Easy Eligibility and Minimal Documentation
A loan to professionals is a credit option available to professionals like Doctors, Chartered Accountants (CAs), and Company Secretaries (CSs) to grow their practice. Individuals with professional qualifications (Doctor/CA/CS) are eligible for these loans, which are granted based on their financial track record, revenues, business experience, etc.
Loan to professionals can be availed of to buy new premises, business expansion, hiring new employees, acquiring working capital, attending seminars and conferences, and more. We have optimised our Professional Loan application process by keeping the busy schedules of working professionals in mind.
Availing of a loan for professionals is easy and convenient. All you have to do is meet our simple criteria and submit minimal paperwork.
Required Eligibility Criteria and Documents
Eligibility Criteria
To qualify for a loan to professionals, you must meet certain requirements. The following are the eligibility criteria for Professional Loan:
| Criteria | Requirement |
| Age | Applicant’s age must be at least 24 years while applying for a loan and 65 years at the time of loan maturity. |
| Work Experience | Applicant must be a practising professional for at least 1-year post qualification. |
| Income | Applicant must have a minimum annual professional receipt of ₹3 Lakh. |
Note: The above-mentioned eligibility for professional loan list is indicative. Additional documents & eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Documents Required
Documents required for a Loan to professionals are listed below:
| Criteria | Requirement |
| KYC |
For Self-Employed Professionals:
|
| Financial Documents | Bank account statement from the last 6 months. |
| Professional Qualifications | Certificate of Practice , Degree Certificate and medical council registration. |
Do note the above-mentioned list of Professional Loan eligibility documents is indicative. Additional documents may be required during loan processing.
Factors Affecting Professional Loan Eligibility
There are a lot of factors that affect your eligibility for professional loan, such as:
Age
Work Experience
Monthly Income
Credit Score
- Age - Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or may not have enough income to support EMIs. Similarly, if the applicant is beyond the maximum age limit, they may be close to retirement and may not have enough working years left to pay the EMIs.
- Work Experience - Applicants with more work experience are usually considered to have a financially secure future compared to an applicant who has recently started working.
- Monthly Income - Your income is assessed for two significant reasons. Firstly, to know whether you can afford the EMIs for the loan amount you seek. Secondly, to determine your disposable income, considering all your other obligations. For instance, applicants with a debt-to-income (DTI) ratio greater than 50% are less likely to get approved for a loan because they are already servicing a great deal of debt.
- Credit Score - A credit score is one of the most critical factors that affect your eligibility for professional loan. It depicts your credit history i.e., your loan repayments and other credit card payments history. A high credit score shows you have repaid your debts on time. This means you will most likely repay your loan EMIs on time. On the other hand, a poor credit score shows inconsistent credit behaviour, which may result in loan rejection. However, you can improve your credit score by making timely repayments and clearing your dues.
Frequently Asked Questions
Where can I check the eligibility for a professional loan in detail online?
Visit the Professional Loan page on CapitalNeed.com and click on ‘Eligibility & Documents’ to view complete eligibility criteria.
What are the documents required for a Doctor’s Loan?
You’ll need to submit:
- KYC documents (PAN, Aadhaar)
- Medical degree certificate
- Certificate of practice
- Bank statements & ITR (financials)
Are there any specific Professional Loan eligibility criteria for CS applicants?
No. CS applicants follow the same standard criteria as Doctors and CAs. There are no profession-specific conditions.
Do I need to submit documents to prove my professional qualifications?
Yes. You must provide your degree certificate and certificate of practice (if applicable) to verify your professional background.
What can we use a Loan to professionals for?
You can use the loan for multiple professional needs, such as:
- Equipment purchase (clinic, office tools, software)
- Professional courses or skill upgrades
- Business expansion or renovation
- Working capital or operational funding
What are the different types of loans to professionals?
The different type of loan to professionals offered by us are:
- Loan for Doctors – Up to ₹75 Lakhs with flexible EMI plans
- Loan for Chartered Accountants (CAs) – Profile-based offers with competitive rates
- Loan for Company Secretaries (CSs) – Fast disbursal and customized repayment options
