In order to start your practice, availing a loan has become a necessity now. This is because setting up everything requires a good amount of funds. Around six months back, after giving 11 years to a CA firm in New Delhi, I planned to start a firm where I could use my experience and skills to grow further.
However, we all are well aware of the fact that taking the route of entrepreneurship is a challenging task. Despite saving a handsome amount of money during my job, I was still not ready to go all in at once. This is where a chartered accountants loan steps in.
Being a CA myself, availing this type of loan for my practice was a good idea as it has many benefits.
What is a CA loan?
As the term suggests, it is a type of loan designed for CAs who are either self-employed or own a partnership firm. Offered by financial institutions, it helps professionals to invest in their business, purchase any equipment, hire people or, for that matter, any other business requirements.
Now, it is essential to understand that the CA loan interest rate is quite lucrative in our country, and moreover, there are also options for flexible repayment tenures. So, therefore many CAs opt for it without any hesitation.
To apply for the same, the borrowers need to provide proof of their income tax returns, bank statements, professional qualifications as per the requirements of the lender. Moreover, it is important to understand that long gone are the days when people visited the bank/financial institution to avail a loan. So, just download the right application on your smartphone, and you are more than good to go.
What are its advantages?
- Instant Availability
Unlike the regular type of loan, where the waiting period is generally quite long, this type of loan offers the required amount immediately starsfact .
- Flexibility
Chartered accountants loan offers flexible repayment options tailored to the borrower’s financial condition. This helps the borrower choose the tenure, payment frequency, and payment amount that works best for them.
- Higher Amount
Professionals who opt for this loan may be eligible for a higher loan amount than other business loan applicants. The prime reason is that CAs are considered low-risk borrowers due to their financial expertise and knowledge.
How to get a CA loan?
- Download the Bajaj Finserv app from the App Store or Play Store.
- Sign up
- On the home page, you’ll see the ‘Loans’ section below the search bar.
- Tap on it and go to ‘Loan for Chartered Accountants
- Enter the required information.
- You are good to go!
Conclusion
If you are planning to take the path of entrepreneurship as a CA, then opting for a CA loan is one of the best first steps you can take because the CA loan interest rate is quite pleasing. With applications such as Bajaj Finserv Application, which I’ve been using for a long time, things have become much more accessible whotimes.
(Disclaimer: This content is not promotional.)
