Factors to Keep in Mind when Looking for Collateral-Free CA Loan

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As a chartered accountant, you need financing for a gamut of reasons including expanding your accountancy firm, buying new office space, integrating technology in your CA practice making pending payments or meeting various personal goals like wedding, home renovation, higher education, vacation, etc.

With collateral-free Loans for Chartered Accountants from Bajaj Finserv, you can choose from a suite of loans- Personal Loans for CAs up to Rs.35 lakh, Business Loans for CAs up to Rs.35 lakh, Home Loans for CAs up to Rs.2 crore and Loans Against Property for CAs up to Rs.2 crore- for all your diverse needs.

These loans have an affordable interest rate, easy-to-meet eligibility criteria, minimal documentation requirements, quick and hassle-free application loan process. You can avail any of the loans in a Flexi Loan format and get the freedom to withdraw and repay funds as per your financial requirements. As you pay interest only on the amount used by you, your EMIs remain further affordable. You can check out your exclusive pre-approved offer and get your CA loan approved instantly.

Here are a few important things that you need to answer before finalizing the best CA loan lender for yourself:

Type of loan you wish to avail

Before you borow money, understand the different types of loan options that are available in the market. For instance, Personal Loans For Chartered Accountants can be used for personal purposes- from going for an international trip or vacation or renovating your home interiors, sponsoring your child’s overseas education, managing all your debts better by consolidating them into one single loan, etc. You can choose a Business Loans for CAs which are specifically designed to help you invest in your practice. You can pick a Loan Against Property to meet any high-ticket expenses or investments or move into a new residential space with a Home Loan for CAs.

Along with the purpose of financing, evaluate the features and benefits of each of them before choosing an option that is best for you.

Interest rates levied on loan amount

Regardless of the type of loan, you need to pay attention to the interest rates levied on the loan amount by the lender. This will play an important role in determining the total amount while repaying the loan. Generally, lending institutions charge a comparatively higher interest rate for collateral-free loans but, with increased competition in the market, many financial institutions are willing to lend at comparatively lower rates of interest.

Tenor of the loan

The tenor or duration of the loan is another factor determining the monthly outgo for the repayment of loan. If you have a substantial income to support high loan EMIs, you should go for a short tenor to pay a lower interest amount on the loan. Otherwise, you can opt for a longer tenor to spread out your payments into smaller EMIs and reduce your financial burden.

Eligibility criteria required by the lender

While some lenders have stringent eligibility criteria for CA loans, some of them offer more relaxed terms. Hence, it is important to know and match the eligibility criteria for chartered accountant loans, otherwise your application could be rejected by the lender. Typically, loans are granted to CAs on the basis of their annual earning and the practice experience.

 

Once you match the eligibility guidelines of the lender, you can apply for a CA loan online or visit the lender along with the relevant documents.

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