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Poonawalla Business Loan Highlights |
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| Loan Amount |
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Note: Interest rates as of 15th April 2024
Table of Contents
Poonawalla Business Loan Interest Rates
Poonawalla Fincorp Business Loan interest rates start from 9.99% p.a. The business loan interest rates provided by the NBFC for its different loan schemes are as follows:
| Particulars | Interest Rates (p.a.) |
| Medical Equipment Loan | 9.99% p.a. onwards |
| Professional Loan for CA | 11.49% p.a. onwards |
| Professional Loan for CS | 9.99% p.a. onwards |
| Professional Loan for doctors | 11.49% p.a. onwards |
| Unsecured Business Loan | 15% to 28% p.a. |
| Business Loan for Working Capital Finance | Starting from 15% p.a. |
| Business Loan for Women | 15% to 28% p.a. |
| Business Loan for Sole Proprietors | 15% to 28% p.a. |
| Small Business Loan | 15% p.a. onwards. The interest rates offered for small business loans depend on the credit score, eligibility and financial stability of the business entity |
Fees and Charges for Poonawalla Fincorp Business Loans
The fees and charges for the different business Loans from Poonawalla Fincorp are mentioned below:
Medical Equipment Loans
| Particulars | Concessions |
| Processing fees | Minimal charges |
| Prepayment charges | 4% of outstanding loan amount plus taxes |
| Late payment charges | 3% per month |
| Cheque bounce charges | Rs 1,000 per bounce plus applicable taxes |
| Stamp duty | At actuals (as per every state) |
Professional Loans
| Particulars | Concessions |
| Processing fees | Up to 2% plus applicable taxes |
| Prepayment charges | Nil |
| Late payment charges | 3% per month |
| Cheque bounce charges | Rs 500 per bounce plus applicable taxes |
| Stamp duty | At actuals (as per every state) |
Business Loans
| Particulars | Concessions |
| Processing fees | Up to 3% plus applicable taxes |
| Prepayment charges |
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| Late payment charges | 3% per month |
| Cheque bounce charges | Rs 1,000 per bounce plus applicable taxes |
| Stamp duty | At actuals (as per every state) |
Types of Business Loans provided by Poonawalla Fincorp
Poonawalla Fincorp Medical Equipment Loan
Purpose: Poonawalla Medical Equipment Loan is suited for doctors, dentists, healthcare professionals etc. who are looking for adequate funds to upgrade their medical infrastructure for their own clinic or hospital.
Interest Rate: Starting from 9.99% p.a.
Loan amount: Up to Rs 10 crore
Loan tenure: 1 to 7 years
Poonawalla Fincorp Professional Loan for Chartered Accountants
Purpose: Poonawalla Professional Loan for Chartered Accountants enables CAs to arrange funds for purchase/rent of new office space, renovate/expand existing office space, scaling up operations, meet working capital requirements, paying for overhead costs, hiring new staff, etc.
Interest Rate: Starting from 9.99% p.a.
Loan amount: Up to Rs 50 lakh
Loan tenure: 1 to 5 years
Poonawalla Fincorp Professional Loan for Company Secretaries
Purpose: Poonawalla Professional Loan for Company Secretaries allows CS to arrange funds for improving their practice, enhancing their professional skills, scaling up operations, meeting their working capital requirements, paying overhead costs, etc. Loan applicants do not need to provide any collateral to avail this loan.
Interest Rate: Starting from 9.99% p.a.
Loan amount: Up to Rs 50 lakh
Poonawalla Fincorp Professional Loan for Doctors
Purpose: Poonawalla Professional Loans are offered to doctors running their own clinics, hospitals or nursing homes who need additional funding for arranging healthcare equipment, adapting latest medical technologies, consolidating their high-interest debts, improving/expanding their existing clinic, etc.
Interest Rate: Starting from 9.99% p.a.
Loan amount: Up to Rs 50 lakh
Poonawalla Fincorp Unsecured Business Loan
Purpose: Poonawalla Unsecured Business Loan enables business units to cover both capital and operational expenditure including:
- Funding business expansion/diversification
- Improve existing business set-up
- Consolidating high-interest business debts
- Improving working capital reserves
- Expand workforce
- Purchasing inventory, machinery, equipment or software
- Capitalising on business opportunities
Interest Rate: 15% to 28% p.a.
Loan amount: Up to Rs 50 lakh
Loan tenure: 1 to 3 years
Business Loan for Sole Proprietors from Poonawalla Fincorp
Purpose: Poonawalla Business Loans for Sole Proprietors (including small traders, travel agents, kirana shop owners, medical stores and artisans) provides adequate finance for maintaining cash flows, upgrading their business equipment and infrastructure, renting/ purchasing/renovating business premises, procuring inventory, paying overhead costs, etc. The NBFC provides both secured and unsecured loans to sole proprietors. Business loan applicants availing secured loans must furnish adequate security in the form of mortgages, jewellery, deposits, LIC insurance certificate, etc. to cover the loan amount.
Loan amount: Up to Rs 50 lakh
Loan tenure: 1 to 3 years
Business Loan for Working Capital Finance from Poonawalla Fincorp
Purpose: Poonawalla Business Loans for Working Capital Finance allows borrowers to raise working capital for carrying out their day-to-day operations including procuring raw materials, clearing existing debts, paying wages to their employees, etc.
Interest Rate: Starting from 15% p.a.
Loan amount: Up to Rs 50 lakh
Loan tenure: 1 to 3 years
Small Business Loans from Poonawalla Fincorp
Purpose: Poonawalla Small Business Loans are suited for small and medium sized business units looking for the necessary finance to manage & expand the business, buying inventory and machinery, for taking care of administrative expenses, etc.
Interest Rates: 15% p.a. onwards (with the final interest rates depending on the credit score, eligibility and financial stability of the business entity)
Loan amount: Up to Rs 50 lakh
Loan tenure: 1 to 3 years
Poonawalla Fincorp Business Loan for Women
Purpose: This unsecured business loan variant, specifically designed for women entrepreneurs running small and medium sized businesses, enables them to use the funds sanctioned for the purpose of improving their working capital reserves for managing day to day expenses, expanding and diversifying their business, upgrading machinery and software, recruiting additional staff, etc.
Loan amount: Up to Rs 50 lakh
Loan tenure: 1 to 3 years
Poonawalla Fincorp Business Loan for MSME
Purpose: SME and MSME business units can avail this unsecured business loan scheme to manage expenses involved in running their business including procuring inventory, closing supply chain gaps, paying salaries, maintaining healthy cash flows, etc.
Loan amount: Up to Rs 50 lakh
Loan tenure: 1 to 3 years
Poonawalla Business Loan Eligibility Criteria
The business loan eligibility criteria set by Poonawalla Fincorp for its loan applicants are as follows:
Poonawalla Professional Loan for Chartered Accountants
- Loan applicants should be Indian citizens
- Age: 24 years (at the time of loan application) to 62 years (at the time of loan maturity)
- Professional experience of minimum 1 year post qualification
- Annual professional receipts of Rs 3 Lakh and above
Poonawalla Working Capital Business Loan
- Loan applicants should be Indian citizens
- Age: 24 to 65 years
- Minimum annual turnover: Rs 6 lakh
- Business vintage: At least 2 years
Poonawalla Professional Loan for Company Secretaries
- Loan applicants should be Indian citizens
- Age: 24 years (at the time of loan application) to 62 years (at the time of loan maturity)
- CS professional practice of minimum 1 year after qualification
- Minimum annual professional income receipts of Rs 3 Lakh
Poonawalla Professional Loan for Doctors
- Loan applicants should be Indian citizens
- Age: 24 years (at the time of loan application) to 62 years (at the time of loan maturity)
- Minimum practice of 1 year post qualification
- Annual professional income receipts of at least Rs 3 Lakh
Poonawalla Business Loan for Sole Proprietorship
- Loan applicants should be Indian citizens
- Age: 24 to 65 years
- Annual turnover: Rs 6 lakh and above
- Business vintage: At least 2 years
Poonawalla MSME Business Loan
- Loan applicants should be Indian citizens
- Age: 24 to 65 years
- Annual turnover: More than Rs 6 lakh
- Business vintage: At least 2 years
Poonawalla Unsecured Business Loan
- Age: Loan applicants must be aged between 22 and 65 years.
- Minimum annual turnover: Rs 9 lakh
- Business vintage: 2 years and above
Poonawalla Business Loan for Women
- Age: 24 to 65 years
- Annual turnover: Rs 6 lakh and above
- Business vintage: At least 2 years
Poonawalla Medical Equipment Loan
- Age: 25 years (at the time of loan application) to 65 years (at the time of loan maturity)
- Work Experience: Minimum 1 year of post-qualification experience for MBBS, MDS, MD, MS and BDS & 3 years of post-qualification experience for other healthcare professionals.
Poonawalla Small Business Loan
- Loan applicants should be Indian citizens
- Age: 22 years (at the time of loan application) to 65 years (at the time of loan maturity)
- Annual turnover: Rs 9 lakh and above
- Business vintage: At least 2 years
Documents required for Poonawalla Business Loan
The documents required for availing different types of Poonawalla business loan schemes are mentioned below:
For Poonawalla Medical Equipment Loans
- KYC documents (for self-employed): PAN Card, Aadhaar Card, Electricity Bill / Rent Agreement / Passport (for residence address proof),Electricity Bill / Rent Agreement (business address proof)
- KYC Documents (for firm or company): PAN Card of firm/company, business address proof and other applicable registrations, Aadhaar Card and PAN Card for proprietor / partner / director & Electricity Bill / Rent Agreement / Passport (residence address proof)
- Last 6 month statements of operative bank accounts
- Certificate of practice
- Degree certificate
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For Poonawalla Business Loans
- KYC documents: Company PAN Card, Aadhaar Card, Passport, PAN card of directors, proprietors or partners, electricity bill or rent agreement, etc.
- Personal documents: PAN card of all individuals, partners and directors, address proof, any other officially valid documents, etc.
- Proof of business registration, business address proof including rent agreement / utility bills (only if the address proof is not as per the proof of business registration
- Last 6 month bank account statements
For Poonawalla Professional Loans
- KYC documents (for self-employed): PAN Card, Aadhaar Card, Electricity Bill / Rent Agreement / Passport (for residence address proof),Electricity Bill / Rent Agreement (business address proof), doctor’s prescription letter (for doctors),firm / member card (for CA/ CS)
- KYC Documents (for firm or company): PAN Card of firm or company, business address proof and other applicable registrations, Aadhaar Card and PAN Card for proprietor / partner / director & Electricity Bill / Rent Agreement / Passport (residence address proof)
- Last 6 month statements of operative bank accounts
- Certificate of practice
- Degree certificate
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