It's a great time to upgrade your own business in India, thanks to a combination of progressive and business-friendly policies. Furthermore, the Digital India stack (Aadhar, DigiLocker, UPI, and OCEN) is leveraging the use of technology to promote a fairer playing field. Given all these factors, it is no surprise that India has jumped 79 notches since 2013, on the World Bank's Ease of Doing Business rankings, and now stands at 63rd place.
For professionals like Doctors and Chartered Accountants (CAs), the grass has never been greener. As India's population and economy have boomed, so has the demand for availing robust and secured healthcare services and financial expertise. The Covid-19 pandemic has brought about significant changes in the market dynamics, including a shift towards digital adoption and increased demand for healthcare services. Meanwhile, India's enormous push towards infrastructure is creating lakhs of opportunities for self-employment and increasing the demand for financial expertise.
The Finance Hurdle
For most would-be owners of medical clinics or chartered accountancy firms, the biggest hesitation is typically related to easy availability of finances. For most of us, our savings are nowhere near where they need to be to allow us to branch out on our own, leaving us feeling stuck. Waiting to start a business solely based on your savings is sometimes difficult and also not recommended.
Professional Loans can be a key enabler and solution for such people. In India, we have Professional Loans tailored to the needs of self-employed Doctors, CAs and other professionals like Company Secretaries. Poonawalla Fincorp's Professional Loan for CAs and Doctors is a prime example of how attractive these loan products can be.
Here are 5 key features of Poonawalla Fincorp's Professional Loan:
High Loan Amount
Doctors and CAs require significant amounts of money to set up or expand their respective practices, covering expenses ranging from office space to investment in specialty equipment to expensive technology software. Professional Loans are designed to cater to these unique professional requirements. These multi-purpose sanctions allow professionals to bundle their expenses and use the loan amount as they see fit are the best ones.
Flexible Repayment Terms
Professional Loans come with flexible repayment terms of up to 60 months, allowing Doctors and CAs to choose a repayment period that suits their financial situation. The best loan products come with zero repayment fees, allowing professionals to make part pre-payments and save on the overall interest paid out.
Lower Interest Rates
Professionals like CAs and Doctors are generally considered low-risk borrowers, which is why lenders offer Professional Loans at competitive interest rates compared to other types of consumer loans. Financial companies like Poonawalla Fincorp not only offer a Professional Loan at the industry’s lowest interest rate starting from 9.99% per annum but also empowers the borrower to check their EMI outgo using the free EMI calculator on their website. The free online Professional Loan EMI calculator allows borrowers to beforehand understand the monthly outgo towards servicing their loan.
Minimal Documentation
Professionals are often busy attending to their clients, which is why Professional Loan products are designed to simplify the documentation process for availing the loan. Poonawalla Fincorp, for instance, requires the borrower to submit basic KYC documents, bank statements for the last 6 months, and proof of professional certification like a certificate of practice or degree certificate. The entire process of the loan cycle is initiated and can be completed online, and borrowers don’t even need to visit any Poonawalla Fincorp office physically in most cases.
Collateral-free
One of the most attractive features of Poonawalla Fincorp's Professional Loan is that it does not require the borrower to pledge any tangible collateral to avail a loan. This means, that self-employed professionals like CAs, doctors, and others who wish to upgrade or expand their existing practice can obtain the loan without having to submit any security (assets) to avail a loan. This is especially helpful for those aspiring self-employed professional who may not have assets to put up as collateral or may not want to risk losing their assets in case they are unable to repay the loan.
Conclusion
India's economic engine is fueled by the growth of small businesses. As Doctors set-up their independent clinics, they create jobs not only for other doctors, but a whole host of medical professionals, while also creating options for the general public at large. Similarly, CAs who set up their own practice make it possible for young CAs to find internships and jobs more easily, while also creating a wider net of professionals for India's new businesses, freelancers, and self-employed workforce.
For Poonawalla Fincorp, this doesn't just provide a strong business opportunity, but a social one: to participate and contribute in the creation offe a businesses and a healthcare ecosystem that benefits all stakeholders, and also contributes towards nation-building.
*T&C Apply
Moneycontrol journalists were not involved in the creation of the article.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
