As a chartered accountant, you might have learnt the importance of continuous cash flow for a continuous economic growth. While learning about accounts and finances is easy, applying it to real life is not. If you are an experienced chartered accountant, you might have come across a lot of situations which have challenged you financially. Overcoming obstacles related to management of money is a very difficult thing, and when it’s related to your profession, it gets more complicated. So, how can a chartered account take care of his professional requirements?
Chartered Accountant (CA) loans:
A chartered Account Loan is a professional loan for chartered accounts granted by banks and Non-Banking Financial Companies (NBFCs). CA loans take care of all your professional requirements like the purchase of equipment and material, setting up a new office, technical and machinery upgrades, etc.
Talking about CA loans, it is important to understand how does the application process works. What do lenders need and what are the things you should be prepared with? But, first comes the eligibility criteria for a chartered accountant loan.
Eligibility Criteria for CA Loan:
When it comes to availing a loan, eligibility matters a lot in your loan approval process. The eligibility criteria help you know whether you fit the requirements of lenders or not. In order to be well prepared, you should go through the eligibility criteria. Most of the information including the eligibility criteria for a CA loan is available online on NBFC websites. The criteria may vary from lender to lender. However, the basic requirements stay the same. To avail a chartered accountant loan, you should fit in the following eligibility criteria:
- Profession: If you are a practising or consultant chartered accountant, you are eligible for a CA loan.
- Experience: In order to avail a chartered accountant loan, you should at least have four years work experience after acquiring the Certificate of Practice (COP).
- Monthly salary: If you wish to apply for a CA loan, you should have a gross monthly salary. This ensures lenders that you will be able to make the loan repayments on time.
- Ownership: A CA loan applicant should have his own or parental house. If you have your own office nearby the lender’s location, you are an eligible candidate for a chartered accountant loan.
Well, that was regarding the eligibility criteria for a Chartered Accountant Loan. An eligible applicant for a CA loan has to submit some documents regarding the loan approval requirements. These documents include:
- KYC Documents( address proof, ID proof, income proof)
- A copy of your PAN Card
- Certificate of practice as a business proof
- Documents related to property
Before applying for a chartered accountant loan, go through every detail related to the loan. As an eligible loan applicant, you should understand your purpose of availing the loan. Moreover, as the fees, tenor, loan amount and features vary from lender to lender, one must take an informed decision before approaching a lender. Be it business expansion, purchase of materials, or software and system upgrades, a CA loan can take care of all requirements that are related to your profession.
As lenders help you manage your finances easily by providing a CA loan, you should make a wise choice. The quick and hassle-free loan approval process adopted by NBFCs like Bajaj Finserv can save you a lot of time and efforts. Moreover, NBFCs also offer certain advantages like online account access and high loan amount. Through their lenient eligibility criteria and minimal documentation, you can make your loan get easily approved.