You must be wishing to expand your business to the next level, but lack of money may be the obstacle for you. Are you in a similar situation? Then, this article is especially for you.
Have you heard that there is a specialized loan for Chartered Accountants known as CA loans? You can avail a CA loan up to Rs.35 lakh at lower interest rates from any bank or non-banking finance company (NBFC).
However, you can be one of those CA people who commit the common mistakes and their loan application gets rejected. Here are some of the useful tips which will help your loan application to get approved and you will also get the CA loan at a lower interest rate.
Tip 1: Borrow money as much you can repay
If you borrow more than what you need, you may face problems in repaying the loan. The excess loan may not match your income standards and you will have to pay huge EMIs which will disturb your financial balance.
Tip 2: Apply for a shorter loan tenor
Shorter tenor may increase the EMI amount, but it is better because longer tenor will lead to compounding interest rate and loan burden for long.
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