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5 features that will make you choose Flexi Loans for CAs over Term Loans

  • Highlights

  • Flexi Loans allows you to manage your EMIs better

  • Choose from a secured or collateral-free loan

  • Withdraw in parts and replenish the balance

  • Pay interest-only EMIs and prepay at no charge

Running a successful chartered accountancy practice requires more than experience, acumen and entrepreneurial skills. Just like any other business owner, you too need timely funds at regular intervals to run daily operations seamlessly and pave a path of growth for your practice. While you can avail a term loan to meet your funding requirements, you also have an option to use a Flexi Loan for CAs created by Bajaj Finserv to suit your unique needs, using which you can #FinanceYourCAFirmTheFlexiWay.

These loans are tailor-made to suit your professional needs and offer a variety of features that make for a more affordable and convenient experience. With this loan, you can meet a range of expenses and needs ranging from revenue to capital expenses. Here’s a brief distinction between a Flexi Loan for CAs and a term loan to help you choose the right one.

Choice of high-value loans

The Bajaj Finserv Flexi Loan includes both secured and unsecured variants: a Personal Loan for CAs and a Business Loan for CAs of up to Rs.35 lakh each and a Loan Against Property for CAs of up to Rs.2 crore. You can avail any of these as per your needs and tick-off your goals without delay. What’s more, you can withdraw from your sanction multiple times as per your needs. For example, if you get a loan of Rs.30 lakh and need just Rs.8 lakh right now, you can withdraw it from the total sanction and pay interest only on what you actually utilise.

On the other hand, term loans offer a pre-determined amount and may be subject to usage guidelines, making it difficult for you to strike a balance between various financial requirements and unpredictable needs.

Permissible withdrawals

A Flexi Loan for Chartered Accountants allows you to withdraw from the total sanction as per your needs. This is great when you need funds in phases. For instance, you may want to set up a second branch for your practice. Though you have quotes from the interior designer, carpenter and electricians, it is no secret that such costs fluctuate and you may have to spend more than what is forecasted. A Flexi Loan comes in handy in such cases as you don’t have to apply for additional credit but can use funds from your original sanction to meet your goals. You can use Rs.8 lakh today, Rs.10 lakh later, and even prepay some amount at no extra cost and even withdraw it again.

However, a term loan allows you to make only a one-time withdrawal from your sanction. This way, you lose out on the flexibility and convenience. Additionally, prepayments also come at a cost.

Flexi Loans for CAs

Interest charged

Interest in case of a Flexi Loan is charged only on the utilised amount and not on your entire sanctioned limit. This saves you from significant interest payment, which subsequently reduces your total borrowing cost.

On the other hand, your entire sanction attracts interest charges in case of a term loan. Thus, you end up incurring higher interest costs.

EMI structure

In case of a Flexi Loan, you can also choose to pay interest-only EMIs throughout the tenor and thus, save over 45% on EMIs. Here you can pay the principal portion when the tenor ends and use it for other pressing needs in the meantime.

However, a term loan doesn’t offer you such liberties. You have to pay full EMIs and sometimes may have to overstep your budget to avoid paying delayed charges.

Approval and disbursal

Flexi Loans offer instant approval and quick disbursal of the loan amount. Once you meet the simple eligibility criteria that has been chalked out keeping your profession in mind, you need to submit minimal documentation, to gain approval within 24 hours. Following this, you receive the amount directly in your bank account within 72 hours.

On the contrary, lenders take a long time to process term loans. The verification to approval process is generally lengthy, involves a lot of paperwork and can ultimately lead to delayed disbursal of funds. Owing to this, you may either have to postpone or compromise on your financial goals.

Since one size doesn’t fit all, Bajaj Finserv Flexi Loans for CAs allow you to #FinanceYourCAFirmTheFlexiWay. So, weigh the pros and cons of your options and apply for the loan that helps you optimise your operations. Check your pre-approved offer to view your personalised deal on a Flexi Loan to enjoy instant and stress-free approval to grow your practice today!

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