What you need to know about Chartered Accountant Loan
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.