Is Applying for a Chartered Accountant Loan Difficult and Time-Consuming?

By May 13, 2019

Loan for chartered accountants is a financing tool that offers a substantial amount of monetary backing to fulfil the professional and personal requirements of a CA. A CA loan can be of four different types, namely personal loan, business loan, home loan, and loan against property for chartered accountants.

Leading financial institutions have made applying for a loan for chartered accountant easy and streamlined. An eligible applicant can apply for such documents online with minimum documents. Lenders usually complete the verification process and disburse the amount within only 24 hours.

The timesaving and straightforward nature of the process is necessary to secure funds during an unforeseen incident. An applicant can follow a checklist of CA loan documents to minimise delays during the application process and eliminate any chances of rejection.

Let’s take a look at a step-by-step guide how one can apply for a CA loan:

  1. Select a lender – Numerous financial institutions offer loans for chartered accountants. However, an applicant should carefully consider all the available options to select the correct lender for the credit.

There are several things a borrower should look out for when selecting a particular lender. These include –

  • Loan amount – Customised advances such as a CA loan offer higher loan amounts in comparison to similar other advances. Refer to lenders who offer you such funds.
  • Processing time – The application should be accepted, verified, and processed and disbursed within the shortest time. Many lenders offer loan disbursals within 24 hours of approval.
  • Flexibility – The lender must provide some degree of flexibility so that a borrower can select a repayment tenor according to his/her convenience. It will ensure timely repayments and eliminate chances of defaulting.
  • Fees and charges – A financial institution should not levy too many tolls to process a loan. It will increase the total repayable amount by a significant margin and can strain your finances.
  1. Select the appropriate product – It is necessary that an applicant knows which form of credit will fulfil his or her financial requirement. Different types of loans are suitable for separate application.

For example, a personal loan for CAs is ideal for high-cost expenses like home renovation, vacation, family occasion, overseas education expenses, etc. However, a business loan for CAs is more suitable to fund overhead costs, boost working capital, financial expansion, etc. Choosing the perfect product from the range of available options is necessary to meet your requirements.

  1. Fill the online application form – The online application process significantly reduces the time taken to avail a CA loan. An applicant can fill up the form to request a credit and submit it along with the necessary documents. The lender then verifies the documents, eligibility criteria, plus other details and proceeds to the approval process. Money is credited to the borrower once the application is approved.

Usually, lenders ask for easy-to-meet CA loan eligibility criteria and minimum documentation while applying for a credit. Lenders generally ask for experience of certain years of practice (usually 4 years from the issuing date of the Certificate of Practice till the date of application) and own a home or office in a location where they operate. An applicant has to fulfil the minimum eligibility criteria to get the best CA loan interest rates and other facilities.

The documents required to apply for a loan for chartered accountants include KYC documents, Certificate of Practice, and proof of ownership of the above-mentioned property.

These steps make applying for a loan for chartered accountants easy, time-saving, and hassle-free. Any eligible candidate can apply and get the finance in the shortest timespan to meet their financial requirement.