Unlike the olden days, you can now start a business by availing of a business or professional loan. In today’s finance and business sectors, professional loans serve a variety of purposes. Self-employed professionals like doctors, accountants, lawyers, engineers, architects, dentists, etc can avail of a professional loan to start or expand their business. If you are one of these professionals, it is pertinent that you are qualified in the respected profession and possess adequate knowledge to practice your business.
One such profession that can benefit from such loans is that of a Chartered Accountant. These days, many banks and financial institutions provide professional loans for chartered accountants. If you’re a Chartered Accountant, you can secure professional loans that serve a variety of purposes.
Need for a Loan for Chartered Accountants
In India, a loan for chartered accountants can be secured to fund expenses for any of the following reasons:
Expanding your business
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
Features & Benefits for Chartered Accountants Loan
A professional loan for chartered accounts boasts of the following features:
Fast and easy online loan processing: To keep up with evolving times, professional loan providers have made the lending process easily accessible for borrowers by offering loans online. Thus, borrowers can benefit from instant loan processing and hassle-free loan disbursals.
No collateral: A professional loan for chartered accounts is an unsecured loan, i.e. you don't need to pledge your assets against the sum loaned to your business. You can avail of the loan amount with zero collateral requirements.
Flexibility of repayment: Professional loans for Chartered Accountants come with flexible repayment tenures. For instance, you can now repay your loan within 12 to 60 months on Bajaj Markets.
Higher credit limits: You can take advantage of high loan amounts for Chartered Accountants, of up to ₹40.5 Lakhs on Bajaj Markets. This can furnish you with all the financing help required to boost your business with ease.
Loan for Chartered Accountants - Interest Rates & Charges
The interest rates for a professional loan for a Chartered Accountant can either come in the form of a flat rate of interest or a diminishing rate of interest (also known as the reducing balance rate). The former is a rate that will remain constant throughout the loan repayment tenure whereas the latter means that the rate of interest will be applicable on the balance of your principal amount only. On Bajaj Markets, the rate of interest for professional loans for Chartered Accountants starts from between 14% p.a. The interest rates you are offered for your professional loan can vary by a number of factors. These factors include:
Annual turnover
Credit history
Your business’ financial health
Your debt-income ratio
Lender’s credit policies
Loan for Chartered Accountants - Eligibility Criteria
Professionals like chartered accountants can avail a professional loan if they fit the following criteria:
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
Documents Required for Chartered Accountants Loan
There are various lenders that provide the professional loan for Chartered Accountants. You simply have to visit their website, choose the loan type and submit the duly filled application form. Along with your application form, you would also need to submit the relevant documents required to supplement your loan 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 of the past 6 months
Business proof such as trade licence, income tax returns
Latest balance sheet, income tax returns, and profit and loss account for the last 2 years
You can now avail of a Professional CA loan with extensive benefits and loan amounts of up to ₹40.5 Lakhs on Bajaj Markets! The application approval process can take as little as 2 minutes and you can acquire the loan amount in your bank account within just 24 hours! The documentation required is minimal, so as to provide you with a completely hassle-free experience. The flexible repayment tenures give you the freedom to chart your repayments with utmost convenience. What’s more, you can get added benefits in the form of financial reports to track your financial health and tailor-made insurance plans to protect your loan liabilities.
