Best tips on how to use Chartered Accountant Loan to your benefit
After working in a multi-national company as a Chartered Accountant (CA) for more than a decade, Rajesh Gupta wanted to set up his own CA firm. He was a very well-known chartered accountant. However, he was starting from scratch and needed everything, from an office space to a team of employees, to set up his firm.
He was a financially responsible person and enjoyed a healthy credit score. This helped him in getting a professional loan for chartered accountants very easily. With the help of the loan, Mr Gupta was able to set up his firm in an effortless manner.
As a chartered accountant if you are also looking to enhance your professional career, consider taking a chartered accountant loan. The loan can help you out in many ways. Here are a few tips on how to use it for your benefit.
Chartered accountant loan
A chartered accountant loan is a modified personal loan. This means that it is a loan that is similar in structure to a personal loan but is available at lower interest rates. CAs are seen as reliable and financially responsible clients. And to honour this, the lenders offer them loans at cheap interest rates. The loans are unsecured and you do not need a guarantor or collateral to get a chartered accountant loan.
Uses of a chartered accountant loan
So what exactly can you do with the loan amount? Let us take a look.
- Property costs: You may have to rent or buy a commercial property to set your CA firm in. You can use a portion of the loan money to pay for the advance rent or the downpayment of the property. If you are converting an available space in your house into an office, you may still need some money to refurbish and decorate the place to make it a suitable office space.
- Registration fees: Before you set up your own firm, you might need to get it registered. The registration costs can be considerably high and the chartered accountant loan might surely help you in it as well.
- Buying equipment: Next, you may need to buy some office equipment such as computers, photocopy machines, etc to set the business up. You might also need some basic furniture items like desks and chairs for your new office. You can utilise the loan amount for these needs.
- Hire a team: You can decide to hire a team of employees yourself, or you can decide to hire a consultancy firm to do the job for you. In both the cases, you may have to keep a sum of money aside for it. Be meticulous in this step to ensure you have the best team in your organisation.
The combined skill sets of your employees can bring in profits as well as reputation to your CA firm.
- Fund a course: If you think of doing an educational course, you can take a chartered accountant loan to pay for it. Whether it is a week-long certification or a 2-year-long diploma, you enhance your professional skills, You can use the loan money to pay for the tickets, the accommodation fees and of course, the tuition fees.
Make a chartered accountant loan work in your favour:
Now that you know the many beneficial uses of a chartered accountant loan, you can use it to take your career to the next step. However, make sure you draft a budget before you apply for the chartered accountant loan. This may help you in understanding exactly how much you need to borrow. You may be eligible for a higher amount, but borrow only as much as you need.
If you borrow excessively, you may find it difficult to repay the loan later on. Also choose a suitable EMI structure so that there are no hiccups in the repayment process. Speak to your lender and try to negotiate the loan interest rate so that you get the loan at the most affordable price.
To sum it up:
The professional loan for chartered accountants can help you out in multiple ways. The loan is available online and you can make a quick and hassle free application in a matter of minutes. You can apply for a chartered accountant loan online without any further delay. This can help you start your own business or enhance your career as a CA further. The loans from Bajaj Finserv have been designed in such a way that you can get the maximum benefits out of them at the most economic costs possible.