Essential Rules to Follow when taking a CA loan with NBFCs

professional Ca Loan

Around 3 Lakh chartered accountants operate in India as of 2018. Practising CAs are in high demand in the country, as they provide comprehensive benefits regarding the financial aspects of a business. 

Such individuals are known to earn around Rs. 7-8 Lakh as median salary on an annual basis. Chartered accountants having their own business realise even higher profits for the various types of services provided.

A practising CA can easily finance or start up his/her own business through a professional loan for chartered accountant. Major financial institutions such as Bajaj Finserv provide such loans at attractive interest rates, reducing the financial burden on borrowers. 

Such loans can be availed to fulfil any personal needs of an individual as well. However, specific pointers should be analysed carefully before applying for such credits.

Things to keep in mind while applying for Loan for chartered accountants

  • Satisfy the eligibility criteria

An individual can successfully apply for such loans for chartered accountants with Bajaj Finserv if they fulfil the following conditions –

  • Applicants should have a certificate of practice proving at least 3 years of work experience in an accounting firm.
  • A collateral property has to be present in the name of an individual or his/her parent. This allows individuals to avail high value secured credits easily.
  • KYC documents such as Aadhaar card, PAN card, Voter ID, etc. have to be furnished for identification and address proof respectively.
  • Know about the charges on a professional loan for chartered accountant

Various fees are levied on such loans for chartered accountants, which can be listed as –

  • Interest rate

Bajaj Finserv charges competitive interest rates on the credits extended. Such charges depend on the nature of the loan, i.e., whether it is unsecured or is obtained against collateral.

Loan tenor also has considerable influence on overall interest payment. A shorter loan tenor implies a reduced interest burden while opting for an extended loan tenor has higher aggregate interest payment associated.

  • Processing charges

Up to 2% of the total loan amount can be levied as processing charges on a professional loan for chartered accountant.

  • Document processing charges

Rs. 1,449 along with taxes has to be paid to the respective financial institution for verification of all documents submitted.

  • CAs can avail the benefit of Flexi loans

Professional or personal loan for chartered accountants can be availed in the form of Flexi Loans provided by financial institutions such a Bajaj Finserv. Know the features that make a Bajaj Finserv Flexi Loan for Chartered Accountants a winner.

Keeping such rules in mind allows individuals to obtain the chartered accountant loan of sufficient amount and at the most attractive interest rates.

Why should you opt for a CA loan?

Loan for chartered accountants is tailor-made to provide comprehensive financial benefits to an individual. Both business and personal loan for chartered accountants can be availed, depending upon the nature of financial requirement.

Personal expenses such as marriage, travel, educational expenses, etc. can be funded through such loans, provided requisite documents are submitted and verified respectively.

Financing a start-up, accounting firm or expansion of business can be done through professional business loans.

Such expenses are rewarding in the long run, as it helps existing companies generate a higher value of profits, or assist a salaried individual to generate target revenues with their start-up firms. Thus, you can use a chartered accountant loan to strengthen your practice.

About Seema Gupta

Seema Gupta is a well-known financial and tech adviser with the abilities to keep a track and predict the market trends with the utmost accuracy. Her extensive knowledge in finance and tech is remarkable as she has worked on different financial and sectors dealing with the entire range of loans. She is also an expert in writing many finances and tech-related articles and blogs, so she is a renowned finance blogger too.

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