Chartered Accountant Loans are the loans offered to CAs looking to venture out and build their own practice. Since Banks, NBFCs and other lenders consider CAs to be credible and financially responsible, they have lower interest rates as compared to Personal Loans or Business Loans.
As a person from a finance background, the need for criteria, features, etc., are all part of CA loan. You may be well aware of of them but, for your ease, some common ones are mentioned below.
Criteria for Getting a CA Loan:
- It goes without saying you should a registered chartered accountant
- A lender needs to know that you have experience, hence, in most cases a minimum of 4 years’ after you have become a certified CA is required.
- Salaries show the lender you have the capacity to pay back the money, hence minimum salary is stipulated by most lenders.
- Your age should be between 25 years to 65 years
- An immovable property, either commercial or residential should be registered in your name to make you eligible for the loan,
Features of CA Loan:
- Higher loan amount – On account of your qualification, you are entitled to a higher loan amount as compared with other professionals.
- Tenures are flexible- The minimum tenure is usually 12 months and the maximum tenure can be go up to 60 months
- Low prepayment and foreclosure fee- No need to explain these terms to you, but these two facets should never be overlooked. You would know how to judge the actual costs with these fees.
Also Read: All You Need to Know About CA Loans
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