India has close to 3 Lakh chartered accountants, out of which approximately 44% are in full-time practice. Considering almost 15,000 new CAs qualifying each year, the number of chartered accountants is rising day by day. In this article, we will see a quick overview of benefits of charted accountant loan.
While their earning opportunities are immense, these professionals also require financial aid to fund their additional needs without exhausting their savings. In such cases, they can opt for a CA loan to meet several personal and professional short-comings.
Lenders like Bajaj Finserv make it easy for a CA to avail credit with their exclusive suite of loans for chartered accountants. Available in the form of home loans, personal loans, business loans as well as a loan against property for CAs, get access to funding by fulfilling the necessary eligibility and documents.
These credit options bring along several benefits that make them suitable, affordable and convenient to avail as well as repay.
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Benefits of Charted Accountant Loan
Here are the quick benefits of charted Accountant loan
Credit amount of high value for diverse financial needs
Loans for chartered accountants are available in a large amount. With this professional loan, you get access to finance of up to Rs. 35 Lakh without the need to pledge any collateral.
Use it as personal finance to fulfill your travel goals, meet the expenses for your child’s higher education, or put to any other personal use.
These finances can also be availed to meet specific business needs like office renovation, induction of qualified staff or installation of advanced software for improved business management, etc.
If you opt for a secured chartered accountant loan like a loan against property, you can get funding of up to Rs. 2 Crore. Also, you can purchase your dream home with home loans for chartered accountants at low-interest rates and long repayment tenors.
High affordability due to competitive rates of interest
A professional loan for Charted accountants can be availed at competitive rates of interest, which makes repayment affordable. Lenders like Bajaj Finserv also offer flexible repayment tenors for borrowers to repay at their convenience.
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A low rate of interest reduces the EMIs, which makes it easier to manage finances. If you hold a credit score of 750 or above, you also get to negotiate the terms of your loan and get the best possible CA loan interest rate.
The convenience of repayment with flexible tenor
CA loans are available with flexible repayment tenor to fit your budget. You can choose the tenor as per your monthly income. A longer repayment tenor means the total repayable amount will be spread out in more number of months, thus reducing the EMIs.
As for a business loan or personal loan for CAs, you may choose a suitable tenor between 12 and 60 months. A home loan or a loan against property for CAs can be repaid with the maximum tenor ranging up to 20 years.
Hassle-free approval with minimal documentation
Lenders require a chartered accountant to submit few basic documents, which makes approval hassle-free and quick. All you need to furnish along with your application is your income proof, identity proof, address proof and certificate of practice to avail the funds.
Availing secured advances will additionally require mortgage documents for approval.
As you can see, there are many benefits of charted accountant loan. CA loan is not only easy to avail but also brings numerous benefits. So, make optimum use of a chartered accountant loan to strengthen your practice or meet personal funding needs.