Chartered accountant loans have been designed specifically bearing in mind the needs of chartered accountants. They have their own set of eligibility criteria and requirements which have been created so that more number of CAs can avail the benefits. There are a number of prominent financial institutions which offer such loans which include NBFCs (Non-Banking Financial Companies) at very attractive interest rates.
Such loans can be used for meeting a wide range of purposes including starting a business, renovating existing infrastructure or leasing new spaces and even for hiring more experienced employees. However, like every other loan application, this too can get rejected if the guidelines for application are not adhered to.
Here are thus some of the top aspects to remember when applying for a chartered accountant loan -
Credit Score
One of the single biggest considerations when it comes to any loan is that of the credit score. It is a three digit score which varies between 300 to 900 and is a reflection of how responsibly you have dealt with your finances in the past. In order to ensure that your loan application gets through, you must ensure that you have a credit score of around 750. Further, a good credit score also helps getting a good interest rate on the CA loan. Thus, you must always ensure that you have a good credit score.
Fixed Obligations to Income Ratio
We all have some expenses which are of a recurring nature. These include credit card bills, workforce expenses, instalments for loans which had been opted in the future etc. In order to ensure that you get a collateral-free loan, your fixed obligations to income ratio remains less than 50%. Also, you must remember that the lower this ratio, the better your chances of availing a chartered accountant loan.
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