Being a chartered accountant is not an easy task. A CA has many high-profile clients that need services that are up to the mark. Therefore, it is important for a CA that they keep themselves updated. In order to keep themselves updated, established or unestablished chartered accountants might feel the need of funds. This need of funds can be fulfilled with the help of a Chartered Accountant Loan.
CA loans or Chartered Accountant Loans are a type of professional loans. A chartered accountant loan is an unsecured loan and requires no security interim for their approval. They also have modified terms and conditions that are suitable for chartered accountants. There are various benefits of a CA loan.
One of the best perks offered by the chartered accountant loan is the allocation of funds. You can use your chartered accountant loans to fund your business related needs as these loans can be allocated only for professional uses. You can use your loan for the following purposes.
1.Expand your business: In order to gain more from your business, a business expansion is recommended. When expanding your business, there are many things you need to look up to such as buying a property, getting the interior done and hiring a new team. These things can charge a lot, and the thought of it might scare many away. For a business expansion expenditure, you can apply for a chartered accountant loan.
2.Use it for further studies: When running a firm the best way to keep progressing is to keep your knowledge enhanced. In the accounting world, every day or every year there are new ways and theories introduced by accounting theorists that can boost your firm. To learn these things, you might have to travel to different places, which can cost a lot. You can use a CA loan to fund your education charges.
3.Buying equipment: After buying a new office property, there are things that could incur heavy costs, i.e. buying new tables, computers other furniture. You might also need to buy machines like a copier, printer, scanner, ID scanner and CCTVs to ensure better functioning of your office. All these things can be purchased with the help of a CA loan; you just need to provide the lender with the quotation of the expenditure and the lender will provide you with the needful amount.
What are the benefits of a CA loan?
While choosing Chartered Accountant Loans, these are the common benefits that a CA might get:
1. No security interim: Chartered Accountant Loans fall into the category of unsecured loans. It means that the applicant does not have to offer collateral for the loan approval.
2. Flexible tenor: Chartered Accountant Loans are made to benefit the chartered accountants, and thus, Non-Banking Financial Companies (NBFCs) offer the flexibility of tenor for the easy repayment of the loan.
3. Low Charges: The lending products have charges that range from a few thousand to lakh, while charges like processing fees are not refundable. On the other hand, interest rates of Chartered Accountant Loan has very low charges that make the borrower more comfortable during repayment.
4. Adjustable EMI: In times of financial crisis, people are not able to repay their loans due to high and unaffordable EMIs. There are NBFCs like Bajaj Finserv that offer the perk of adjustable EMI option that makes it easier for repayment.
As they are very much similar to the professional loans, a chartered accountant loan can be availed at the time of emergency, too. With the freedom of allocation of funds, you can use them for the above-mentioned as well as other reasons.