Check Out the Basic Eligibility Criteria and Necessary Documents for CA Loans

Following the implementation of GST in the Indian economy, the amount of IT returns has increased manifold over the last few years. The number of salaried taxpayers is rising faster than that of the self-employed ones, growing from 1.7 Crore to 2.3 Crore from FY 2013-14 to FY 2016-17.

This calls for the need for professional financial guidance, and hence the demand for chartered accountants across the country has witnessed a drastic rise.

The escalating demands for their professional financial skills have led 1.32 lakh CAs to initiate their own standalone practice. Doing so requires financial assistance to start or expand their firms and such similar expenses. Following this, reputed lenders are more than willing to offer them the best financial deals on a CA loan.

Such professional loans are designed to provide them with customised financial assistance. CAs can easily meet their personal and professional fiscal goals without straining their financial resources.

Such advances come with adequate loan capital that can be used to financially cover expenses involved in – setting up a firm, maintaining cash flow, managing payroll, etc. Taking into consideration of such potential benefits, multiple financial institutions now offer such advances. Borrowers need to weigh their options and avail the one that offers relaxed eligibility criteria and documentation. 

Also Read: Keep These Agreement Facts in Your Mind Before Getting a Home Loan in Bangalore

  • Eligibility criteria

Lenders take into account the creditworthiness of the CAs, to determine their eligibility and offer CA loan interest rates accordingly. 

  • Secured loans

Eligible chartered accountants can apply for higher credit amounts of up to Rs 2 Crore as home loans or loan against property. Borrowers need to mortgage their assets to avail such credits.

The extended repayment tenor for such advances along with a competitive CA loan interest rate makes the EMIs affordable. One can use the amount so obtained with either purchase residential property or provide financial coverage for numerous hefty expenses. 

  • Unsecured advances

This CA loan includes both personal as well as business loans and comes with credit amounts as high as Rs. 35 Lakh. Such business and personal loan for CAs can help you fund expenses involved in leasing or purchasing a new workspace, arranging a destination wedding, implementing technology into their practice, going off to a vacation, consolidating debts, paying for overseas education, etc.

Basic eligibility criteria for CA Loan –

  1. Borrowers or the parents of the applicants must possess a house or an office.
  2. A minimum time-frame of 4 years is required from the date of application to the Certificate of Practice (CoP).

With Loan for Chartered Accountants from reputed NBFCs like Bajaj Finserv comes with multiple borrower-friendly features that include the hassle-free application process, online fund management via customer portal, quick loan processing, etc. 

  • Required documents

Borrowers need to furnish the following documents to avail a CA loan –

  • Proof of ownership of the property
  • KYC documents like PAN card, Aadhaar card etc.
  • Certificate of Practice (CoP)

You can easily apply for a Bajaj Finserv chartered accountant loan by following the above-mentioned eligibility criteria and providing the required CA loan documents. However, it is always beneficial to approach a lender only after thorough research to get the most out of your availed credits.

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