Whether you are a self-employed chartered accountant or running your personal CA organization or working with you, there may be a couple of reasons why you will require budget – enterprise growth, renting an office space, hiring talent and so on. Banks and NBFCs in India regularly provide professional loan for Chartered Accountants to help them grow their enterprise. Personal Loan Guru is hooked up with 30+ Banks and NBFC and provide quality gives for commercial enterprise loans for experts like CAs, eligibility, interest charges with the aid of banks, features and more.
Chartered Accountants can apply for a personal, Professional, or business loan for CA in India without any difficulty at PLG to fulfil their business needs. While different banks and NBFCs provide business loan for Chartered Accountant at competitive interest rates to meet their business growth plans, there are many lenders who offer it as professional loans that may be used to meet your multiple financial needs. In this article, we will explore unsecured loans for Chartered Accountants, the eligibility criteria, interest rates on business loan, documents required for CA and more.
What is a business loan for CA?
A business loan for Chartered Accountants is a credit facility that is offered to chartered accountants for business expansion or start their own firm. The funds can be used to upgrade technology, office expansion or renovation, make operational expenses, purchase of equipment or software, hire skilled staff or any other based on their professional requirements.
Many banks and financial institutions offer business loans specifically designed for professionals such as Chartered Accountants and other professionals. There are specific eligibility criteria, interest rates and repayment terms that cater to the unique financial needs of CA firms.
At Personal Loan Guru, we make the process of availing an unsecured business loan simple and hassle-free as you can easily borrow unsecure business loans up to ₹1 Crore. Here, you can get the top 5 deals, with best interest-rates on business loans, with a minimum documentation. Find out your loan eligibility in just 5 minutes! Multiple lenders, one application.
Eligibility Criteria for CA Loan
To qualify for a business loan as a Chartered Accountant, applicants must meet the following criteria:
- Citizenship: Indian
- Age: The Applicants age must be between 24 to 65 years old.
- Qualification: You must hold a valid Chartered Accountant degree awarded by the Institute of Chartered Accountants of India (ICAI).
- Professional Experience: You must have a minimum 3 years of experience in practicing as a Chartered Accountant to apply for a CA Loan.
- Credit History: At least six months of credit history required. A healthy credit score improves your chances of approval and may help you secure better interest rates.
Documents Required for Chartered Accountants Business Loan
To process your application, some of the documents are required, mention below:
- Photo ID proof – Aadhaar card, PAN card, copyright, copyright, voter’s copyright
- Residence address proof – Aadhaar card, voter’s card, copyright, copyright, utility bills, property purchase paper
- Business proof – Certificate of Practice issued by ICAI, Partnership Deed, GST Registration Certificate, Trade Licence or Shops Act licence, Business Registration Certificate
- Income Proof / Financial Documents - Income tax returns filing, profit and loss statement, balance sheet, at least 6 months’ bank statements
- Academic qualification certificates