Are you a Chartered Accountant who wants to set up his/her own office? You can always avail a Chartered Accountant Loan and fulfil this want.
However, before you search a lender, avail the loan and sign the deal, you must consider these five points.
- Understand your credit requirements
Although a Chartered Accountant loan is always available to opt for, you should also measure your loan requirements. Decide a loan amount that you will need, the loan duration, and the loan type. When your assessment is ready, it will be easy to apply for a Chartered Accountant loan without hassles.
- Look for available lenders
You can search for available creditors that are available to provide you a loan online. Banks, financial institutes and non-banking financial companies (NBFCs) provide loans for Chartered Accountants. Opt for an online lender because they will process your loan application faster. Their money disbursal process is also lightning fast when compared to physical service providers.
- Discover your eligibility
Not everyone can avail a loan. Every creditor has an eligibility list that you need to match to get your loan approved. Check your CA loan eligibility criteria with the lenders whom you have shortlisted. Also, check the documents needed and see if you have those handy. Always prepare before you apply for a professional CA loan.
- Compare interest-rates of the loan
It’s common to pay interest-rates on the principal amount that you avail under a Chartered Accountant loan. Always check who is offering what interest-rates and apply to a lender you find offering a low rate of interest. Online creditors provide pre-approved CA loans at appealing interest-rates.
- Always apply online
When everything is available online, should a Chartered Accountant loan be behind? Yes, all reputed lenders are providing affordable CA loans online these days, and even you should avail an online loan. When you apply online, you get to know your eligibility faster, your application gets approved instantly and you get money in your bank account in 24 hours. Also, you don’t have to go to a physical office of a lender; you can sit back in your bedroom in pyjamas and apply online.
The Bottom Line
Now that you things to know before applying for a CA loan, you should apply after gauging your situations and needs. Many Chartered Accountants are already availing loans to enhance their career, setting up an office and rising in life.
If you fulfil the eligibility conditions of the lenders, even you can fulfil your dream of having an office or a team of your own. You always have the flexibility to pay your loan as per your desired loan duration.
You can also avail a line of credit facility and pay interest only on the amount that you need. Keep paying the interest part as the EMIs and the remaining amount after the completion of the loan tenor.