Availing the customised chartered accountants loan is a useful and convenient way of meeting expenses for your professional and personal needs. Being a CA, you can apply for any of the four offerings that the CA loan brings for you. It includes – business loan, personal loan, home loan, and loan against property.
You can choose from any one of the above to meet your needs precisely. NBFCs like Bajaj Finserv brings pre-approved offers on Chartered Accountant Loans along with mortgage loans, personal loans, education loans, and other financial products and services for their existing customers. Furnish a few personal details like age and contact details to check your pre-approved offers. It is an easy and quick process of availing advances.
You can also buy products on easy or No Cost EMIs along with minimal processing fees and down payments. Hence, apply for the chartered accountant loan to enjoy pre-approved offers and its various benefits.
Eligibility criteria for CA loan
You need to meet the following criteria to be eligible for a chartered accountant loan:
- Age less than 65 years.
- A Certificate of Practice (COP) active for 4 years minimum.
- Own either a house or an office. Or, your parents should have a property in their name.
Documents required to apply for the CA loan are:
- KYC documents
- A Certificate of Practice
- IT returns, balance sheet and P&L statement account of the previous 2 years.
Note: The chartered accountant loans are usually unsecured credits. However, financial institutions also offer secured CA credits for you. To apply for the secured ones, you have to provide mortgage documents.
Thus, meeting the eligibility criteria for CA loan is quick and easy. However, you must know the ways to increase the chances of your application approval even if you fulfil all the requirements. Also, see the checklist for CA loans before applying for one.
How to increase the chartered accountant loan eligibility?
- Clear the existing dues
The first step of enhancing your CA loan eligibility is by clearing any dues that are pending with any lending institution. The dues may include credit card bills or any personal loans.
Ensure that you close those accounts and collect the no-due certificate from the lenders. Also, make sure it is updated in your credit history.
- Avoid making multiple applications
Your image as a borrower is negatively affected when you apply for loans with multiple lending institutions. Because it makes you look desperate for money to meet your expenses. Hence, apply with one lender at a time and see that their CA loan interest rate is also less than others while applying.
- Maintaining your CIBIL score
Every financial organisation checks your credit score before approving the loan application. Hence, if you repay your debts timely, it will reflect on your credit score. Also, a good CIBIL score and credit history makes the procedure of loan approval easier for you.
- Arrange the documents beforehand
As you have already seen, you require minimum documents to apply for a CA loan. Arrange all the papers beforehand. It’ll make the process of verification hassle-free, thus, ensuring fast approval of your loan application.
- Look for special facilities
Ensure that you apply for the loan with any lending institution that has low CA loan interest rate. Bajaj Finserv is such NBFC which has attractive interest rates along with a processing fee of only 2% for their Chartered Accountant Loan.
Also, Bajaj Finserv provides flexi loan facility where you pay interests only for the amount withdrawn from the account and not for the entire loan amount.
So, this is how you can quickly meet the eligibility criteria of CA loan and increase your chances of availing finance. With no end-use restriction, you can use a chartered accountant loan to finance any personal need.