Like every other professional, CAs have their own sets of personal financial needs besides their practice. It can be anything from consolidating debts to financing higher education to vacationing overseas and more. A personal loan for chartered accountants can provide that much-needed financial support in any such circumstance.
Now the question is – why to avail personal loan for CAs! Well, there can be many reasons why chartered accountants should go for personal loans.
Flexibility of usage
First and foremost, these advances are custom-made for the chartered accountants keeping in mind their personal requirements. Many NBFCs in India offer CA loans up to Rs. 35 Lakh, sufficient to cover – medical emergencies, renovation of a personal or commercial property, refurbishing of homes, wedding expenses, etc.
No risk of losing any asset
As personal loans for CAs are unsecured, there’s no need to pledge any asset as collateral. So, a borrower doesn’t run the risk of losing an asset in case of default.
Comparatively low rates of interests and other charges
Reputed financial institutions offer affordable CA loan interest rates of 14% to 15%. They also levy nominal processing fees up to 2% which makes this credit hassle-free for borrowers.
Eligibility criteria & documents
Most people worry about the complex eligibility requirements and hassling documentation processes. But, for these personal loans, one has to –
●Have ownership of an office or a house.
●Have a COP which is active for at least 4 years.
Next, following are the documents a CA should submit besides the COP –
●Bank statements
●KYC documents
●A passport sized photograph
That’s all! A borrow can now go ahead to apply for the CA loan.
Repayment flexibility
Chartered accountants availing a personal loan can select the repayment tenure according to their convenience. Usually, the flexibility ranges between 12 and 60 months. One can spread the EMIs effortlessly according to one’s income.
For instance, a shorter tenure is apt for those looking to clear the CA loan faster. Others willing to pay low EMIs can choose a more extended tenure. Borrowers can take help of online EMI calculators which many lending companies offer nowadays.
Note: It is essential to stick to below 40% of the total income for EMIs.
The new-age Flexi Loan facility
A personal loan for chartered accountants from NBFCs like Bajaj Finserv comes with Flexi Loan facility which enables a borrower to make multiple withdrawals from a pre-set limit whenever required. The USP is that he or she has to pay interests on the amount withdrawn and not on the sum principal amount. The borrower can repay the total amount when the tenure ends.
Benefit: One gets to save around 45% with this facility.
Coming to pre-approved offers
Usually, unsecured personal loans for CAs are disbursed after a process of documentation and verification. However, pre-approved offers from Bajaj Finserv make this procedure hassle-free and less time-taking with minimal documentation. Designed for the existing clientele, these offers are available for personal loans, business loans, mortgage loans and a range of other financial products and services. The borrower can enjoy approval in minutes and same day disbursal once qualified.
Options to part-prepay
Another valid reason to avail personal loan for chartered accountants is the part-prepayment facility. A borrower can part prepay the credit whenever he has a surplus to reduce the EMIs subsequently. It can be done up to 6 times a year.
Apart from these, borrowers can track and manage their loan accounts and related information efficiently via online. They just need a user ID and a password to access. Hence, the benefits of availing personal loan for CAs are many; one only needs to approach the correct lender.
