Business

Exploring Special Financing Options for CA Loans

If you are a chartered accountant, then one or the other day, you must have, or you will plan to start something of your own. Well, keep in mind that it requires a good amount of funds. Whether setting up your own thing, expanding your current business or even for personal use, secured loans for chartered accountants help a lot.

Long gone are the days when the word ‘loan’ meant several trips to the bank. Nowadays, it is just your smartphone, and the right application installed.

What is a CA loan?

It refers to a financial loan to Chartered Accountants (CAs) in our country to help them meet their personal and professional financial requirements. Such loans are provided by various financial institutions, such as banks and non-banking financial companies (NBFCs), to professionals who are in need of assistance.

Further, it does not require any security or collateral as it is a type of unsecured personal loan. However, the amount of loan, rate of interest as well as repayment term may vary depending on the financial institution offering such facility and the borrower’s creditworthiness.

From purchasing new equipment for their practice to expanding their current business, meeting working capital needs, or even funding higher education, this type of loan is quite a good grab for such professionals.

What are its advantages?

●    Instant access

When these professionals avail this type of loan, they often require the funds instantly. This helps them meet their financial needs accordingly in a timely manner.

●    No collateral

These loans are generally unsecured in nature, so the borrowers are not required to provide collateral to gain access to the loan. This basically means that they do not need to risk their assets to obtain the loan.

●    Flexibility

This loan type offers a lot of flexibility when it comes to repayment. It allows the CAs to repay the loan in a manner that suits their financial situation. The borrowers can choose from various tenures and even opt for EMI or lump-sum payments, depending on their financial situation.

●    Competitive rate of interest

A CA loan is usually offered at a very competitive rate of interest, lower than other forms of unsecured loans. This helps professionals save money on interest payments over the total tenure of the loan.

●    Minimal Documentation

The documentation requirements for this type of loan are minimal, and lenders often require a few basic documents. This includes PAN card, Aadhar card, bank statements, and income tax returns.

Which platform to use to avail this loan?

Here, I’d like to share my personal experience. Around six months ago, when I planned to start my practice, I was planning to set up my office here in Gurugram, Haryana. However, little did I know that it requires a large amount of capital. This was when one of my associates told me about the Bajaj Finserv application that offers secured loans for chartered accountants. Believe me, without going anywhere, I could access a loan with just a few taps on my smartphone.

  1. Download the app on your smartphone from the App Store or Play Store.
  2. Sign up
  3. On the home page, you’ll see the ‘Loans’ section below the search bar.
  4. Tap on it and go to ‘Loan for Chartered Accountants
  5. Enter the required information.
  6. You are good to go!

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