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Understanding the eligibility criteria and required documents for a Chartered Accountant (CA) loan is key to a smooth application process. As CAs, you may often need quick financing for professional or personal needs. Being prepared with the right information can speed up the process of borrowing the required amount.
You can apply for the loan, provided you meet the CA loan eligibility requirement, which include the following:
Nationality: Indian
Age: 25-65 years
Employment type: Self-employed as a chartered accountant
Work experience: Minimum of 4 years
CIBIL score: 720 or more
Do note that the criteria usually varies from one lender to another. As such, it is best to check the requirements before you apply.
It is essential to keep the following documents ready while applying for a professional loan for Chartered Accountants:
Qualification degree certificate
Identity proof
Aadhaar card
Driving licence
Voter ID
PAN Card
Address proof
Ration card
Aadhar card
Utility bills
Bank statements of the last 6 months
Business proof
Trade licence
Income tax returns
Latest balance sheet, income tax returns, and profit and loss account for the last 2 years
Remember, these documents prove your eligibility for the CA loan, and mismatching information will only cause delays. As such, it is crucial to get your paperwork in order before you apply. Moreover, when applying, ensure that all the documents required for CA Loan are easily accessible and available for submission.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
FAQs for CA Loan Eligibility Criteria & Documents
Do chartered accountants require income proof to get a CA loan?
Yes, most lenders require income proof when chartered accountants apply for a CA loan. The income proof helps the lender to determine your repayment capacity and decide on the sanction.
How to improve your eligibility for a CA loan?
You can improve your CA loan eligibility by maintaining a good credit score, reducing your existing debts, disclosing additional streams of income, and providing collateral.
What are the factors affecting CA loan eligibility?
Common factors that can affect Chartered Accountant loan eligibility are your age, income, credit score, and credit history. In some cases, your city of residence may also be considered when assessing your eligibility. If you live in a metropolitan city, the income requirements will be higher as compared to applicants who live in tier 2 or tier 3 cities.
Additionally, lenders will assess the profitability of your practice if you run one privately. For professionals running their own practice, lenders usually have set terms relating to the minimum business vintage, annual turnover, and others.
