How to improve your chances of CA loan approval

Understand the eligibility requirements to plan your chartered accountant (CA) loan application.
Chartered Accountant Loan
2 mins
20 july 2023

As a CA, you prepare, audit, and analyse financial statements for individuals and companies. Despite the critical role that a CA plays, it is possible for them to face financial challenges. You may need to finance your education, start a new business, or deal with unexpected expenses. For all these needs, a CA loan can be a viable solution.

There are requirements that you need to meet before you apply for a loan for chartered accountants. To improve your chances of getting approved, here are some tips to consider:

1. Build a strong credit score

The credit score is one of the most key factors that lenders check when examining loan applications. A good credit score will not only boost your chances of approval, but it may also help you acquire better loan terms. Pay your payments on time. Minimise your credit utilisation ratio. And also avoid applying for several loans or credit cards in a short period of time. These efforts can help to boost your credit score.

2. Check the eligibility requirements

Just like any other loan, you will need to check the eligibility criteria before you apply for a CA loan. For example, to be eligible for a Bajaj Finance CA loan, you must be an Indian citizen and your age must be minimum 22 years. You should be a practising CA with the required qualifications.

3. Adequate documentation

You can improve their chances of success by submitting the necessary documents during the loan application process. And ensure that they are accurate and up-to-date. Remember, at times lenders may want additional documentation in some cases.

Build a strong credit score and get the right documentation to increase your chances of securing a loan. Also, make sure to check the eligibility criteria for a CA loan to get the funds that meet your needs and goals.

The CA loan from Bajaj Finance is collateral-free and offers funds up to Rs. 80 lakh. All you need are KYC documents and your Certificate of Practice to apply for the loan online. Also, check if you have a pre-approved offer on a CA loan.

Apply for CA loan

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

How can I increase my loan approval chances?

You can increase your loan approval chances by following some tips, such as:

  • Check your credit score and improve it by paying your bills on time and reducing your debt.
  • Pay off any existing debts or lower your debt-to-income ratio.
  • Apply for an amount that you can afford to repay and matches your income level.
  • Provide accurate and complete documentation to verify your identity, income, and employment.
  • Avoid multiple loan inquiries and applications in a short period of time.
Can your loan get rejected?

Yes, your loan can get rejected if the lender does not think that you are a creditworthy borrower or that you can repay the loan on time. Some of the common reasons for loan rejection are:

  • Low credit score or poor credit history.
  • Low income or unstable employment.
  • High debt-to-income ratio or existing debts.
  • Incorrect or insufficient documentation.
  • Outside the age limit or eligibility criteria.
  • Multiple loan inquiries or applications.