Running a business requires a lot of effort, time and, of course, capital. So, it doesn’t come as a surprise when professionals like doctors, Chartered Accountants, etc., also face cash crunch or need funding to kick start, run or even expand their practice. Chartered Accountants can resolve their need for working capital easily by opting for a personal loan itself.
Another major advantage of seeking a personal loan for CA is that it is completely free of end-use restrictions, which means that Chartered Accountants are free to use the loan amount as they deem fit. It is possible for professionals like Chartered Accountants to apply for a quick and hassle-free personal loan and utilise it towards various purposes such as office renovation, debt reduction, clearing medical bills, or any other need as well.
Benefits of Personal Loan for Chartered Accountants
Higher Loan Amount
Depending on the type of practice that a Chartered Accountant has or wishes to expand, the eligibility of loan amount can be as high as ₹50 lakhs. Be it to set up a new office at home or buy a new office space, paying off employees or investing in accounting tools, you are free to use it anyway necessary.
Most loans require collateral for mere security reasons, or a third-party guarantor in some cases. However, Chartered Accountants can avail of a personal loan without putting up any collateral even when applying for an unsecured loan.
This is a major concern for most applicants as loan processes could go up to weeks in some cases. But most banks, NBFCs, or other financial institutions usually offer loans for CAs in a matter of days. This comes as a huge help as Chartered Accountants can directly start using the loan amount that is credited directly to their bank account.
Flexibility of Repayment
Oftentimes it is seen that Chartered Accountants in different stages of their career experience different cash flows, which could be a trouble for them when it comes to repaying their personal loan. This is even more true for CAs who have just started their practice and are still setting foot and they may need longer to pay back. In times like this, personal loan for CAs offers the much-needed flexibility and relaxed repayment terms to suit the borrower’s needs.
Pre-Approved Loan Offers
Some lenders offer borrowers access to a host of pre-approved loan offers once their basic documentation is done. This way it is easier for the applicant to negotiate with bank representatives and avail of a loan in lesser time because their application is already pre-approved. Moreover, you could also get access to new offers and discounted rates if your eligibility criteria opens up pre-approved loan offers for you.
Eligibility Criteria and Documents for Personal Loan
Once you know all the details about a personal loan for Chartered Accountants, it is crucial to then understand if you are eligible for the loan before applying for one. In order to be eligible for a unsecured loan, here’s everything a Chartered Accountant must keep in mind –
- Loan applicant must be an Indian national
- Age of the applicant must be between 21 and 65 years
- Your work experience in the field must at least be of 3 years
Once you are certain that you qualify for personal loan for a Chartered Accountant as per the eligibility criteria, here are the documents you must keep handy for the loan application process:
- KYC documents (Aadhaar and PAN card)
- Last 6 months bank statement
- C.A. Degree certificate (and/or other qualification degrees)
How to Apply For Personal Loan for Chartered Accountants?
Now that you have checked on your eligibility criteria and kept your documents required for personal loan handy for verification, next steps are to understand how to apply for one. In today’s times, digital banking has made it very easy for loan applicants to simply fill in their form online and kickstart their process in no time.
Follow these quick steps and get your CA loan in a jiffy:
- Choose A Lender: Compare personal loan products and offers of different banks, NBFCs, and other financial institutions. You will be able to make a more informed decision and select a lender that suits your needs.
- Fill Online Form: Once you finalise on the lender, select a personal loan for Chartered Accountant on their website or mobile app. You can then fill out the loan application form, Enter your personal details, employment details and other such basic information.
- Enter Loan Details: Now you can proceed to fill in your personal loan details, like preferred loan amount and intended loan tenor. Remember to calculate your EMIs and fill in the repayment tenor that’s comfortable for you.
- Approval & Disbursal: Once you have finished your application, a representative from the lender’s end will reach out to you and process your application ahead. If the applicant has everything in place, then this type of loan process takes no time at all to deposit the loan amount in the applicant’s bank account.
All in all, the process to apply for a personal loan for Chartered Accountants is a very seamless and quick process because it requires minimal documentation. You can now simply do your due diligence and apply for a loan online and avail the amount in no time. Make the most of this facility and apply for a personal loan for CA today.