FULFIL YOUR DREAM
Now that you have decided to pursue your dream, start strong. Create a structured plan for the success of your practice with the help of a business advisor and avoid compromising on its set-up with sufficient funds from a CA loan.
RENT A NEW SPACE
Setting up your practice properly is a simple but expensive task. Rent for an office in a busy business area can go as high as lakhs of rupees. Add to that the cost of buying furniture, lighting, computers, and more for your new firm.
Keep a healthy amount of funds on hand to pay for the day-to-day expenses of running a successful firm. These can include rent, electricity, employee salaries, phone and internet bills, every month. Add to these, the cost of entertaining important clients.
Hire the most skilled accountants and pay them competitive salaries. This can easily be the biggest monthly expense for your firm, especially if you need experienced staff. You may want to hire seasonal workers to lighten the workload during tax season too.
3 unique variants of our CA loan
Flexi Term Loan
Let us say Ravi takes a Rs. 15 lakh line with a tenure of 36 months and withdraws only Rs. 10 lakh. By the end of 12 months, he would have paid back Rs. 5 lakh plus applicable interest. At this point, he wants to expand his practice and wants Rs. 4 lakh rather soon. All Ravi needs to do is to sign in to My Account and withdraw Rs. 4 lakh.
His practice does well over the next 18 months, and he has a windfall gain. Ravi wants to part-prepay Rs. 7 lakh out of the total Rs. 15 lakh. Once again, he simply needs to sign in to My Account and prepay Rs. 7 lakh.
Ravi's interest has been automatically adjusted throughout, and he is paying interest only on the amount that is now due. Both the principal and the adjusted interest are included in his EMI.
A modern-day business demands dynamicism and may need quick investments. A Flexi Term Loan is perfect for such uses.
Flexi Hybrid Loan
This alternative has the same features as the Flexi Term Loan. The primary difference is that your EMI will only consist of the interest component throughout the loan's initial duration. The initial duration may vary depending on the loan's tenure. The remaining tenure will cover the interest and principal components in your EMIs.
Click here for a detailed description of how our Flexi Hybrid Loan works.
This is your regular loan. You take out an unsecured chartered accountant loan for a specific sum of money, which is then divided into equated monthly payments. These payments include both, the principal and the associated interest.
There is a small fee for the repayment of your term loan before the end of tenure.
Features and benefits of our loan for chartered accountants
All you need to know about our CA loan
Watch this video to know everything about the features of our CA loan.
3 unique variants
We have 3 new unique variants – Term Loan, Flexi Term Loan, Flexi Hybrid Loan. Choose the one that works for you best.
No part-prepayment fee on Flexi variants
With Flexi variants, you can borrow as many times as you want to and part-prepay whenever you can. No extra charges.
Loan of up to Rs. 55 lakh
Get loans from Rs. 2 lakh to Rs. 55 lakh through an end-to-end online application process to manage your small/ large expenses.
Convenient tenures of up to 8 years
Get the added flexibility to pay back your loan with repayment options ranging from 12 months to 96 months.
Money in your bank account in 48 hours*
In most cases, you will get your CA loan credited to your bank account within 48 hours of approval.
No hidden charges
All fees and charges are mentioned upfront on this page and in the loan document. We advise you to read these in detail.
No collateral required
You do not need to provide any collateral such as gold ornaments or property, or guarantors when applying for the CA loan.
End-to-end online application process
You can apply for our CA loan from the comfort of your home or from wherever you are.
*Terms and conditions apply
Eligibility criteria and documents required
There are just a few simple criteria to be eligible for a CA loan. You will need some documents as well to finish your application.
- Nationality: Indian
- Age: 22 years to 73 years*
- CIBIL Score: 685 or higher
- KYC documents - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- PAN card
- Certificate of Practice
*Age should be 73 years or less at the end of your tenure. *Additional documents required, if any, will be communicated during the application process.
How to apply for a chartered accountant loan
Applicable fees and charges
|Types of fees||Charges applicable|
|Rate of interest||10% - 22% per annum|
|Processing fee||Up to 2.95% of the loan amount (inclusive of applicable taxes)|
|Documentation charges||Up to Rs. 2,360 (inclusive of applicable taxes)|
Term Loan: Not applicable
*The Flexi charges above will be deducted upfront from the loan amount.
*Loan amount includes approved loan amount, insurance premium, VAS charges and documentation charges.
|Prepayment charges||Full prepayment
• Term Loan: Up to 4.72% (inclusive of applicable taxes) of the outstanding loan amount as on the date of full such prepayment
• Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full such prepayment
• Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full such prepayment
• Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part prepayment
• Not applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid Loan
|Annual maintenance charges||Term Loan: Not applicable
Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges
Flexi Hybrid Loan:
• Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure
|Bounce charges||In case of default of repayment instrument, Rs. 1,500 per bounce will be levied.|
|Penal interest||Delay in payment of monthly instalment shall attract penal interest at the rate of 3.50% per month on the monthly instalment outstanding, from the respective due date until the date of receipt of monthly instalment.|
|Stamp duty||Payable as per state laws and deducted upfront from the loan amount|
|Mandate rejection service charges||Rs. 450 per month from the first month of due date for mandate rejected by customer’s bank until the new mandate is registered|
|Broken period interest/ pre-EMI interest||Broken period interest/ pre-EMI interest shall mean the amount of interest on loan for the number of day(s), which is(are) charged in two scenarios:
Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:
In this scenario, broken period interest is recovered by the following methods:
• For Term Loan: Deducted from the loan disbursement
• For Flexi Term Loan: Added to the first instalment
• For Flexi Hybrid Loan: Added to the first instalment
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:
In this scenario, interest is charged only for the actual number of days since the loan was disbursed.
|Switch fees||Up to 1.18% of the loan amount (inclusive of applicable taxes)
(Switch fee is applicable only in case of switch of loan. In switch cases, processing fees and documentation charges will not be applicable.)
Frequently asked questions
If you are a practicing CA, you can avail of a loan of up to Rs. 55 lakh Bajaj Finserv offers hassle-free loans for chartered accountants that help in financing their professional expenses. It comes with an attractive rate of interest. It is an unsecured loan, and therefore, you are not required to provide any collateral or guarantor.
Bajaj Finserv offers loans for CAs with the Flexi variants that allow you to withdraw money as per your requirement from the sanctioned loan amount. Under this facility, you have to pay interest only on the withdrawn amount and not on the entire loan limit. With the Flexi Hybrid Loan, you can also part-prepay when you have extra funds without paying any additional cost.
Bajaj Finserv offers easy online access to loan statements through their customer portal, My Account. With the help of this portal, you can view and manage your loan account from any corner of the world. You can also download the e-statements and certificates free of cost.
You can click on 'Apply’ to open the online application form. Once you share your basic and financial details, our representative will contact you with the loan offer. You have to submit the required documents to our representative at your doorstep. Once your loan gets approved, you will get money in your account in just 48 hours*.
*Terms and conditions apply