A CA firm could need finance for various expenses such as staff and overhead costs, investment in IT infrastructure or expansion. A loan customised for CAs such as Bajaj Finserv’s Business Loans for Chartered Accountants is affordable and offers multiple benefits to help you achieve your goals. It is a flexible option that allows to you ride over a shortage of funds and fulfil your needs.
These loans score over regular business loans because they factor in your professional qualifications and experience, so a special loan offer is just for you.
Here are some ways you can use a business loan for CAs:
- Financing expansion: Growing your practice requires employing more resources, which can be financed with this loan.
- Paying operational expenses: The loan is ideal for your working capital expenses.
- Purchasing new assets: You can use this loan to purchase new business assets like premises, accounting software, and computers.
Here are some reasons why you should consider financing your firm’s needs with a chartered accountant loan:
1. It enables you to raise varying amounts for your business needs
Depending on your practice and its needs, your ask for finances can vary. A CA loan offers you up to Rs. 55 lakh for all your business needs. You can use the amount at your discretion. There is no restriction or limitation over the usage of the funds. You do not need to arrange any security or have a guarantor for this loan either.
2. It will help you meet unpredictable needs
Bajaj Finserv’s CA Loans feature an exciting Flexi loan facility. This facility sanctions a specific loan amount for a particular tenor. You can make multiple withdrawals from this approved amount and pay interest only on the amount utilised. Say you get a loan for Rs. 20 lakh. You can borrow Rs. 10 lakh for immediate needs of paying staff salaries. When you need to pay rent on your new premises in a few months, you can borrow Rs. 1 lakh. You pay interest on a total of Rs. 11 lakh out of the total Rs. 20 lakh. You also have the option to pay only the interest component in your EMIs for the initial part of the tenor. This way, you can meet the unplanned or unexpected needs of business expansion or working capital more efficiently.
3. It offers easy and affordable repayment
A CA loan features flexible part-prepayment facilities, allowing you to prepay an amount equivalent to the first three EMIs of your loan. When you make prepayments using excess funds or business revenues, your principal decreases and your subsequent EMIs decrease, or you can repay the loan earlier than planned. If you avail of the loan in a Flexi format, there are no charges on prepaying your loan. A business loan for CAs also features a nominal rate of interest that makes the payment of the EMIs much more affordable. Further, you can choose a tenor for repayment that best suits your business income from 12 months - 96 months.
4. It helps you raise finance quickly
With Bajaj Finserv Chartered Accountant Loans, you can instantly raise finance with a quick and easy online application process and loan disbursal in 48 hours*. The only documents needed to apply for this loan are your KYC documents and certificate of practice. These documents are picked up right from your doorstep to make the entire loan process even more fast and smooth for you. Be it any professional purpose, a business loan for CAs is a convenient way of raising finance quickly and affordably.
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