How Does One Obtain A CA Loan?

Chartered accountants can obtain loans to take care of their various personal and professional needs and with that, they can hope for a better lifestyle and living experience for themselves and their families. They can obtain any of the four loans namely personal loan, business loan, home loan and loan against property, or mortgage. The criteria for Loan for Chartered Accountant is the same as in any other loan for any other person as CAs are mostly considered self employed.

To obtain a loan, one has to full the CA loan eligibility criteria. These are as follows.

  • One of course, has to be a certified CA to get the CA loan. One must have the required educational documents to present to the lender and one must also have the required work experience.
  • One has to be a resident of India to obtain the CA loan and it has to be remembered, that even if the person is a CA, if he is an NRI or not of Indian nationality, he would not be able to apply for the loan. One has to submit resident proof in the form of electricity bills and telephone bills for the purpose.
  • To apply for a chartered accountant loan, one has to be a tax payer under the Indian government. The rule in India is that to apply for a loan, one must submit their IT returns for three consecutive years and also submit the bank statement for the last three months immediately before applying for the loan. A copy of the PAN card also has to be submitted for the purpose.
  • One must also provide proper identity proof and copies of the Aadhar card, driver’s license or Voter ID have to be submitted which should have the address proof, father’s name and date of birth and the information across all the documents must be correct and same. Any discrepancy in the information here might hinder the chances of getting a loan
  • Depending upon the lender, one must have proof to show that his income is based on earnings from his job as a CA. This might be as earnings from being self employed or because he is working for a firm. This is verified by submitting letter of employment, salary slips or pay slips received from the firm that the CA is employed in or even if he is self employed with his own firm, the required registration of his firm and TAN as applicable. This is important to the lender as he can calculate the repayment abilities of the CA.

Bajaj Finserv Loan for Chartered Accountants also offers the best interest rates for CA loans. Apart from that there is the benefit of a simple application procedure, a secure line of credit and the advantage of loan disbursal within 24 hours. As long as the above mentioned criteria are met, there would be no impediment in getting a CA loan from Bajaj Finserv.

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