Are you a Chartered Accountant? Are you looking to expand your business or set up a new one? Bajaj Finserv offers an exclusive loan for Chartered Accountant with multiple benefits along with quick approvals and a low rate of interest.
Mr. Siddharth Bhatt, a reputed Chartered Accountant (CA) from Kanpur, wanted to start his own CA firm. He needed to buy a commercial space. The garage where he had set up his temporary office was just not sufficient. He thought about taking a small business loan from his bank. However, while the business loan was available at rate of 17.85%, Mr. Bhatt discovered a professional loan from Bajaj Finserv was available at a rate of 15%. He promptly decided to opt for the chartered accountant loan.
The chartered accountant loans from Bajaj Finserv are very useful and help you to set up or expand your CA firm. Take a look at its many benefits and features in the points mentioned below.
Understanding a chartered accountant loan:
It is a kind of personal loan designed keeping the professional requirements of the chartered accountants in mind. You can borrow the money if you need any kind of financial assistance in your professional space. Being a certified CA, you are considered to be a reliable and credible borrower by the loan provider.
This is the reason why the interest rates on the chartered accountant loans are lowered for you, as compared to a regular personal loan or small business loan.
Advantages of a chartered accountant loan:
The chartered accountant loans do have a lot of benefits. These include:
- High principal: You can borrow an amount as high as Rs.35 lakhs when you opt for a CA loan. Bajaj Finserv understands the urgency and necessity of a professional requirement. Hence, they allow you to borrow an amount that is sufficient enough for you to address all the professional requirements.
- Long tenures: You have the option of repaying the CA loan in a year’s time. However, you can also opt for a more relaxed structure and clear the debt over a period of five years. Suppose you have other loans to cater to or your expenditures are on the higher side. You can opt for lower monthly EMIs so that the chartered accountant loan repayment doesn’t put you in any stressful condition financially.
- Prepayment/foreclosure fee: If you wish, pay a lump sum amount of money and clear a large part of the loan in one go, the lender may charge you a very minimum fee.
The same goes for the foreclosure of the loan. So, if you happen to be in a financially strong position, you can decide to lower or foreclose your loan. You can do so with ease as the charges are usually very low. However, check with your lender about this before taking the loan.
- Easy and quick: The chartered accountant loans are available from Bajaj Finserv’s official website. The entire process, from the loan application to the loan approval, happens online. This makes it very convenient for you to get the loan. The lender also tells in a matter of five minutes whether or not your loan is approved. And if it is, the CA loan amount reaches you in just about 72 hours.
Yes, it indeed is that fast and simple.
To get a chartered accountant loan, you have to meet the following criteria:
- You have to be a qualified chartered accountant from a registered educational institute.
- You should have a minimum of 4 year’s work experience post-qualification.
- You must have a minimum monthly salary of Rs.75,000 if you reside in a tier 1 city and Rs.45,000 if you reside in a tier 2 city.
- You should be above 25 years and below 65 years.
- You must own a property (commercial or residential) in your name.
The bottom line:
The chartered accountant loans from Bajaj Finserv are one of the best financial products available out there. So, you can safely apply for a chartered accountant loan and get the required monetary assistance in a truly hassle free manner.
Studying to become a doctor, chartered accountant (CA) or engineer is not easy. When you start practicing, you face other challenges. You not only need to focus on your skill but also on commercializing it. Along with skill, you will need finances to set up and expand your business. While you already possess the skill part, professional loans can help you meet the financial ends.
Types of Professional Loans
Depending on your graduation, you can avail either a CA loan, a doctor loan or an engineer loan.
- CA Loan: These loans are available for practicing You might be working with a Private or Government Company. Alternatively, you could even be practicing on your own. You can avail a CA loan of up to Rs.35 lakhs to expand your business.
- Doctor’s Loan: This is a loan for consulting or practicing You might get a loan of up to Rs.30 lakhs to set up or upgrade your clinic.
- Engineer Loan: As an entrepreneur engineer, you might want a constant flow of working capital to meet the demands of your business. You can get a pre-approved loan of Rs.15 lakhs from Bajaj Finserv at attractive interest rates.
Benefits of applying for a professional loan
- Large amount of funds: As described above, depending on your profession, you can avail a loan of up to35 lakhs. The other factors affecting the loan amount would be your work experience and growth perspective.
- Flexible tenure: Professional loans come with flexible tenure. You can choose easy repayment options according to what best suits your financial conditions. You can do this with planned Equated Monthly Instalments (EMIs). You can choose from repayment tenures of 12 to 60 months.
- No guarantor/collateral: You can get a professional loan without a guarantor or collateral. This is because the lenders want to show faith in your profession.
- Quick processing: Since professional loans are collateral-free, unsecured loans, approvals of these loans are much faster. You can apply for a loan and get it disbursed in a very short period.
- Flexi loan: Another benefit of availing the professional loan is the flexible line of credit. You are charged interest only the amount you use during the tenure. This not only saves a lot of unnecessary costs but also makes your loan cheaper.
Some tips to avail professional loan
Professional loans are easy to get. That said, here are a few tips that might help expedite loan disbursal.
- Documentation: Ensure all your documents, like your ID proof and address proof, are in order.
- Professional certification: Ensure you have the education certificate of your profession handy. A lender would want to verify it before approving your loan.
- Proof of income and tax payment: You would also have to submit your income details. Lenders usually verify this as it helps them understand your borrowing and repayment capacity.
- Other basic eligibility criteria: Besides this, lenders tend to look for basic eligibility criteria such as the age and experience in the peculiar field.
Ensure that you check all these before you apply for a loan.
Professional loans are usually targeted at a specific section of the population. The many benefits and perks attached to it have made it popular among professionals. It is also comparatively cheaper. Thus, you might end up making a profit in the end.
To know more about the professional loans by Bajaj Finserv, click here
Suresh Krishna and Ramesh Mohan were best friends. Suresh was a doctor while Ramesh was an engineer. Though their careers took off on the right note, both were looking to expand their work.
While Suresh wanted to open his own clinic, Ramesh was looking to start his own consultancy firm. Needless to say, both their ventures required a considerable capital which they lacked. Once, over a cup of coffee both friends were discussing their financial dilemma when they chanced upon professional loans available in the market. To their delight, each found a loan for their requirements and happily fulfilled their dreams.
Did you know that there are specially designed professional loans available in India? If you are a professional, whether salaried or self-employed, you can avail of these loans for furthering your career. Let us see the types of professional loans available in India:
- Loan for Doctors
These loans are designed specifically for doctors. Suresh found his answer in a doctor loan and availed one for his requirements. These loans allow medical practitioners to expand their scope of practice. Here are the salient features of the loan:
- Loans for doctors are allowed only to doctors who are working in a Government or a private hospital or a clinic.
- There is a minimum income criterion and doctors fulfilling this income criterion can avail a doctor loan.
- These loans are collateral-free loans. You don’t have to pledge or mortgage any type of security for availing the loan. Moreover, no guarantor is required for the loan.
- You would have to submit relevant documents to avail the loan. These documents include qualification certificates establishing that you are a qualified doctor, income proofs, bank statements, identity proof and address proof.
- Loan for Engineers
This loan is specially designed for engineers so that they can expand their scope of business or practice. These loans also have some salient features which are as follows:
- Loans to engineers might be offered as term loans or as a line of credit. In the case of term loans, a specific loan amount is given for a specified tenure and the interest is charged on the entire loan amount. In the case of line of credit, however, a credit limit is allowed to borrowers. You would be charged interest only on the amount of loan you withdraw. These loans are thus, more flexible and affordable.
- These loans are often allowed as pre-approved loans where considerable financing can be availed.
- Some banks and non-banking finance company (NBFCs) require a security to be pledged to avail an engineer loan. However, there are some lenders, like Bajaj Finserv, which offer this loan without requiring any collateral security or guarantor.
- Any self-employed or consultant engineer can avail this loan. Moreover, some lenders also allow engineer loans to salaried engineers.
- A minimum work experience is required. This means that the engineer looking for this loan should have worked as an engineer for a minimum number of years after graduation before applying for a loan.
- Loan for Chartered Accountants
Another professional loan is a loan designed for chartered accountants. These loans are allowed to self-employed practicing chartered accountants. Those chartered accountants who are salaried and working in a private or a Government company as a Chartered Accountant can also avail this. Here are some of the features of this loan:
- Loan for chartered accountants is offered both as secured loans as well as unsecured loans. If you have any security to pledge as collateral, go for secured loans for a lower rate of interest. However, if you do not have any security to pledge, opt for an unsecured loan. Though the interest rate would be a tad bit higher, the loan would be easily processed.
- In this loan too, you, as a CA should have a sufficient work experience working as a CA either in your own firm or with any company. Only then would you qualify for the loan. Fresh CAs with no experience might not be able to apply for the loan.
- Your educational qualification establishing you as a CA is important to apply for the loan.
Suresh and Ramesh found one loan each, what about you? Whether you are a CA, a doctor or an engineer, there is a professional loan designed just for you. These loans provide you with sufficient funds to further your career. So, find a loan meant for you and take your career to new heights.
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.
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.
After working for 2 years for someone else, Manoj Rathod established his own chartered accountancy firm in Jaipur. He used his savings to start up. Three years later, he is now looking to open another branch. His brother will operate that branch. However, there was a problem. How to arrange funds for the new branch?
Chartered Accountant loans are available online. You can login and get all the details on the lender’s website.
Here are 6 ways to get the best CA loan online:
- Understand your loan requirements
Though a loan is available, you should first understand your loan requirements. Figure out the amount of loan you would need, the relevant tenure of repayment and the type of loan you would require. When you assess your loan requirement, it would be easy for you to apply for a loan quickly and without any uncertainty.
- Look for the available loan providers
You can search for lenders who are willing to lend you a CA loan. Usually, banks, financial institutions, and non-banking financial company (NBFCs) allow loans for chartered accountants. However, there are only few providers who offer the loan online. Since online medium is the easiest way to apply for a CA loan, look for providers who offer you a loan online. Bajaj Finserv is one such lender which gives a CA loan online. The loan is a collateral-free loan and is offered at competitive rates of interest too!
- Check the eligibility criteria
Can anyone avail of a loan? Not really. Every lender has a list of eligibility criteria for borrowers who are looking to avail a loan. You should meet the eligibility criteria of the lender you have shortlisted before you apply for the loan. Checking the eligibility would ensure that your loan application is not rejected. So, ensure you do your homework before you apply for the loan.
- Keep your documents handy
Every loan you avail is a legal contract which requires a set of documents that you need to submit to the lender. These documents include your identity proof, age proof, address proof, bank statements showing your financial position, salary slips showing your income, etc. Moreover, for a CA loan, you also need to submit your educational proof which states that you are a qualified Chartered Accountant. So keep these documents handy when you apply for the loan.
- Compare loan interest rates
When you take a CA loan, besides paying for the amount availed, you also pay an interest rate on the loan. Since the interest rate is an additional outgo, you should compare the different CA loans available before applying for one. Lenders like Bajaj Finserv offer pre-approved loans at attractive interest rates for existing customers from time to time.
- Apply online
After you have assessed your loan requirements, shortlisted a preferred lender, understood the eligibility and have your documents ready, you can apply for the loan online. Online application of a CA loan is easy, convenient and saves time as well. It also allows you apply for the loan from the comfort of your home or office.
In a nutshell
Manoj found the solution to his financial problem in a Bajaj Finserv CA loan which gave him a loan up to Rs.30 lakh without any security or guarantor. Even the loan repayment tenure was flexible. Manoj opened another branch of his CA firm using this CA loan. If you are looking to extend your CA business, avail of a CA loan today.
To know more about CA loan from Bajaj Finserv, click here
Shobhit Sarin was looking to take a Chartered Accountant (CA) loan to expand his CA firm in Faridabad. He needed to borrow a substantial amount as he was finally ready to shift his office from his garage to a larger office space. He applied for a chartered accountant loan online and found the process to be quick and convenient. His loan was promptly approved and he was able to successfully shift and set up his new office.
Professional loan for CA can have many benefits. So ensure you consider it when you need a loan. Here are a few tips on how to apply for a professional loan and what are its benefits.
Applying for a CA loan
The world is becoming more and more digital with every passing day. Whether it is a bag of potatoes or a new car, we go online to make the purchase. So, when it comes to the financial products, the online space is not left far behind either. You can apply for the loan online. The easy online loan application process makes it all the more convenient.
- Visit your lender’s official website.
- Use the eligibility calculator to understand where you stand and how much you are eligible to borrow.
- Fill in the professional loan for chartered accountant application form that is available on the website.
- Check the details you entered for errors if any.
- Hit the submit button.
- Wait for the lender to get back to you.
The application process is actually as simple as this. So just log on and give it a try.
The benefits of taking a Professional Loan for Chartered Accountant
There are many advantages of opting for a CA loan. They include:
- No collateral: You don’t have to worry about running from pillar to post, trying to arrange collateral for the loan you need. The professional loans for chartered accountants are unsecured loans which are available without collateral. So if you need some urgent funds, you can simply make an application, submit the required documents and the loan amount might reach you in a couple of days.
- Flexible tenures: The chartered accountant loans are available for a minimum period of 12 months and a maximum period of 60 months. So, you can choose a repayment option depending on what your own preferences and financial liabilities are.
- Suitable EMIs: Next, we come to the EMIs. You can choose a repayment scheme that can help you clear the debt. Take your other financial commitments into consideration and then fix an EMI plan that would help you to repay the loan smoothly.
- Large loan: The Chartered Accountant loans offer high principals, at times as high as Rs.35 lakhs. So, make a budget and see exactly how much you need. Make an application accordingly. Remember to borrow only as much as you need, even if you are eligible for a higher amount.
- Lowered fees and charges: Another advantage of the CA loans is that the fees and charges are considerably lower. For instance, most of the loan providers do not charge any prepayment or foreclosure charges on the professional chartered accountant loans.
To sum it up
The professional loans for chartered accountants are tailor-made to suit the requirements of the CAs in India. So, if you need a loan for the betterment of your CA firm, do not hesitate to take a loan. As you can see, the loan has many benefits and it is also very easy to apply for such a loan. So what are you waiting for? Just log on and get going!
To know more about professional loan for CA, click here