A chartered accountant (CA) loan is a professional loan aimed at catering to the needs of chartered accountants. While the loan can be availed easily with minimal documentation, there are certain essential things to consider before you apply for it.
- Type of loan needed
Before you apply for a CA loan, it’s essential to figure out the type of loan needed. While some loans are tailored to meet personal needs, others are better suited for professional ones. For instance, Bajaj Finserv offers an exclusive suite of Chartered Accountant Loans in India such as:
- Personal Loan for Chartered Accountants
- Home Loan for Chartered Accountants
- Business Loan for Chartered Accountants
- Loan Against Property for Chartered Accountants
While the first two are more suited to address personal life goals and needs, the others are more appropriate for addressing professional requirements such as buying a new office, installing new software and adopting technology in your practice among others.
Flexi Loan facility is a unique feature of all these loans. With this facility, you can withdraw funds as and when required from the approved loan limit without making multiple applications. Also, interest is charged only on the amount utilised and not on the entire limit. This lowers the EMI amount and helps in better management of finances.
- Loan amount
The loan amount has a direct bearing on the monthly EMIs. A high amount translates into a hefty EMI. Though most CA loans offer a high loan amount, financial prudence calls for choosing a loan amount that aligns with your needs and more importantly, can be repaid easily. Gauge other essential commitments and exact needs to determine the right amount.
- Rate of interest
Just like the loan amount, the interest rate is an important lookout. The rate of interest charged by lenders is directly proportional to the EMIs and hence it’s crucial to opt for a CA loan that has a competitive rate of interest.
With loan aggregator websites, you can easily compare interest rates offered by different lenders. Choose a lender offering the most competitive rate.
- Loan tenor
When you apply for a CA loan, among the other things that warrant attention is the loan tenor. A long tenor reduces the EMIs but pushes up the interest outgo. On the other hand, a short tenor increases the EMI but results in long-term savings by keeping the interest outgo to a minimum.
Opt for a lender offering flexible repayment tenor to fit your budget. For example, Chartered Accountant Loans offered by Bajaj Finserv come with flexible tenors ranging from 12-60 months for unsecured loans (like personal and business loans) and 12-240 months for secured loans like (home loans and loans against property).
Additionally, opt for a lender that quickly processes and disburses the loan amount. Bajaj Finserv delivers money in your bank account within 24 hours of loan approval. Make sure to go through the fine print to know the various charges associated with the loan.