According to the Institute of Chartered Accountants of India (ICAI), more than 20% of the chartered accountants in the country practice on their own without being associated with any particular company.
However, setting up one’s own practice takes time, and the investment required to set up the necessary infrastructure can put a major strain on one’s personal finances. In such cases, a loan for chartered accountants can help to meet overhead expenses and expansion plans.
With easy-to-meet CA loan eligibility criteria, funds of up to Rs. 35 Lakh, and quick processing time, these financial products are quickly gaining popularity among the new practitioners. There are multiple benefits of a CA loan for the self-employed, apart from the fact that it helps meet all your short-term financial requirements with ease.
There are several reasons why you should consider availing of a loan from a chartered accountant. You can use it to –
Integrate the latest technology in your practice.
Hire more experienced staff during business growth.
Pay operational cost or your daily expenditure.
Purchase new assets for your business like a new office plot, the latest accounting software, new computers, etc.
Increase your working capital to utilize your firm’s assets optimally.
Let’s further discuss its benefits.
Finances to meet all your business needs –
Your financial needs vary depending on your firm’s practice and requirements. CA loan for self-employed offering funds of up to Rs. 35 Lakh can help you meet all your requirements. There is no restriction or limitations on its usage. Such loans are unsecured in nature and do not require any asset as collateral. This allows you to concentrate on your business and help your CA firm cater to a bigger clientele base.
Also, instant approval and quick loan disbursement allow you to raise your finances instantly. Most lenders offer an online application process that removes the hassle of lengthy paperwork. With the help of an online application and minimum documentation, a lender can accept and verify your application within 24 hours and start with the loan disbursal process.
Affordable and easy repayment options –
You can repay the loan amount without straining your budget, thanks to the affordable CA loan interest rate and flexible tenor. For example, financial institutions like Bajaj Finserv levy only 14 to 17% interest rates and allow you to choose a tenure ranging from 12 to 60 months according to your convenience.
Borrow only what you need –
Financial institutions like Bajaj Finserv also offer Flexi Loans which has the facility to borrow only what you need and pay interest only on that amount. Such loans come with a pre-set limit. You can make multiple withdraws whenever you require money from the limit. You get the option to pay only the interest part on the withdrawn amount as EMIs. Principal repayment can be done at the end of the tenure. This saves you money and allows you to manage unexpected financial needs without depleting your savings.
How to apply for a Loan for Chartered Accountants –
The application process for a CA loan is fairly simple. First, search the market for a lender who is offering you the most suitable terms and conditions. You can check your eligibility criteria once you have selected a financial institution. Also, check whether they accept online applications or not.
If you meet the eligibility criteria of CA Loan, visit their website and fill out the online application form for a CA loan for self-employed. Your application gets approved after the lender verifies all the details and then you need to hand over your documents. Once the documents are verified, your lender will disburse money to your bank account.
A loan for chartered accountants is the best way to finance your firm’s requirement of immediate financing. With it’s easy to meet CA loan eligibility criteria, affordable interest rate, and instant disbursal, you can cover the shortage of funds and achieve your goals.