Having worked in companies for many years as a Chartered Accountant and having garnered tons of experience, it is now time to start your own independent practice. But you cannot do it single-handedly. You will need a financial backup. From petty expenses to rent, you need to manage all and you surely can’t spend your savings on it. Even though if you are planning an expansion, spending all your savings over it is surely not the right thing to do. However, you may need a helping hand, and CA loan can be one of them.
Non-Banking Financial Companies (NBFCs) specially offer tailor-made professional loans for Chartered Accountants. However, this CA loan helps the chartered accountants to monetise their fiscal needs. In case if you are planning to take one, here are some tips that can help you get it:
- Know your requirements:
Before diving into the CA loan procedure, it is important to know what your requirements are. Though the loan option is available for all, the requirement of each might differ and so will the loan amount. Thus, it is essential you figure out your needs, before jumping into the procedure.
- Look around for the available lenders:
Since Non-Banking Financial Companies offer the loan option, it is important to select a lender that fits you. The schemes offered by each lender can differ and thus, choosing one that suits your needs and requirements is very essential. You can also opt for Bajaj Finserv’s Loan for Chartered Accountants as they provide good schemes which can benefit you.
- Eligibility criteria:
Although CA loan is available for all chartered accountants, it still gets mandatory to fit the eligibility criteria set by the lender. Before approving your loan application, the financial institutions will go through your CA loan eligibility criteria checklist. However, to get the loan, it is essential that you fit the criteria set by them. Furthermore, the eligibility criteria can differ for each lender.
- Required documents:
Every loan has its particular checklist for the documents, which simply means the documents required for each loan differ. However, you have to submit certain documents which differ from other loan options in CA loans. The NBFC will ask you to submit your educational proof that states your qualification as a Chartered Accountant. Besides this, you also have to submit the basic required documents like identity proof, salary slip and No Objection Certificate (NOC) if any.
- Interest rate comparison:
Similar to other loan options, the interest rate offered on CA loans also differs from each lender. However, you might come across a lender who offers a higher rate of interest whereas other offers low. Furthermore, to avoid paying high-interest rate, you can compare the rates offered by all lenders and then apply for the best one.
- Online application:
Similar to the loan process, the application is also easy. NBFCs allow you to apply for the loan as well as manage your loan account online. Furthermore, this makes the application process easy and quick wherein; you can apply for the CA Loan in minutes.
Above mentioned are the tips for getting chartered accountant loan which can further help you set your independent practice or expand it without any fiscal barriers. However, you can also visit Bajaj Finserv to get exciting schemes which can benefit you.