Like business owners, professionals need ample funding to ensure seamless operations of their practice. In fact, having adequate funding is equally important as having the degree and the right skills.
Thankfully, fintech advancements allow you to avail of a professional loan to start or expand your practice.
One group of professionals that can benefit from such loans is that of chartered accountants. These days, many banks and financial institutions provide professional loans for chartered accountants.
If you’re a chartered accountant looking for a loan for your practice, read on to learn more about a loan for a CA.
A professional loan for CA professionals comes with the following features:
You can take avail a loan of up to ₹40.5 Lakhs on Bajaj Markets. This can furnish you with all the financing help required to boost your business.
Digital advancements have allowed providers to make the lending process easily accessible by offering loans online. That’s not all. The application process is simple, one that you can finish in just a few steps. This allows you to apply for a CA loan whenever you want.
A chartered accountant loan is an unsecured loan, i.e., you don't need to pledge your assets against the sum loaned. You can avail of the loan amount with zero collateral requirements, enabling you to enjoy your borrowing without risking any assets.
Professional loans for Chartered Accountants come with flexible repayment tenures. On Bajaj Markets, you can access loans which allow you to repay within 12 to 60 months. With flexibility in repayment tenure, you can ensure that your future needs are secure without compromising current requirements and vice-versa.
Interest rates are crucial in ensuring that your loan is affordable. Given the rising number of professional loan providers, availing an affordable interest rate has become more accessible. On Bajaj Markets, you can get a CA loan with rates starting at 14% per annum, making it a pocket-friendly financing option.
Hidden costs can be easy to overlook and have a detrimental impact on your finances at the time of repayment. When borrowing, avail a professional loan with no hidden costs. This helps ensure that you smoothly repay the loan without any surprises that deplete your accounts.
Professional loans, like a CA loan, are now offered with an end-to-end digital process and minimal requirements. As a result, lenders can quickly process your application and disburse the sanctioned amount quickly. Some even offer a disbursement period of just a few hours.
Different types of lenders offer different loans that have their own unique features and benefits. As such, it is essential that you consider the different types and choose the one that is best for you.
On Bajaj Markets, you can choose from the following types of CA loans:
This loan works like a regular loan wherein the lender transfers the sanctioned amount in a single instalment. The interest is levied on the whole amount, which you repay with the principal in EMIs spread through the tenure.
This loan type is especially a good option if you actually need access to the whole amount. If you are unable to effectively utilise the whole amount, you may end up paying extra interest.
Flexi loan, as the name suggests, gives you flexibility in terms of the loan amount you receive and the repayment structure. Here, instead of the sanctioned amount being transferred to your account in a single instalment, you get a line of credit.
With it, you can make as many withdrawals as you need. Moreover, the interest is levied only on the amount you utilise and not the entire sanctioned amount. In case of repayment flexibility, you have the option to pay the interest EMIs first.
With this, your EMIs in the initial years would be only towards the interest EMI levied by the lender. This can make your EMIs manageable while keeping the cost under the budget.
Before deciding on which CA loan to choose, carefully consider your requirements and your current finances. This will give you an idea about how much loan you need and the repayment amount you can manage.
The interest rates for a professional loan for a Chartered Accountant can vary depending on the lender you choose. Since the rates are a factor influencing your borrowing costs, choosing the best option is pertinent.
On Bajaj Markets, the rate of interest on loans for CA professionals starts from 14% per annum. By maintaining an excellent credit score and being a low-risk borrower, you can increase your chances of availing these affordable interest rates.
Lenders put in place a certain set of requirements to gauge your creditworthiness and ensure that you can repay the loan. While the parameters vary for each lender, there are some common requirements.
Listed below are some of the chartered accountant loan eligibility criteria that you need to meet to apply for a CA loan on Bajaj Markets:
You must be an Indian citizen
Your age must be between 25-65
You must be self-employed as a CA
You must have a minimum of 4 years of experience as a CA
You must have a CIBIL score of 720 or above
Along with your application form, you would also need to submit a few documents to support your application. You must keep the following documents handy while applying for a professional loan for CA:
Your qualification degree
Identity proof documents like Aadhaar Card, Driving Licence, Voter ID, PAN Card
Address proof such as ration card, Aadhar Card, utility bills
Bank statement for the past 6 months
Business proof such as trade licence, income tax returns
The latest balance sheet, income tax returns, and profit and loss account for the last 2 years
The above list of documents can vary on an applicant level.
With fintech advancement making the digital application process a possibility, availing a loan for CA has become more convenient than ever. To apply for a CA loan on Bajaj Markets, you need to follow these steps:
Step 1: Visit the official website
Step 2: Go to ‘Loans’ 🡪 ‘Professional Loans’
Step 3: Click on ‘Apply for a professional loan’
Step 4: Enter the required details
Step 5: Check your offer
Step 6: Review and choose the best offer
Once you choose the offer of your preference, your application will be processed. Post verification, the sanctioned amount will be transferred to your account.
Professional loans, like a loan for CA, can help you meet a host of expenses that you may incur to keep your practice running smoothly. A few examples of where you can use a CA include:
Expanding the practice
Purchasing equipment for your office
Constructing your office
Renovating your office premises
To procure working capital
To aid in conducting foreign trips, conferences, and seminars related to work
Other business requirements
On Bajaj Markets, you can get up to ₹40.5 Lakhs as a professional loan for chartered accountants. The minimal document requirement, easy eligibility, and digital process ensure that you get quick access to the funds you need.
No, a CA loan does not generally require collateral. However, this may change depending on the lender you choose.
Additional charges depend on your lender. Generally, additional charges are levied in the form of foreclosure charges, the penalty for delayed EMI, processing fees, and others. You can check this before availing the loan.
Like most terms, the tenure for a loan for a CA professional also varies with the lender. At Bajaj Markets, you can get a tenure of up to 60 months.
Generally, you need to have work experience of at least 4 years as a CA to be eligible.
An existing loan can affect your creditworthiness and, as such, your chartered accountant loan eligibility. If you maintain your current loan responsibly and show a low risk of default, the lender may approve your application.
You can get up to ₹40.5 Lakhs.