Bajaj Finance Loan for Chartered Accountants provide flexible repayment options along with flexible borrowing facility.
Rajeev had borrowed a business term loan for the expansion of his CA firm. However, in the initial months he saw a slowdown, due to competition. He was having difficulty in paying the EMI that consisted of both the principal and the EMI. He defaulted on the second EMI and feared that his credit score would fall. If he fails to pay again he will get a notice from the lender. However, he knows that in the last quarter of the FY, his practice would soar and he would be in a comfortable situation to pay all his dues.
Had Rajeev taken a chartered accountant loan from Bajaj Finserv, he would get an option of flexible repayment options. Lets’ See How Bajaj Finance Loan for Chartered Accountants from v Is Helpful to Troubled Borrowers
Flexible Repayment Option
Bajaj Finserv provides flexible CA loans which allows you the option of flexible repayment. The equated monthly instalments of interest-only flexi loans, consists of just the interest component and not the principal. The principal can be repaid at the end of the loan tenor. This option reduces the EMI burden and is helpful for borrowers like Rajeev who are unable to repay some EMIs due to some reason. Let’s understand it with a table.
|Business Term Loan||Flexible Interest-Only Chartered Accountant Loan|
|Amount in INR||10 lakh||10 lakh|
A lower EMI reduces the incidence of defaults. Since the principal is paid at the end of the CA loan tenor, Rajeev could easily repay the principal after his practice increased.
Borrow as You Need
In business term loan, you have to pay interest on the whole borrowed amount, irrespective of the amount you use. However, a flexible CA loan is a credit facility, that allows you to borrow as much you need. The CA Loan interest rate is applicable only on the borrowed amount and not the whole loan limit.
For example, if you have an approved credit line of Rs. 20 lakh, and you need only Rs. 5 lakh, you can withdraw less than the approved limit. The interest will be applicable only on the withdrawn sum.
|Business Term Loan||Flexible Credit Line of Loan for Chartered Accountants|
|Amount in INR||20 lakh||20 lakh|
|Amount Utilized||NA||5 lakh|
|EMI (INR Interest component)||26668||6667|
With flexible CA loan, the EMIs get reduced because:
- The interest is paid only on the borrowed amount and not the whole loan limit
- The EMI of the flexible business loans include only the interest component and not the principal
- The interest rate for CA Loan is nominal
Flexible Repayment Tenors
The tenor of CA loan ranges from 12 to 60 months. Aggrieved borrowers can restructure their loan tenor, to be able to pay conveniently.
Bajaj Finserv gives you the option to repay your loan EMIs up to 6 times in a calendar year. You can repay at any interval as per your convenience.
With their flexible chartered accountant loan you can repay in a more flexible manner, without the fear of notice, recovery agents and overdue charges. You can apply online after checking the CA Loan eligibility criteria.