There are more than 2 Lakh chartered accountants in India, out of whom more than 1.3 Lakh professionals own and operate their CA firms. These individuals require a steady stream of financing to maintain the working capital of their
organisation. A business loan for chartered accountants provides that much-needed financial support to run their company and initiate its growth.
Several financial institutions offer such credit at an affordable interest rate, flexible repayment
tenor, and minimum documentation. Let’s take a look at how you can get a business loan for CA. Meet the necessaryeligibility criteria –
It is vital to ensure you meet the minimum CA loan eligibility criteria before applying for a loan for chartered accountant. Most financial institutions ask for at least four years of work experience since the date of receiving
Certificate of Practice and a house or office in a location where the lender operates. Lenders may not approve the credit if an applicant does not fulfil these requirements.
- Fill the online application form
The online application process can significantly reduce the time taken to apply and receive a loan. You have to visit the lender’s website and fill up the loan application form with relevant details. Usually, it does not take more than 24 hours to submit, approve, and
disburse a business loan for chartered accountants if applied online.
- Collect the necessary documents
You need to provide certain documents while applying for a business loan for CA. Financial institutions will go through these documents to verify your identity, income, and ability to repay the debt. Go through the list of essential documents before you apply for credit; it is one of the essential things you need to know about CA loans.
Most financial institutions require minimum documentation to approve the loan. These include:
● Certificate of Practice.
● KYC documents.
● A recent passport-sized photograph.
● Bank statement.
● Proof of property ownership in an area where the lender operates.
Financial institutions like Bajaj Finserv offer door-to-door document collection service, where a representative will collect the necessary papers from your residence. It eliminates the trouble of visiting a branch and submitting the documents by yourself. Also, the
largeloan amount can provide the necessary financial backing to employ techniques required to make your CA firm stand out from the rest and gain a higher client base.
Where to get a business loan for CA?
There are several financial
institutions including NBFCs that offer business loans for chartered accountants who want to establish, expand, or improve their organisation. However, interest rate, loan amount, eligibility criteria, and other such factors may vary between the lenders depending on their policies.
Ideally, you should select a lending institution that offers you an affordable CA loan interest rate, large loan amount, and levy minimum fees and charges against the credit. Companies like Bajaj Finserv, one of the leading financial institutions in India, offer many such features and benefits to their customers.
Carefully consider the available options before selecting a particular lender to avail a business loan for CA. Your lender should provide an adequate amount to mitigate your
organisation’sfinancial shortcomings, while not charging a high interest rate which might exceed your repayment capability.