Umesh Deshpande was a certified Chartered Accountant (CA) who had been working as a consultant for a few years in Pune. He, however, wanted to take his career ahead and decided to set up an office out of which he could run a small CA firm. He opted for a loan for chartered accountants. It helped him finance a commercial space, buy the required office equipment, furnish the place and double-up as working capital. The CA professional loan helped him in every step and today he is a successful self-employed CA.

What is a CA professional loan?

A CA professional loan, also known as a CA loan, is a kind of business loan that is exclusively available for the chartered accountants in India. As a CA, you can take such a loan to set up your own independent business or expand an existing business. The loans are available from most of the leading banks and Non-Banking Financial Companies (NBFCs).

Benefits of chartered accountant professional loan

CA loan is loaded with benefits. Some of them are:

  • High principal: You can borrow up to Rs.35 lakhs with a loan for Chartered Accountants. A high principal allows you to take a larger step in your professional life. It helps you set up or expand your business in the best possible manner.
  • Interest rates: Different lenders have different rates on offer. However, you must remember to evaluate the other features of the loans as well and not select your loan provider only on the basis of the interest rate offered. The cheapest option is not necessarily the best option.
  • Unsecured loan: The chartered accountant loans are unsecured loans. In other words, you won’t need any collateral or guarantor to get the loan. If you have a good credit score and the lender is happy with your financial status, you may get the loan instantly.
  • Easy repayment options: The professional chartered accountant loans can be repaid on flexible terms. Most loan providers allow you to choose your own EMI scheme so that you don’t feel financially burdened with the repayment. You can make part-prepayments and decrease your EMI value or loan tenure. You can even foreclose your loan if you have the funds for it.
  • Simple documentation: Last but not the least, you don’t have to worry about arranging a truckload of documents to get the loan. Simple KYC documents, ID proof, income proof, latest bank statements and the proof of business are enough for you to get you the loan.

Eligibility for chartered accountant loan

To apply for a CA loan you must:

  • Be between the ages of 25 years and 65 years
  • Be a certified chartered accountant for a period of at least 5 years before you take the loan
  • Have your own property
  • If you reside in a tier 1 city, your monthly salary must be Rs 75,000 or more. For the tier 2 cities, the minimum salary must be Rs 40,000.

The bottom line

Opt for a loan for chartered accountants if you need some money to set up or expand your very own CA firm. It is wonderful to become self-employed and if you too wish to take your career to the next level, make sure you apply for a professional loan for CAs. Don’t forget to compare the loans available as that can help you find the best loans at the best rates. Once you find the suitable option, make a quick online application and if your documents are in place, the loan amount may reach you in no time.