Like any other business, a chartered accountancy firm requires a constant stream of funding to pay for its various expenses. From employee salary to overhead costs, infrastructure to expansion, these expenditures often overtakes the allocated amount and drains the working capital of a firm. That is why a CA firm should consider a professional loan in the form of a loan for chartered accountants whenever they feel cash strapped to achieve their goal.
Loan for chartered accountants is tailor-made to mitigate the personal and professional requirements of CAs. Several financial institutions offer these types of credit, and NBFCs like Bajaj Finserv is one of the most popular and sought after lender for CA loan in India.
Bajaj Finserv offers a suite of 4 loans, namely Personal Loan, Business Loan, Home Loan, and Loan Against Property for Chartered Accountants. Moreover, they offer several industry-leading features and benefits with their Loan for Chartered Accountants. Let’s take a look.
- Substantial loan amounts –
One of the greatest advantages of a CA loan from Bajaj Finserv is its substantial funding. You can avail up to Rs. 35 Lakh as personal and business loans, and up to Rs. 2 Crore as home loan and loan against property. Such a large loan amount allows you to tackle all your financial requirements for both short and long-term basis.
- End use restrictions –
Bajaj Finserv’s Loan for Chartered Accountant can be utilised to fund all types of monetary needs. Their Personal Loan and Loan Against Property comes with no end-usage restrictions, which allows you to pay for expenses like family occasions, vacations, higher studies, large-scale purchases, etc. While you can get a CA loan of up to Rs. 35 Lakh to finance your immediate financial needs, the larger sum of up to Rs. 2 Crore of a LAP can be utilised to pay for high-value expenses like buying new premises, funding overseas education, etc.
Home loan and business loan are suitable for dedicated use. However, you can add the money from your personal loan or LAP with a business loan if your CA firm requires additional funding.
- Quick and easy approval –
Thanks to its easy-to-meet eligibility criteria and minimum documentation, a loan for chartered accountants can be approved and disbursed within 24 hours of application. It can prove extremely useful for unforeseen incidents when you need a steady financial backing.
- Tax exemptions –
You can get tax exemptions on home loans under Section 80 and Section 24b. Under these sections of the Income Tax Act of India, you can get exemptions of up to Rs. 1.5 Lakh on the principal amount and Rs. 2 Lakh on paid interest. It is a major advantage as you can save a significant amount of money while repaying this professional loan.
- Flexible repayment tenor –
Bajaj Finserv offers a flexible repayment tenor on their Loan for Chartered Accountants, aimed to help a borrower repay the due amount without straining their finances. You can benefit from tenor options ranging between 12 to 60 months for personal and business loans and up to 20 years for home loans and loans against property. This flexibility makes a CA loan one of the most suitable financial products for various types of usage customised to meet the financial requirements of a chartered accountant.
These are some of the advantages of a Bajaj Finserv Loan for Chartered Accountants. Such feature-rich advances help a professional tackle all types of monetary hurdles and redefine the role of a chartered accountant. Opt only for the lender who offers borrower-friendly terms, fast disbursals and additional benefits to help make repayment easier.