As a working professional with your own private practice, your monetary requirements are also different from those of a regular salaried individual. You may be looking for a credit facility which will cater to not just your personal, but also, professional needs.
In the current day and age, as financial products continue to evolve, professional loans for doctors, engineers, architects and so on have been created. A similar personal loan for chartered accountants enables you to upgrade the software in your office and pay for your child’s education, both at the same time. Keep reading, to further understand the uses and benefits of this loan.
Benefits & Features of a Personal Loan for Chartered Accountants
Here are some prominent features of a CA loan worth noting down.
1. Collateral Free
As a loan that falls under the unsecured category, you are not required to mortgage any of your assets to borrow money with a CA loan. This allows you to gain access to a large amount of funds without having to part with any of your precious assets.
2. High Loan Amount
These personal loans for chartered accountants are designed while keeping your requirements in mind. As a working professional with their own private practice, your need for funds is likely to be much more than that of a common salaried man. With a CA Loan, you can get over ₹50 Lakhs of loan. Some lenders may also offer you amounts way higher than this.
3. Flexible Repayment
If you are someone who enjoys having control over your finances, you can manage your repayment schedule as per your needs with a CA loan. This credit allows you to repay money over extended periods of time which can go up to 96 months.
4. Flexi Loan
The flexi loan option available under personal loan for chartered accountants, helps you get a pre-sanctioned amount. From this loan limit, you can use as much as you need and pay interest only for that amount. Additionally, you can also choose to pay just the interest during the initial part of the tenure. You can then pay EMIs comprising interest and principal amount during the latter part of the tenure.
5. Multi-Purpose Loan
Just like a professional loan for a doctor you can use a CA loan to adjust your personal expenses or as working capital for your CA firm. Be it personal or professional requirements, a loan for chartered accountants is extremely handy. You can pay your medical bills, upgrade your lifestyle, expand your firm, or upscale your operations with a CA loan.
Eligibility Criteria For Getting a Personal Loan for Chartered Accountants
Here are some basic requirements you must meet before trying to apply for a CA Loan.
If you are a citizen of India, then you can get a CA Loan from a majority of Indian financial institutions.
If are 21 to 60 years old, chances are, you can get a loan for chartered accountants from most lenders. However, this range can vary from lender to lender.
Most lenders will ask you to show proof of experience in the field of 2 to 4 years. The number of years can vary from one loan provider to another.
You might be asked to show proof of a minimum monthly income as determined by the lending bank. This amount is usually around ₹15,000. Some lenders may also require you to be self-employed at the time of getting the loan.
5. Credit Score
A good credit score can be one of the defining factors that determine whether you are eligible to get a loan or not. This also applies to a loan for chartered accountants. It is important to have a credit score of 720 and above to have an increased chance of getting a loan.
Documents Required For Getting a CA Loan
Now that we have discussed the eligibility criteria, it is time to note the documents you should keep handy to get the loan.
- Qualification Degree
- Identity Proof
- Address Proof
- Bank Statements
- Business Proof
- Income Proof
These are some of the common documents a lender may ask you to provide. Some loan providers may ask for additional documents. Make sure to check the list for the documents prior to applying for the loan.
A personal loan for chartered accountants is like a professional loan for doctors, architects, and so on. It is designed specifically to cater to the needs of CA professionals who wish to or do run their own private practice. It can help you meet all your financial needs and reduces the monetary burden in your professional and personal life.
When an emergency strikes, be it an accident or a miss at work, both can be solved with the help of a convenient CA Loan. Start by comparing offers by various loan providers and pick the one that suits you the best. Well, what are you waiting for? Go, apply for this convenient loan now!