How to Apply for a Personal Loan for Chartered Accountants?

Personal loans are one of the most popular short-term loans available in the Indian financial market. The total amount of advances at the end of the fiscal year 2018 reached Rs. 5,76,600 Crore, witnessing a 20.4% increase between 2017 and 2018.

These types of loans have become increasingly popular amongst salaried professionals. A growing number of professionals, including chartered accountants, opt for such loans to cover high-cost expenses without draining their savings.

personal loan for chartered accountant offers a stable financial backing to salaried CAs who need funds at an emergency basis. As a CA, you need not pledge any collateral against the credit and can utilise the funds for various purposes since the money comes with no end usage restriction.

You can complete the application process for a loan for chartered accountant with minimum hassle. The online application method and minimum documentation significantly reduce the time and stress of availing credit.

If you want to opt for the funds, here’s how to apply for a personal loan for x.

Process to apply for a CA loan

A chartered accountant can apply for the loan via a simple application process online. Before that, he or she needs to meet the minimum eligibility criteria required for the personal loan.

Most financial institutions offer simple eligibility criteria to qualify for a CA loan. These include –

  • Experience of working as a practising CA. Usually, lenders look for at least four years of experience between the dates of obtaining a Certificate of Practice and the date of loan application.
  • You should also own a house or an office in a location where the lender operates.
  • Good credit score of 750 or higher is essential. If you do not have a decent credit score, you can follow some easy tips to increase credit rating and then apply for an advance.

Apply online –

  1. First, visit the dedicated webpage for the loan application.
  2. Select your city and the type of loan you want.
  3. After submitting this detail, you will be redirected to a page where you have to provide your contact details, date of birth, and select whether you are a salaried or self-employed CA.
  4. You will be again redirected to a page where you need to provide some personal details like name (particulars as per PAN card), professional details like year of attaining Certificate of Practice, and pin code of current residence.
  5. Enter information such as loan amount, preferred repayment tenor, etc.
  6. Submit the online application form.

Additionally, you must submit a few essential documents when applying for a personal loan for chartered accountant. These include –

  • Copy of your KYC documents.
  • Copy of your Certificate of Practice.
  • Proof of ownership of the property within the operating areas of the financial institution.

After you submit the online application a representative from the financial institution will visit your place to collect the documents. Financial institutions generally complete the approval, verification and disbursal process within 24 hours. Besides, there are some other ways to get your CA loan approved easily.

Less-complicated CA loan eligibility criteria, nominal charges and various borrower-centric features make a personal loan for CA highly preferred financing. You can follow the simple application process and avail credit to meet your monetary requirements effortlessly.

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