5 Things to Know while Applying for Chartered Accountant Loan

A CA loan is a convenient and affordable way to fulfil one’s private and professional goals. By availing a business loan under the umbrella of financial assistance for CA professionals, one can fund his educational expenses or boost the working capital.

Procuring a loan against property, one can purchase a significant large asset or invest in a property. With a home loan, one can buy the dream home for his family. Similarly, chartered accountant loans offer numerous benefits like –

  • Meeting your child’s education in abroad

  • Bear your expenses for renovating your home or office

  • Expand your business

  • Maintain cash-flow or payroll etc.

Along with these benefits you’d awarded with a considerable loan amount, flexible repayment tenors and quick, hassle-free processing. However, before you apply for a loan for chartered accountant, here are 5 things you need to keep in mind to ensure you’re taking the right decision.

  1. Weigh your loan options

Being a chartered accountant, you’re already one step ahead of the game when it comes to decoding financial terminologies. This unequivocally puts you in an advantageous position when making a sound decision regarding a CA loan. Nevertheless, carrying out an in-depth analysis of every product under CA loans is essential before applying.

Always choose the plan that best suits your immediate needs – secured or unsecured advances. You can opt for CA loans from NBFCs like Bajaj Finserv. They offer tailor-made unsecured Loans for Chartered Accountants under one’s personal or professional needs with zero collateral. Moreover, one can avail these loans with minimal documentation, and get them approved within 24 hours. You need to visit the company’s official website to check the CA loan eligibility criteria.

  1. Maintain a good credit score

Your ability to cover your debts is interrelated with your repayment capability. That is why; lenders check one’s credit score before approving a loan application. Hence, if you have a poor credit score, you might it challenging to secure chartered accountant loans.

However, you can improve your business credit score by –

  • Repaying all overdue debts

  • Make timely payments of existing EMIs

  • Avoid taking any new debt

Remember, a good credit score not only increases your chance of procuring a loan, but it also lowers your CA loan interest rates.

  1. Keep your records up-to-date

This is because, in a part of the application procedure, you’ll be asked for documents like bank statements, business assets and tax returns. Therefore, it is mandatory to check whether you’re clear on the CA loan eligibility criteria.

  1. Don’t borrow loans to invest or splurge

Never use borrowed sums for investing in shares, bonds or equities that are volatile. In the case of market slumps, you’ll not just suffer financial losses but also be strapped with EMIs. Similarly, avoid taking high loans for unrestricted spending like luxurious vacation or any other such extravaganza.

  1. Look for short tenor loans

When you’re considering chartered accountant loans, weigh your possibilities. Go through the lending process and find the right CA personal loan tenor which works for you. Choose the one which offers the best repayment terms.

Conducting proper research before availing a CA loan eliminates unpredictable expenses. You can also utilise the most out of it by to meet your professional and personal expenses.

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About the Author: Alen Parker

Alen Parker is a critically-acclaimed writer who has generated a wide range of content during his professional career. His industry-wide experience into writing for different niches is certainly an admirable aspect that empowers him to create enriching, informative write-ups.

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