The previously prevalent problem of capital shortage has now been mitigated to quite an extent with the easy availability of various financing solutions. With easy access to a great variety of loan options, life has become much easier, as it should, due to the evolution of modern facilities.
Professionals like chartered accountants, especially, can have their pick from personal loans, business loans, loans against property and other types. Each of these loan options come with benefits of their own, so eligible individuals can choose what suits their particular needs the best loan for chartered accountants.
Chartered accountants can avail of these advances to meet any number of personal or professional financial requirements. For instance, they can make use of such professional loan services to secure working capital, refurbish their office space, buy new equipment etc. They can enjoy reasonable flexibility on the usage of these funds.
Nonetheless, before opting for any of these advances, individuals must consider a few pertinent factors. These are as follows –
Eligibility criteria to apply for a CA loan
Most professional loan services come with their designated list of eligibility criteria that have to be met for approval. The criteria required to secure a CA loan are mentioned below –
- He/she should have been practising the trade with reasonable success for a minimum of four years from the issuance of the Certificate of Practice.
- The applicant should own a house, or his/her parents must own a house in the city where the lender operates.
Documents required to secure a loan for chartered accountants
Other than meeting the eligibility criteria, learning about the documents required to avail the same is an important part of the checklist for a CA loan. This is a list of the required documents:
- Identity proof
- KYC documents such as Aadhaar/ Voters ID card/ Passport/driving license etc.
- Residential proof
- Bank statements of the last six months
- CoP certificate
This list of documents is indicative, and it might differ from lender to lender.
Factors affecting the interest rates of CA loans
Now that the eligibility criteria and the documents required to apply for the loan are known, individuals should be aware of factors affecting the interest rates of loans for chartered accountants. This can enable them to minimise the cost of borrowing to quite an extent. These include –
- Applicant’s credit history
- Their yearly turnover
- Number of years of operation of service
- Debt to income ratio
- The financial health of their business
- Lender credit policies
Key features of a loan for Chartered Accountants
Apart from learning how to apply for a chartered accountant loan, borrowers must learn about its many attractive benefits. Individuals should take note of the following to ensure that they can optimise the borrowing experience.
- No collateral required
- Quick disbursal of funds
- Lucrative interest rates
- Flexible loan repayment tenor
- Easy application process
- Minimal documentation
To make this loan option more attractive still, some NBFCs like Bajaj Finserv also provide pre-approved offers, which simplify the entire loan application process. Such offers are available for financial products such as credit cards, business loans, personal loans, etc. Check your pre-approved offer online easily with your name and contact information.
With the above factors in consideration, individuals can avail of loans for chartered accountants to meet all their financial requirements with heightened ease. Nonetheless, one should compare the lenders offering these advances to opt for the one best suited to his/her needs.
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