Businesses or entities like partnerships, closely held Limited companies, Limited Liability Partnerships as well as Private Limited companies qualify for a chartered accountant loan provided the entity under consideration provides services in the aforementioned market vertical.These entities should have relevant certificates of existence (Business Proof- Certificate of Business Existence), financial documents and bank account statements of previous months.
A chartered accountant loan, as the name suggests is an unsecured loan (meaning, it does not require any collateral) for self-employed chartered accountants running any Small and Medium-sized Enterprise or a Micro, Small, and Medium Enterprise. These are classified among business loans and are also meant for consulting and practicing chartered accountants who are working in any government or private establishment.
When the business loan for a Chartered Accountant is for an individual, a certificate of practice,COP (for a period of about 4-5 years) is required by most lenders.
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