5 Features and Benefits of Loans for Chartered Accountants
CA who was everyoneâ€™s favourite in his company. He used to do all his work on time and was responsible towards all deliverables.
Because of his commitment towards work, he had won the â€˜Employee of The Yearâ€™ award twice in three years after joining the organization. Gradually, people in his locality started to recognize his worth as a Chartered Accountant.
As a result, CA also started to work on Saturdays and Sundays at his residence for 2-3 hours where people used to come to him for consultancy. As time passed, he realized that he could serve many more people while being his own boss.
The thought led him to think about setting up his own CA firm. He had the experience, the knowledge, the clients; but, lacked the funds to build his own office.
At the same time, a friend of him suggested him to take a CA loan to fulfil his desire of having his own firm.
His friend then made him understand how taking a CA loan would help him.
- He could borrow a high principal amount
He had to set up his office, buy equipment, hire a small team and get some basic furniture and more. A CA loan could provide him a high amount to borrow up to Rs.30 lakh. Whatâ€™s more, he did not have to submit any collateral as it was an unsecured loan which also meant faster approval and money disbursal.
- He could avail a low-interest rate
Because lenders consider Chartered Accountants as responsible professionals, they acknowledge this by offering them a very low-interest rate on the CA loan. Also, unlike other personal loans, there are no additional/hidden charges on these loans.
- He could repay the loan in a flexible tenor
He could choose a loan duration and based on it, his EMIs would be calculated. As a CA, they had the freedom to select a loan tenor from 1 to 5 years.
- He did not have to provide any guarantor/collateral
Lenders have simplified their processes, and hence they offer CAs unsecured loans. It means that he did not have to provide any collateral, security or a guarantor against taking the loan.
- He could avail a line of credit facility
CA had the freedom of the line of credit facility. Under this, he was free to pay interest as the EMIs only on the amount that he would actually use and not the entire principal amount.
He could pay the remaining amount after the end of the loan duration.
The Bottom Line
Other than these features, a CA can also comply with less documentation which differs from lenders to lenders. If you want to set up a CA firm just like them, now you have the idea about the benefits and features of a CA loan.
Check your eligibility online with a lender and be on your way to be your own boss just like CA. Good luck!Â