No More Countless Paperwork! Applying for Professional Loans Made Easy & Quick by Poonawalla Fincorp

Anyone who has ever applied for a loan knows that the most time-consuming and stress-inducing part of the entire process lies in the heap of paperwork which comes along with it. For some reason, the paperwork is always unending and cumbersome.

If your loan application is a straightforward one, you probably won't have to visit the lender’s branch or meet with your agent more than once. But for those who need to provide a host of different documents due to changes in their professional or personal life (like name changes), this can often turn into a stressful ordeal.

Moreover, another thing that adds to the chaos is that when you're applying for a loan, you're usually in a spot where you need the money to be disbursed at the earliest. Overall, it's not a pleasant experience.

However, it doesn't need to be this way.

Hassle-free Loan Application in Just a Few Clicks with Minimal Documentation

Today, with the advent of Aadhaar and DigiLocker in India, most of us can access our KYC documents digitally, sometimes even via our mobile phones. So, why the need for all this paper, and the need to sign (or even attest) original documents? Do we really need to walk into a branch, or have multiple discussions with the loan agent?

The short answer is no. Let's take Poonawalla Fincorp's collateral-free Professional Loan as an example, and let's assume that the borrower is a self-employed Chartered Accountant (CA) or a Doctor or a Company Secretary (CS) with their own clinic or chamber/ office. Here’s everything they should know when applying for a Professional Loan.

KYC Documents - The documents required here are extremely basic.

PAN Card
Aadhaar Card
Residence address proof: Electricity bill / Rent agreement / Passport
Business address proof: Electricity bill / Rent agreement
For Doctors: Doctor’s prescription letter in addition to the above-mentioned documents
For CA/ CS: Firm / Member card in addition to the above-mentioned documents
Nowadays, most of us have scanned/digital copies of our PAN and Aadhaar cards saved on our smartphones and personal email IDs. Documents for address proofs involve electricity bills, which can be downloaded from the service provider's website. For those whose rental agreements have been done online (using Aadhaar verification), that option is also within easy reach. A digital copy of one's tools of the trade (items 5 and 6 in the list) round out the requirements.

Financial Documents - The borrower will only need to submit their last 6 months’ bank account statement. That's all.

Professional Qualifications - For a Professional Loan application, the borrower must simply submit their Certificate of Practice (for Chartered Accountants & Company Secretaries) and Degree Certificate (for Doctors).

Applying for a Collateral-free Professional Loan with Poonawalla Fincorp

Apply Online for an Easy Loan Application Process

When it comes to Poonawalla Fincorp, we pride ourselves on creating stellar customer experiences. This begins with the loan application process where borrowers can apply online and upload all their loan documents in one go. Borrowers with all the necessary documents kept ready will neither have to walk into Poonawalla Fincorp’s branch, nor spend hours on the phone with their agents. The loan application process is designed to be kept simple and convenient.

Check the Eligibility Criteria

The eligibility criteria for Professional Loan also takes a cue from the application process, keeping it straightforward: the applicant (borrower) must be a citizen of India, aged between 24 (during loan application) and 62 (during loan maturity), must have a minimum of 1-year work experience post qualification, and a minimum of Rs 3 Lakh in professional receipts per annum.

Get Attractive Interest Rates

For professionals aspiring to enhance their practice, every penny counts, which is why Poonawalla Fincorp's Professional Loans carry the industry's lowest interest rate at just 9.99% p.a. onwards, combined with zero prepayment charges. This means that not only do borrowers save on interest, but also reduce their overall loan burden even more by making part prepayments.

Calculate Your EMIs with the EMI Calculator

Poonawalla Fincorp’s website also has a free Professional Loan EMI calculator that borrowers can use to calculate the right amount of loan for themselves, based on the Equated Monthly Installment (EMI) they can repay on time.

Conclusion

Professionals with their own practice have the marvelous opportunity to experience growth not just personally, but professionally as well with collateral-free Professional Loans from Poonawalla Fincorp. For both Doctors, CAs, and CS, the market is conducive, the policies and regulations are friendly, and the need for funding is ready and available to be applied 24X7 through digital lenders like Poonawalla Fincorp. There's never been a better time to upgrade one's practice by ensuring state-of-the-art infrastructure which will empower you to render world-class customer-centric professional services and solutions.

Moneycontrol journalists were not involved in the creation of the article.