A CA loan is a customised option that can help you finance a range of professional and personal needs. Having your CA loan approved quickly allows you to raise funds for urgent requirements in a timely manner. But, to facilitate this, you must follow certain steps that will also help you eliminate the chances of rejection.
Take a look at 4 ways you can take to ensure quick approval.
1. Meet the eligibility
This loan has simple eligibility criteria which must be met for your application to be easily approved and avoid further waiting. To be eligible, you must be an Indian citizen with age between 22 years to 73 years. Note that your age should be 73 years or less at the end of your tenure. You must also have a CIBIL Score of 685 or higher. Apart from these two criteria, you only have to submit basic KYC documents.
To get quick approval and disbursal, apply for a Loan for Chartered Accountants from Bajaj Finserv. It offers unsecured loans with approval and disbursal of funds in 48 hours*.
2. Have a good credit score
Your credit score is a crucial element on the basis of which your application is judged. Since it determines your creditworthiness, if you have a good credit score, a lender will be more confident in your ability to repay the loan. Also, if you have a strong credit score, you are also in a better position to negotiate a favourable rate of interest with the lender or get a higher loan amount. So, it is important that you take measures to improve your credit score.
3. Borrow only as much as your income permits
Before you apply for a loan, review your income and ensure that your monthly cash inflow is enough to make the EMI payments comfortably. Doing this also helps the lender to be sure that you are borrowing an amount that you can repay with ease. This in turn helps speed up the approval process.
If you’re still unsure about your monthly income and expenses, you can avail a flexi loan facility on your CA loan as it helps you to make multiple withdrawals and prepayments on your loan without any extra costs.
4. Have all your documents ready
To receive a loan quickly, you must make sure that you submit all the documents on time and don’t miss out on submitting any. If you do falter in submitting the right documents, the lender will have to get in touch with you and request that you take steps to rectify this. This back and forth can hinder you loan approval. To avoid this, maintain a checklist and organise your documents well in advance. You will usually have to submit a certificate of practice, along with other KYC documents, salary slips and bank statements.
These tips will help you receive a CA loan quickly, so that you can arrange finance for any need, emergent or otherwise, without wasting any time.
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