A loan for chartered accountants (CAs) is a great financing option that caters to many needs. But, there is a simple checklist that you must follow to raise finance using a CA loan. These tips will help that you make the best use of the loan and minimise delays and chances of rejection.
Here are five points that you should keep in mind.
1. Choose between secured and unsecured loans.
Loans for CAs cover a suite of four loans: personal loans, business loans, home loans and loans against property. While business and personal loans are unsecured, home loans and loans against property require collateral. Before you proceed, ask yourself whether you have collateral to pledge and whether you are comfortable putting your assets at stake. This will help you choose the right loan.
Additional read: Charges on your chartered accountant loan explained
2. Select the right amount according to your purpose.
Unsecured loans offer up to Rs. 1.05 crore. for your many business and personal needs. Secured loans offer up to Rs. 1.05 crore. Estimate how much money you will need based on your purpose. This will ensure that you do not over-borrow or under-borrow. Doing this will also help you make repayment easier. Apply for a loan for chartered accountants from Bajaj Finance. Here you can benefit from a flexible tenure, large loan amount, nominal interest rate, and Flexi Loan facility.
3. Meet the eligibility criteria.
Be aware of the eligibility criteria of the loan to eliminate the of rejection. To apply for these loans, you must have a Certificate of Practice that is active for a minimum of four years and a property in your name in a city in which your lender operates. Here are the documents that you will need to submit to prove your eligibility:
- KYC documents like ID and address proof
- Certificate of Practice
- Property ownership proof
4. Provide for unpredictable needs.
You may have unpredictable needs depending on your purpose for raising finance. For example, if you are opting for a business loan to open a new branch office or expanding to new markets, anticipating the exact cost of these moves can be tough. If you are taking a personal loan for CAs to meet wedding expenses, you may have to pay vendors regularly and deal with unexpected expenses. In such a case, you can opt for a Flexi Term loan for chartered accountants. It allows you to withdraw money from the Flexi Loan limit in parts, and you only have to pay interest on what you use. You can also pay back the loan in parts when you have extra funds. Besides, you can choose to pay interest-only EMIs and repay the principal at the end of the tenure.
5. Make use of pre-approved offers.
Pre-approved offers eliminate the need to go through the application procedure from scratch. So, if you are an existing customer of a lender, avail those pre-approved offers for a simpler application process and quick approval and disbursal.
As long as you follow this five-point checklist, you can be assured that you will borrow the right amount and ensure a speedy loan approval and disbursal.
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