Personal and professional loans serve a variety of purposes today in the financial and business sector. So, whether your professional plans are to expand your office, scale up operations, meet working capital requirements or to achieve a set goal, our professional loans may help you to not only just grow but also flourish your practice. Grab every opportunity to boost your professional practice without any delay with our unsecured Professional Loans. This loan offering is designed to custom-fit the unique financial objectives of working professionals like Chartered Accountants, Company Secretaries and Doctors.
Personal Loans serve a wide range of benefits such as consolidating debt or meeting miscellaneous expenses. However, when looking at expanding one’s scale of operations, a personal loan may not be the optimal choice. For working professionals such as Chartered Accountants, loans to scale their operations come in the form of professional loans, or in this case, known as Business loans for professionals
Key Features
- Loans up to 50 lakhs
- Flexible repayment option up to 48 months
- Zero collateral
- Nil part-payment / foreclosure
- No collateral required
- Attractive interest rates
- Simple application process
- Quick disbursement
- Convenient repayment options
- Minimum documentation
Need for a Loan for Chartered Accountants
- A Chartered Accountant in India can secure a loan for one or more of the following purposes:
- Purchase of equipment
- Business expansion
- Construction of the business premises
- Renovation of the business premises
- Cash for working capitals
- Finance work-related foreign trips, seminars and conferences
- Other business requirements
Eligible Applicants
- Self-employed professionals
- Consulting professionals
Age Limit
The age of the applicant should be a minimum of 21 years and a maximum of 65 years at the time of applying for the loan.
Eligibility
- 2 years in current profession
- Gross Receipt Rs 5 Lakh and above
- KYC documents
- CoP certificate
- Proof of property ownership (for secured loan)
Documents Required
- Last 2 years ITR along with P&L statement and balance sheet
- PAN Card required for entity and all Individuals
- Form 16 A / 26 AS in case of consulting doctors
- Qualification proof – degree certificate or passing certificate
- KYC documents
- Ownership proof – office/residence
- 6 months bank statement
Interest Rates for a loan for Chartered Accountants in India
Loans for Chartered Accountants or Company Secretaries in India are professional loans and are offered at a slightly higher rate of interest than the regular personal loans.These rates of interest can be either Diminishing Rate of Interest or a Flat Rate of Interest.A Diminishing Rate of Interest means that the interest applies only to the outstanding principal amount. In this way, you pay to reduce EMIs as you move along the loan tenure.A Flat Rate of Interest is a fixed rate that remains constant along with the loan tenure. The EMI will remain fixed as it is repaid throughout your loan tenure. Generally, the interest rates of loans for Chartered Accountants range from 11% to 20%.
Benefits of Loan for Chartered Accountants
Today, many lenders offer exclusive loans for chartered accountants, which consider their financial standing and unique needs.
1. Collateral-Free Finance
The work of a chartered accountant is highly regarded, and every type of business needs it. As such, CAs are well paid, and financiers take this into consideration when offering CA loans. Many lenders offers as a Business Loan as well as a Personal Loan to chartered accountant applicants without demanding any asset as collateral. There is no need for a guarantor too. You can avail up to Rs. 50 lakh and funnel the finances towards business needs such as upgrading your hardware/software systems and training your employees or personal goals such as home renovation and going on vacation.
2. Flexible Repayment Tenor and Interest Rate
Self-employed chartered accountants are tasked with striking a balance between the needs and goals of their professional and personal life and to make this possible from the perspective of financing lenders offer flexible repayment windows. With flexible tenors you can adjust your instalments to align with your personal and business budgets.
3. Quick Loan processing
Today, funding must be fast if it is to be effective. In the absence of speed, you may not be able to capitalise on market opportunities and may have to forego your personal goals. Once you get through the major steps of the loan process you can avail funding within a 24-hour period.