As a chartered accountant, you might have already paid a large sum of money to get that degree. Learning about finances and accounts, did you ever realise how badly you will need it in your journey as a professional? A chartered accountant may give a good financial advice and manage accounts well, however when it comes to his professional requirements, the unavailability of sufficient funds creates a big problem.
So, how can a CA take care of the expenses related to his profession? Where to get the money needed to expand a business or purchase upgraded technology equipment? How to manage the investment required to get top class systems and software? The answer is chartered accountant loans.
What is a Chartered Accountant Loan?
Understanding the need of continuous cash flow in this sector and promoting its growth, banks and Non-Banking Financial Companies (NBFCs) offer CA loans to qualified and experienced chartered accountants.
Need to choose the best option:
With the growth of financial institutions and wide availability of different lenders all across India, it is important to take an informed decision before approaching any financial company. To get the best deal one has to understand what he needs and what are his expectations. While availing a loan you also have to keep in mind the financial stability and your ability to repay the loan amount you wish to borrow. In order to choose amongst various options of CA loans, you have to make sure that it proves to be profitable for your company.
Quick tips to avail CA loan at best interest rates:
1. Survey: In order to select the best-chartered accountant loan option, you must know about all the options available. Before applying for a CA loan, get information about all potential options available in the market
2. Comparison: While availing a CA loan, make sure that you compare the various options available. The CA loan interest rate charged by lenders plays a very important role here. Keep the following points in mind while comparing:
* Understand, how the interest rate for chartered accountant loans affect your loan plan and how profitable it proves to be. See, how much you will be needed to pay monthly as EMIs.
* It is also important to choose between offline CA loans and online CA loans. The loan application procedure changes as per the offline source or online source.
* While offline lenders like banks charge a low-interest rate, their procedure is very slow and tedious. At times, lenders with low CA loan interest rates do not provide any flexibility to your loan plan.
* Online lenders make it quick, smooth and preferable. For, e.g. NBFCs like Bajaj Finserv offer CA loans at attractive interest rates along with various options to make your CA loan flexible.
* See if the lender is giving additional benefits along with attractive CA loan interest rates. In case of NBFCs, certain benefits like flexible tenor, a line of credit, and online account access provide a certain relief from the financial burden of heavy debts.
3. Make a choice: After making a comparative study and understanding the pros and cons of different chartered accountant loan options, you have to make a choice. Make sure that you are well-versed with the lender’s terms and conditions and other policies regarding the CA loan.
So, keep these things in mind and follow the steps carefully. A chartered account loan can make your professional life more manageable and stable. However, even a slight mistake can cost you a heavy amount and waste your valuable time. Use those typical CA skills, and make a wise and profitable choice.