The Institute of Chartered Accountants in India witnessed 37% growth in job offers for newly qualified CAs when compared to last year. Such stats indicate an increasing demand for such professionals across the country. A majority of professionals in this field tend to start their careers at reputed companies but migrate to their businesses after a few years.
Nevertheless, venturing into entrepreneurship alongside
keeping it afloat and growing requires financing of high value. The financial
market has thus made it convenient for chartered accountants to avail funds
easily against simple criteria through customised loan options.
Whether you require funds for your chartered accountancy
firm or any other personal need, acquiring a CA loan can help significantly. These credits are specially
tailored to fit the various requirements of these professionals, thereby
suiting them aptly.
What are the
different loans available to CAs?
When looking for a specialised loan for chartered accountants, one can choose from
the following options readily available in the market.
●
Personal
loans for CAs.
●
Business
loans for CAs.
●
Home loans
for CAs.
●
Loans
against property for CAs.
With personal and business loans, chartered accountants
can avail hassle-free, unsecured funding of up to Rs.25 lakh. On the other
hand, with an immovable property as a mortgage, eligible individuals of this
profession can avail financing of up to Rs.2 crore.
Various ways to
utilise a CA loan
Now that you
understand the different loan options available to CA professionals, you should
consider how to use these loan proceeds for the best financing output.
1. Fulfilling short-term objectives using a
CA personal loan
Personal CA loans
offer suitable features and benefits to fulfil one’s short-term funding goals.
For instance, a personal loan for CAs can help them acquire sufficient funds
for car purchase. Similarly, it can be the best choice for individuals planning
an expensive family vacation. A personal loan for CAs can also aid such
professionals in acquiring sufficient capital to finance a grand wedding.
2. Funding business expansion and growth
Chartered accountants
often carry on entrepreneurships, with several of these professionals choosing
to practice through their own firms. Doing so requires a substantial amount of
capital, which is fortunately available in the form of business loans. With a
principal of up to Rs.25 lakh, these entrepreneurs can sufficiently fund their
running businesses’ growth.
Moreover, they can
also use a business loan for CAs to expand the existing organisation’s
operations to a new location. Doing so can also involve hiring more staff or
shifting to a bigger office space.
3. Enjoy affordable rates on home loans
Lenders are ready to
provide housing loans to these professionals at competitive interest rates. It
is because of their increased earning potential and high creditworthiness. A CA
loan available as housing finance can help these individuals acquire their
dream property without needing to worry about insufficient funds. They can
further negotiate with the lender for more affordable rates than initially
offered by citing all of their income sources.
4. Renovating an owned property
If your home is in
dire need of renovations but you lack the necessary financial backing to afford
it, a loan for chartered accountants can come in handy.
With a personal loan or a loan against property, these individuals can acquire
sufficient corpus to undertake such expensive projects.
5. Funding your child’s education
Chartered accountants
can use proceeds from a personal loan or a loan against property to finance the
academic expenses for their children’s higher education. The significant
quantum from loans against property can fund even the costliest courses in
reputed institutions abroad. A personal loan principal, on the other hand, can
help afford degrees from prestigious institutes in India.
The above-mentioned
tips can help one make the most of available CA loans. However, before planning
how to use the loan proceeds, a borrower must consider his/her eligibility.
Applicants who meet or exceed these criteria can negotiate for favourable terms
on their loans.
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Moreover, reputed
financial institutions like Bajaj Finserv also provide pre-approved offers to
ensure a fast and streamlined application process. These offers are available
on a range of financial products, including personal loans, credit cards,
business loans, and more. You can check your pre-approved offer by submitting a
few essential pieces of information.
With the availability
of such funding options, chartered accountants can acquire emergency finance at
minimal hassle. Make sure to keep a repayment plan in place to ensure that you
pay off the liabilities in time for efficient management of finances.
Chartered accountancy is a prestigious field which only a
handful of students qualify each year. However, their services are in
continuous demand, which is why these professionals can migrate to their own
business after working as salaried employees for a few years. Such a transition
requires significant capital investment though, with funding requirements at
various stages of growth and development as well.