Smart Tips To Manage Your Chartered Accountant Loan - Loan Trivia


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Monday 30 July 2018

Smart Tips To Manage Your Chartered Accountant Loan

Chartered accountant is an umbrella of four loans namely - personal loan, home loan, business loan and loan against property. It is a mix of secured and unsecured loans designed keeping the needs of chartered accountants in mind. 

Ideally there are many smart ways to easily pay off these loans. This will help you in two ways - to finish off the loan faster and be eligible for an appreciable loan in future too with positive effect in your credit score.

CA Loan - Bajaj Finserv

Here are the tips -

1) You can use the Chartered Accountant loan calculator at the lender’s official portal to access your prepayments. The calculator is a simple too which can be tweaked to evaluate various combinations of loan amount and interest rate. This way you can get the right combination to apply for. 

2) While applying for the loan discuss your loan EMIs with your Relationship Manager. If you have a good credit score of 750+ or more you can negotiate loan terms with your lender. You could request them for a higher loan amount, at affordable rate of interest and flexible tenure.

3) Opt for longer tenure to repay the loan. NBFCs offer an easy duration of 12-60 months. Longer duration will help you plan the repayments without adding to your existing expenses. 

4) You can choose to pay off the loan with the prepayment option provided by leading NBFCs. There are usually nil charges on repaying your loan. In the long run it frees you of the loan obligation faster than anticipated and positively affect your credit score.

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