Many financial institutions and NBFCs offer custom chartered accountant loan to meet the unique needs of these professionals. It consists of four loans in one which are personal loan, business loan, home loan and loan against property. Be clear of your main motive for getting any loan to get the most out of it.
Here’s a quick guide to help you.
Identify the Purpose
You can finance an umbrella of personal and professional needs with a chartered accountant loan, such as, start a new business, purchase or build a house, fund a wedding or vacation, to name a few. This will let you apply for the right loan, knowing exactly how much funding is needed. The loan offers nominal interest rate, flexible tenure and quick approval via the online process.
You can use the EMI calculator to know your repayments for any type of loan under this category. You just need details of the loan amount, loan tenure and interest rate to check your repayments.
Check your Options
For instance, if you are planning to take a loan against property, make sure you are ready to pledge your property, as collateral. Create a plan as to how much you need based on evaluation of your property? And, that the property is free of any loan or litigation under its name.
Flexi Loan
If you are unsure of expenses on a day-to-day-basis, you may avail a flexi loan. It lets you withdraw cash as per your need and charges interest only on the amount withdrawn. Also, you just have to pay interest-only EMIs and if you have extra cash you may repay the loan before its tenure.
Read more :- How to Get the Most Out of a CA Loan
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