A CA spends years studying for various competitive exams and dreams of starting his own practice someday. This CA Day, Bajaj Finserv offers you a chance to relive your dreams and make them come true by introducing exclusive loans for Chartered Accountants (CA).
With a CA loan, you can not only manage your financial goals but also use it to fulfill your dreams.
Here are some of the dreams that a CA Loan can help you fulfill:
- Funding for additional course/ higher studies
A CA needs to be constantly updated with current knowledge and rules. For this, you might need to take up additional courses that can help you excel in your profession. A CA loan offers you the additional amount you need to fund your higher studies.
- Paying for a new commercial property
After working for five years since he passed his CA finals, Rajiv was all set to start his own company. However, the first hurdle in front of him was to buy a commercial space where he could work from. He found an office space for Rs.8 lakh. However, his saving was just Rs.2 lakh. So, Rajiv decided to avail a CA loan and buy the property immediately. This helped him move a step closer to his dream.
- Registration charges for your office
Having an office is much more than just buying it. And who would understand it better than a CA? There are various registration and other charges that accompany your office space. This includes acquiring of licenses from local and civic bodies, registering under various acts, and so on. All these require a significant amount of investment as well. A CA loan can help you with funds to pay these charges as well.
- Getting the latest equipment and systems
Starting a new practice or expanding your current one means a requirement of various other equipment as well. These include different types of office furniture, stationery, computers, biometric and other systems as well as network and storage equipment. There might also be a need for various software and other digital resources like cloud servers. All these would require for you to invest financially. And this is not just a one-time thing, you might also have to keep aside funds for regular maintenance and upkeep of equipment and systems. A CA loan ensures that you have funds available for this purpose and don’t have to delay the process due to lack of finances.
- Recruiting a team of professionals
The last thing you would want to go wrong in your office is unreliable staff. Your staff is the identity of your company. Ensure that you do not compromise on the quality of human resources just because of lack of funds. You can utilise your CA loan to hire reliable and qualified staff who would help contribute towards your business. A responsible and well-paid team of professionals is much better than any software during the tough times.
However, you have to have fulfill certain eligibility criteria for availing a CA loan.
Being eligible for a CA loan means:
- Having a minimum of four years of experience after acquiring a certificate of practice (COP).
- Owning a home or commercial space in your name or in the name of your parents.
- Drawing a minimum salary of Rs. 75,000 in TIER 1 city or Rs. 40,000 in TIER 2 city.
- Submitting of documents such as COP, identity proof and address proof, and on property proof.
Besides the above-mentioned guidelines, there are a few more documents that you need to provide for a CA loan. These are last two years Form 16 with latest pay slips, salary account and bank statements of the last 3 months, your educational certificates, and PAN card copy.
Once you meet all these requirements, you become eligible for a range of benefits that come along with CA loan.
Benefits and features of CA loan:
- It is available for all consulting and practising CAs working in private or government offices.
- You can avail a loan amount of as high as Rs.30 lakh to meet your business needs.
- You do not have to arrange for any guarantor or security to avail this loan.
- It comes with flexible repayment tenor options of 12 – 60 months.
- You can avail the benefit of flexi loan where you only interest on the amount utilised. You can also prepay the loan as and when you have additional funds for it.
- If you are an existing customer, the lender might offer you attractive rate of interest.
Once you finalise on the loan amount and tenor, you are just a few steps away from availing a CA loan. You can easily apply for a loan online and get instant approval
Steps to apply for your CA loan
Step 1: Visit the lender’s website and select the Apply Now button on the CA loan page.
Step 2: Fill in an online application form with your relevant details. You may also have to mention your COP year and if it is active or not. Choose the city you are applying for and mention the loan amount as well and then click Submit.
Step 3: A representative of your lender will get in touch with you. You can upload the documents online or get it collected by a representative from your home or office.
Step 4: Once your application is approved, the amount is transferred to your bank account.
In a nutshell
As a chartered accountant, you are eligible for CA loans if you meet the minimum requirements and avail the range of benefits that come along with it. You also get online account access where you can check your payment details, interest certificate and repayment schedule with ease. Thus, this CA Day, take a bold step towards your dreams and don’t shy away from them due to financial reasons.