We all have worked hard to get the degree related to our field of education. As we step out from the learning zone to implementing it, there are many things that need to be taken care of. One such thing is the finances related to our profession. These include finances for setting up a new firm, renovation projects, purchase of equipment and materials etc. If you are a chartered accountant and finding ways to manage such expenses, a chartered accountant loan (CA loan) may help you out.
What is a CA Loan?
Call it a business loan for chartered accountants or a professional loan; a CA Loan helps you manage all the finances related to your profession easily. Understanding the increase in fund requirements by CA firms, banks and Non- Banking Financial Companies (NBFCs) offer CA loans to promising and qualified Chartered Accountants (CA). Your experience can help you come up with innovative ideas and strategies; however, without sufficient funds, you will be stuck. That’s how CA loans help you with sufficient loan amounts to be utilised for your professional requirements.
How can you get a Chartered Accountant (CA) loan?
Thinking about availing a chartered account loan, you might come across a lot of questions. Firstly, you need to understand your expectations and purpose of availing the loan. The second thing is the requirements by lenders to grant a CA loan. While the CA loan application procedure may vary from lender to lender, the key requirements remain the same. One such factor that plays an important role in your CA loan application process is the documents. These documents are related to your qualifications and experience and ensure lenders that you are a potential candidate.
Documents required for CA loan:
When it comes to availing a loan, the documentation varies from lender to lender. Here is a list of key documents for chartered accountant loan:
- Business proof: To avail a CA loan, you will require a certificate of practice as a proof of your experience in the profession.
- Know your customer (KYC) documents: These documents include your identity and address proof. In case of availing a CA loan, you also need an income proof.
- Address proof: Your Passport, Voter ID, Aadhaar card etc. can work while availing a CA loan.
- PAN Card: You need to submit a copy of your PAN card to avail a CA loan.
- Property proof: Availing a chartered accountant loan needs a property proof which signifies that you are financially stable.
So, these were some important documents for CA Loan that you need to be ready with, in case you wish to apply for a CA loan. Before applying for a CA loan, make sure all your documents are up to date and as per the requirements of the lender.
With a large number of financial institutions available today, it is easy to get a CA loan. However certain things like incomplete documents, lack of experience and qualification proof, or unavailability of certain important documents related to the property may reject your loan approval. Nowadays, there is no need to stand in long queues to avail loans. With NBFCs like Bajaj Finserv, you can get your loan approved by sitting at home. Moreover, the minimal documentation and paperwork required by NBFCs can make your loan approval quick and easy. NBFCs like Bajaj Finserv also offer certain benefits on CA loans like flexi loans, flexible tenor, online account access etc.
So, start planning and make a wise choice towards a profitable and efficient CA loan plan.