How A CA Loan Can Power Your Practice

Even though India has now had a contraction of 10.6% in GDP for the economic calendar of 2020-2021, Chartered Accountants are still in demand. Irrespective of your present day work capital deficits, and/or a drop in your real income, you can always look forward to growth in the future as a Chartered Accountant.

If you are in a situation where you have to deal with a cash crunch, choosing a professional loan for CAs would be the best option. A CA loan is customised according to your requirements. Loans for Chartered Accountants come with special customisation of interest rates, tenures, and loan amounts. Read on further to learn about all the features and benefits of loans for Chartered Accountants.

Features of a professional loan for Chartered Accountants

1. It is collateral-free

A CA loan is designed specifically in order to allow growth in businesses. It does not matter whether you are in an urgent requirement of recruitment of new staff members, or planning on expansion of your firm, a CA loan can fix all your issues. To avail financial help through loans for Chartered Accountants, you will not be required to pledge any assets.

2. Sufficient amounts of loan

A professional loan that is designed for CAs has a sizable sanction which would allow you to deal with various kinds of expenses. It would help you in terms of hiring efficient and competent staff as well as upgradation of new technological advancements.

3. Fast and quick processing of loan

It is very easy to obtain a CA loan. There are not complicated eligibility criteria, and you are also not required to submit too many documents. The minimal and simple requirements make the entire process faster.

4. Disbursal of funds on the same day

The funds under a profession loan for CAs are disbursed within 24 hours, adding up to the quick loan processing feature. If you are in an extremely urgent need for funds and have very little time to spare, a CA loan would totally be the most reliable option to choose.

5. Flexible repayment

Loans for Chartered Accountants come with flexible loan repayment tenures which would allow you to continue your work without having to worry about tight or rigid repayment schedules. You will also have the opportunity to adjust the outgo of your EMI in order to manage your financial expenses without any issues.

6. Interest rates

CA loan interest rates are customised keeping in mind the requirements and suitability of the CAs. It is competitive, and it permits you to make profits while not having to worry about a heavy interest rate outgo.  Also read about factors affecting chartered accountant loan.

Eligibility criteria for a CA loan

To avail a professional loan, you are required to meet only two eligibility criteria:

• You need to have a house or an office in the same location as the loan provider.
• Your Certificate of Practice or COP should be active for the past 4 years or more.

Documentation required for a professional loan

• Bank statement(s)
• KYC
• Certificate of Practice
• Photograph(s)