable
Poonawalla Fincorp believes in offering loan to professionals like CAs so that loan liability is easily manageable.

Here is the full disclosure of all fees related to professional loans:

Particulars Figures*
Interest rate Starting at 9.99% per annum.
Pre-payment charges Zero pre-payment charges on foreclosing loan before the fixed tenure provided it is from own funds.
Loan processing charges Between 0% and 2% per profile and loan eligibility.
Late payment penalty Rs. 500 bouncing charge and a 3% interest penalty on the pending amount.
*T&C apply. These numbers are subject to change depending on existing offers

Eligibility criteria
Poonawalla Fincorp follows a simple and easy eligibility criterion to benefit most professionals.

Eligibility criteria for professional loans for CAs are:

Criteria Requirement
Applicant age Minimum 22 years at the time of loan application and maximum 65 years at the time of loan maturity.
Work experience Professional work experience of at least one year post qualification.
Income A minimum annual income of Rs. 3 lakh

Features and advantages
Poonawalla Fincorp understands the dedication of CAs towards their profession and aims to offer hassle-free, transparent, and cost-effective professional loans. Here are some of the advantages of taking a professional loan from Poonawalla Fincorp:

Documents required
Here is the list of documents CAs need to present when availing of a professional loan from Poonawalla Fincorp:

Documents List
KYC documents For self-employed CAs
  • PAN card
  • Aadhaar card
  • Address proof – electricity bill/rent agreement/passport
  • Business address proof – electricity bill/rent agreement/passport
For firm/company
  • Firm/company PAN card, business address proof and other applicable registration documents
  • PAN card, Aadhaar card and residence proof of proprietor/partner/director.
Bank account statement Last six months
Qualification documents
  • Degree certificate
  • Certificate of practice

Poonawalla Fincorp professional loans for CS
Poonawalla Fincorp offers professional loans of up to Rs.30 lakh for CS for specific purposes like:

Interest rates and charges applicable
Poonawalla Fincorp offers customized and cost-effective loans to CS.

Here is the full disclosure of all fees related to professional loans:

Particulars Figures*
Interest rate Starting at 9.99% per annum.
Pre-payment charges Zero pre-payment charges on foreclosing loan before the fixed tenure provided it is from own funds.
Loan processing charges Between 0% and 2% per profile and loan eligibility.
Late payment penalty Rs.500 bouncing charge and a 3% interest penalty on the pending amount.
*T&C apply. These numbers are subject to change depending on existing offers

Eligibility criteria
Professional loans for CS at Poonawalla Fincorp are easily available with minimum hassle. Eligibility criteria for professional loans for CS are:

Criteria Requirement
Applicant age Minimum 22 years at the time of loan application and maximum 65 years at the time of loan maturity.
Work experience Professional work experience of at least one year post qualification.
Income A minimum annual income of Rs. 3 lakh

Features and advantages
Poonawalla Fincorp aims to be a partner in the growth of professionals by offering them easy and quick access to funds at the right time without any need for collateral or security.

Some of the top benefits of taking a professional loan from Poonawalla Fincorp are:

Documents required
Here is the list of documents CS need to present when availing of a professional loan from Poonawalla Fincorp:

Documents List
KYC documents For self-employed CAs
  • PAN card
  • Aadhaar card
  • Address proof – electricity bill/rent agreement/passport
  • Business address proof – electricity bill/rent agreement/passport
For firm/company
  • Firm/company PAN card, business address proof and other applicable registration documents
  • PAN card, Aadhaar card and residence proof of proprietor/partner/director.
Bank account statement Last six months
Qualification documents
  • Degree certificate
  • Certificate of practice

Poonawalla Fincorp professional loans for Doctors
Poonawalla Fincorp offers professional loans of up to Rs. 30 lakh for Doctors for specific purposes like:

Interest rates and charges applicable
Poonawalla Fincorp offers specialised and cost-effective loans to Doctors, allowing them to grow their medical practice.

Here is the full disclosure of all fees related to professional loans:

Particulars Figures*
Interest rate Starting at 9.99% per annum.
Pre-payment charges Zero pre-payment charges on foreclosing loan before the fixed tenure provided it is from own funds.
Loan processing charges Between 0% and 2% per profile and loan eligibility.
Late payment penalty Rs. 500 bouncing charge and a 3% interest penalty on the pending amount.
*T&C apply. These numbers are subject to change depending on existing offers

Eligibility criteria
Doctors can easily and quickly get a professional loan at the lowest possible interest rates from Poonawalla Fincorp.

Eligibility criteria for professional loans for Doctors are:

Criteria Requirement
Applicant age Minimum 22 years at the time of loan application and maximum 65 years at the time of loan maturity.
Work experience Professional work experience of at least one year post qualification.
Income A minimum annual income of Rs. 3 lakh

Features and advantages
Poonawalla Fincorp understands the unique challenges and financial requirements of Doctors. Therefore, the company aims to allow medical professionals to concentrate on their practice without worrying about the finances through its professional loans for Doctors.

Some of the top benefits of taking a professional loan from Poonawalla Fincorp are:

Documents required
Here is the list of documents Doctors need to present when availing of a professional loan from Poonawalla Fincorp:

Documents List
KYC documents For self-employed CAs
  • PAN card
  • Aadhaar card
  • Address proof – electricity bill/rent agreement/passport
  • Business address proof – electricity bill/rent agreement/passport
For firm/company
  • Firm/company PAN card, business address proof and other applicable registration documents
  • PAN card, Aadhaar card and residence proof of proprietor/partner/director.
Bank account statement Last six months
Qualification documents
  • Degree certificate
  • Certificate of practice

How to apply for Poonawalla Fincorp professional loan?
Poonawalla Fincorp believes in offering professionals the right amount at the right time. The company follows an online, contactless application process and ensures quick loan disbursal. Applying for a professional loan at Poonawalla Fincorp is easy. The steps include:

For knowing your exact EMI, you can refer to the EMI calculator on our website.
If you wish to calculate your EMI (Equated Monthly Instalment) for the professional loan, you can use the online EMI calculator to know how much you need to pay each month. Using the online EMI calculator is easy and quick.

The EMI calculator requires you to input some basic professional loan details. The online tool quickly calculates your monthly liability per the professional loan principal amount. This information helps you to budget your monthly expenses accordingly. Moreover, you can assess your comfortability paying the EMIs and simultaneously, adjust your loan amount or tenure to suit your pocket. This cost-free online tool is simple to use and offers effective information ensuring you plan your EMIs efficiently and pay them on time.

You need to provide these three critical components to the EMI calculator:

The EMI calculator uses these components and gives you a tentative payable amount.

Act now to avail of the best festive offers or get in touch with us!
Everything, right from the professional loan application, approval and disbursal, at Poonawalla Fincorp are simple, transparent and fast.

To apply for a Professional Loan, Click here

In case of any queries, contact us or refer to the FAQ section on the website.

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