Today, many lenders offer exclusive loans for chartered accountants, which consider their financial standing and unique needs. The features of a CA loan include a high sanction, a long repayment tenor, and quick disbursal. They align themselves well with business goals such as expansion, software integration, upskilling, and recruitment, as well as with personal goals such as home renovation, debt consolidation, and higher education for a child. To know in more detail about the special benefits you get with a chartered accountant loan, read on.
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Sizeable loan amount and option of collateral-free finance
The work of a chartered accountant is highly regarded, and every type of business needs it. As such, CAs are well paid, and financiers take this into consideration when offering CA loans. For instance, Bajaj Finserv offers a Business Loan as well as a Personal Loan to chartered accountant applicants without demanding any asset as collateral. There is no need for a guarantor too. You can avail up to Rs. 50 lakh and funnel the finances towards business needs such as upgrading your hardware/software systems and training your employees or personal goals such as home renovation and going on vacation.
For bigger expenses, such as a child’s higher education or business expansion you can get a cost-effective loan for chartered accountants by mortgaging property you own. Bajaj Finserv’s Loan Against Property for Chartered Accountants offers funding up to Rs. 50 lakh.
Flexible repayment tenor and attractive CA loan interest rate
Self-employed chartered accountants are tasked with striking a balance between the needs and goals of their professional and personal life and to make this possible from the perspective of financing lenders offer flexible repayment windows. With flexible tenors you can adjust your instalments to align with your personal and business budgets. Bajaj Finserv offers a tenor of 12 to 96 months on its business as well as personal loans for chartered accountants. For the secured loan, the tenor is 36 to 144 months.
With CAs being among the most financially stable professionals, the lending risk is low, and this reflects in a competitive interest rate. However, when you take a loan against property the chartered accountant loan interest rate goes even lower.
Easy eligibility criteria and minimal requirement for documentation
To get a chartered accountant loan you only need to meet simple eligibility parameters, which are specified by your preferred lender. Then, to support your eligibility you must provide a basic set of documents, and often, these can be uploaded at the time of application. Below are the document requirements to obtain financing from Bajaj Finserv.
Documentation:
- KYC documents
- CoP certificate
- Proof of property ownership (for secured loan)
Do note that this list are indicative, and you may have to provide others based on your profile. Nonetheless, for a CA, the requirements are streamlined.
Flexi loan facility and online management of funds
A unique feature of Bajaj Finserv CA loan is the Flexi loan facility. Here, instead of a regular professional loan for chartered accountant applicants, you get a pre-approved limit from which you can borrow as the need arises. You are charged interest on the amount you withdraw and not on the entire approved sanction. Moreover, you can prepay and redraw funds at no extra cost. This CA loan feature is ideal for managing fluctuating working capital needs or personal expenses that are variable, as in the case of home renovation.
Another reason to take the Flexi facility is the interest-only EMI option. It allows you to pay up to 45% lower instalments for the initial tenor and the principal later. Further, do note that whether it is withdrawing, prepaying, viewing loan statements, or managing other aspects of your loan, you can do it all online.
Quick loan processing and speedy approval and disbursal
Today, funding must be fast if it is to be effective. In the absence of speed, you may not be able to capitalise on market opportunities and may have to forego your personal goals. That’s why lenders like Bajaj Finserv guarantee quick loan processing, with everything from approval to disbursal occurring on an expedited timeline. Once you get through the major steps of the loan process you can avail funding within a 24-hour period.
With these 5 benefits of CA loans in mind, apply online for a business, secured, or personal loan for chartered accountants. Simply fill out the online application form to have hassle-free and customised finance at your fingertips!
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Better not to go for this option. who said, there are no pre-payment charges. pls read carefully