If you are a Chartered Accountant and have your CA firm, the growth of your business and its management are solely your personal responsibility. To achieve this, you not only require a strong business plan but would also require financial liquidity.
A personal loan may seem like a good choice to meet such financial needs. It is an easily available option that does not require pledging any personal assets. However, it may not be the most appropriate option to meet your fund requirements.
Another option you may consider is a customized loan catering to chartered accountants (CAs). Known as chartered accountant loans, these are tailor-made to meet the unique needs of self-employed CA practitioners.
Several financial institutions including some of the well-reputed non-banking finance companies (NBFCs) offer such types of loans. Here are the four types of CA loans offered by financial institutions:
A personal loan for a CA may be used to meet fund requirements, such as paying tuition fees for your child’s higher education abroad, or pay for a wedding, or to take an international dream vacation. Choosing this type of CA loan not only provides you with the required funds but ensures you do not have to break into your savings or emergency cash basket. A personal loan of up to INR 25 lakh is available at an affordable rate of interest allowing you to meet your financial objectives without any difficulties. The repayment tenure is between one and five years ensuring you have no trouble making timely payments of the equated monthly installments (EMIs). Lenders also allow you to prepay the loan for an amount equivalent to at least three EMIs.
Another type of loan for chartered accountants is a business loan. To ensure you run a successful practice, you need funds at various stages of your business. You need to make certain critical decisions, such as investing in newer technology or diversifying. All these require money and since capital is limited, a business loan may prove advantageous in this situation. These loans are catered to meet your requirements without stressing your revenue and capital expenses. Lenders offer up to INR 30 lakh as an unsecured business loan to meet any specific need of your practice. The borrowed amount may be repaid in convenient EMIs over a period of up to five years. A business loan available at Finserv MARKETS can contribute to the success of your CA firm. Simple loan eligibility, minimal documentation and quick disbursal of the loan amount are some of the major advantages of business loans available at Finserv MARKETS.
If you want to buy a home for your loved ones, the expenses would definitely run into lakhs if not in crores. To meet these expenses without facing difficulty, avail a home loan for a chartered accountant. Financial institutions provide up to INR 2 crores as a home loan at a very competitive rate of interest. The money may be repaid in customized EMIs for a loan duration of up to 20 years ensuring you face no financial crisis for timely repayments. Moreover, you may prepay the loan amount without being hit with any penalty or prepayment charges.
Several NBFCs also provide assistance in helping you to find your dream home. Additionally, they have experienced professionals who are well-versed with the technical and legal aspects of buying a home making the entire procedure easier and quicker.
If you already have an existing home loan, you may consider doing a balance transfer to benefit from a lower rate of interest. Alternatively, if you want to carry out home improvements or renovate your home, financial institutions also offer a top-up loan over and above your existing home loan.
To meet various financial goals, such as buy a new office, take a new international course to enhance your skills, expand your practice to a new location, send your children to an international university for higher education, or other high-ticket expenses, consider availing a loan against property (LAP). With this facility, you may use your property to borrow up to INR 2 crores at an affordable rate of interest and repayment tenure of up to 20 years. The outstanding balance on a LAP may be prepaid at any time during the loan tenure without attracting any prepayment charges or penalties.
You can easily avail the aforementioned types of CA loans with the help Finserv MARKETS. The loans available at Finserv MARKETS will have several attractive features as that are mentioned below:
The documents needed to apply for a CA loan are minimal, which ensures the entire process from application to disbursal is completed in the shortest period. Moreover, you may apply online making it convenient and comfortable to avail the loan from the confines of your home or office.
CA loans available at Finserv MARKETS are collateral-free. Therefore, you do not have to pledge any security while applying for the loan. Moreover, you do not have to provide any guarantors to apply for the loan. Therefore, there is no risk of losing your asset in the worst case where you are unable to repay the loan in time.
Loans available at Finserv MARKETS come with flexible loan facility, wherein a certain amount is sanctioned for a specific tenure. You may drawdown the required amount and the interest is levied only on the withdrawn amount. This reduces your actual cost of borrowing. After repaying the borrowed amount, you may again borrow from the balance limit. You may repay the money at any point without any additional charge or penalty.
The repayment tenure is between one and five years for CA loans. Home loans and LAPs have longer repayment tenures. Therefore, you would be able to repay the borrowed amount as per your financial situation without facing any liquidity crunch.
Several financial institutions offer CA loans and it is important you take the time to research the various options. You may compare the different product offerings online to know the features and benefits, interest rate, tenure, processing fees and other charges, and other terms and conditions of various lenders. Doing your research and seeking professional guidance ensures you choose the loan that best suits your specific requirements.
While availing the loan, you can also customize the loan to best suit your requirement. You can also calculate the EMI beforehand by using an online EMI calculator. This will help you plan your repayment wisely. Get a CA loan with the help of Finserv MARKETS and meet your fund requirements easily. Low processing fees, less prepayment penalty and no hidden charges are some of the other advantages of loans available at Finserv MARKETS.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition –Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.