We have "Professionals Loans" for you
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A professional loan, as the name suggests, is a loan that can be taken out by professionals like accountants, doctors, journalists, engineers, dentists, company secretaries, surveyors, lawyers, architects, management consultants and professionals involved in consultancy. Professionals applying for a professional loan must be qualified and must possess the proper skill set required to practice their trades
Loans can be great solutions for businesses that don't want the hassle that often comes with finding an investor or business partner. However, ensuring that you will be able to pay back the amount that you borrow is essential because your assets could be taken from you as collateral if you fail to make the repayments.
1. No Collateral / Security : We do not ask for any collateral or security for Professional Loan.
2. Attractive Rate of Interest : Our Professional Loan interest rates are affordable and competitive.
3. Minimum Documentation : Our documentation process is simple and minimal.
4. Quick Approval : Get a collateral-free Professional Loan within 2 working days only. We make sure your objectives are never compromised.
5. Flexible Tenure : We provide you repayment tenure up to 60 Months
6. No Hidden Charges : With Poonawalla Finance, you get what you see! Avail an easy Professional Loan with no hidden charges.
7. Zero Prepayment Charges : Foreclosure of your loan is absolutely free. We do not charge you for either pre-payment or part payment.
8. Easy and Hassle Free Process : Simple Online Application Process, with Minimal Documents and Approval in 2 Working Days.
9. Takeover your High Cost Loans : Avail the benefit of low interest rates, by taking over your high cost loan.
Professional Loan Types
There are two major types of Professional loan that is :
1. Professional loan for doctors
Professional doctors for a doctor is specifically designed to meet the financial requirements of a Professional Doctors. Be it expanding the clinic or purchasing new medical equipment, this loan serves the purpose.
2. Professional Loan for Chartered Accountant
Professional loan for Chartered Accountants provides financial assistance to Chartered Accountants is not only running their business smoothly but also in expanding their services.
You can repay your Loan various payment options.
1. You can use your debit or credit card, net banking, UPI, or though NACH (National Automated Clearing House) in order to pay your EMI online.
2. You can also visit the nearest branch of the bank from whom you have availed the loan and pay via debit card, credit card, cheque, demand draft, or simply by cash.
Professional Loan Things to Consider When Applying
Listed below are a few points that you should consider before availing a professional oan:
Check your requirements
A professional loan for doctors will have a different financial requirement as compared to a professional loan for chartered accountant.
Compare your rate of interest
Different loan providers offer different interest rates on their professional loans. Hence, before choosing your loan provider it is advisable to compare all your options in the market and make an informed decision about your professional loan.
Watch out for any hidden charges
Most loan providers are transparent about their loan processing fees and other charges involved.
Check for the loan provider’s credibility:
It is important to check your bank or loan provider’s credibility before availing any professional loan with them. This would ensure that you do not face any legal liabilities or financial hassles during your loan tenure.
There are certain eligibility criteria you will have to fulfill in order to avail a professional loan which are given below:
Should be a resident of India
Minimum age of eligibility should be 25 years and maximum age of eligibility should be 65 years
Doctors, Chartered Accountants, professionals, and non-professionals can apply for a professional loan
Minimum income should be Rs.1 lakh per annum
Business must be making profit for at least 2 previous years
Any applicant who is going to avail a professional loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
Proof of Address such as Aadhaar, Passport, Voter ID, etc.
Proof of identity such as Aadhaar, PAN Card, Passport, etc.
PAN Card
Bank Statement for the past 6 months
Proof of continuation such as ITR, Trade License, Establishment Certificate, Sales Tax certificate, etc.
Latest ITR along with computation of income, Balance Sheet and Profit & Loss Account for the last 2 years with financial certified or audited by a CA
Other Mandatory Documents such as Sole Proprietary Declaration or Certified Copy of Partnership Deed, Director-certified true copy of Memorandum & Articles of Association & Board Resolution (Original)
Applying for a professional loan offers the following benefits-
Instant loan approval and quick amount disbursal that makes establishing your business faster
Competitive interest rates and flexible repayment options
Easy online process
Less documentation required as compared to other loan application processes
Option of prepayments.
A borrower can physically visit the loan provider’s office or choose to apply for a professional loan online from the comforts of your office. However, before you initiate your loan application process, it is advised that you compare all your options online and choose a loan provider who is offering you a professional loan as per your business needs. Moreover, once you select your loan provider, it is also important that you check your eligibility for their professional loan. Once you are thorough with all these details, you can proceed with your online application process. The following steps will help you to apply online that is :
1. Open the professional loan application page on your bank/loan provider’s website
2. Fill up the online form with your personal as well as professional details
3. Specify your loan details as per your professional business needs
4. Get your loan application assessed by the loan provider and get it approved
5. Once approved, the loan amount will get disbursed in your account within 24 hours.
Various banks have the EMI Calculator tool on their official website which you can use. You will have to enter the loan amount you wish to avail, repayment tenure, and the interest rate and click on ‘Calculate’. You will be able to view the EMI you will have to pay on a monthly basis.
Professional loan EMIs are calculated using a very easy formula.
E = P x r x (1+r)n / (1+r) n-1
Where,
E = EMI amount
P = Principal amount
r = Rate of interest at which you will be borrowing the loan
n = tenure of the loan over which you will be repaying the loan.
Bank offered Financial Products
Professional Loans are loans which self-employed people like doctors, lawyers, chartered accountants, etc. can avail without any collateral in order for upgrading business or purchasing equipment. There are various banks in India who offer professional loans to customers.
Yes, you can have a guarantor if you are applying for a professional loan.
Whether you will be required to pay any prepayment or foreclosure charges will depend from lender to lender.
Professional loan EMIs are calculated using a very easy formula.
E = P x r x (1+r)n / (1+r) n-1
Where,
E = EMI amount
P = Principal amount
r = Rate of interest at which you will be borrowing the loan
n = tenure of the loan over which you will be repaying the loan.
There are two major types of Professional loan that is :
Various banks have the EMI Calculator tool on their official website which you can use. You will have to enter the loan amount you wish to avail, repayment tenure, and the interest rate and click on ‘Calculate’. You will be able to view the EMI you will have to pay on a monthly basis.
You can apply offline by visiting nearest bank branch or by online through website.
Last Updated on : 23/Oct/2020Know More About
You're eligible for a Professionals Loans if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Professionals Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Professionals Loans Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 12.5% - 15.65% |
| Processing Fees | Varies with bank |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Professionals Loans EMI Calculator