Education Loan For CA

Chartered Accountants go on to become some of the most highly paid professionals in India. However, becoming a CA demands rigorous academic training and significant investment. Given the substantial costs associated with acquiring a CA degree in India, an Education Loan for CA students is a lifesaver for many. A loan for education can help cover various costs, besides regular tuition/course fees. If you’re exploring the possibilities of financing your dreams to become a Chartered Accountant, then you’re at the right place. Read this blog, as we breakdown the estimated cost of a CA course and explore how an Education Loan can help finance it effortlessly. 

Cost of Pursuing a CA Course

To become a CA in India, you must complete a 4 years’ academic course mandated and regulated by the Institute of Chartered Accountants of India (ICAI). This includes three levels, namely the foundation course, the intermediate course and the final course. The approximate expenses associated with each level are as follows: 

• The CA Foundation Course requires approximately ₹10,000.  

• The CA Intermediate Course requires approximately ₹18,000 and an additional student activity fee of ₹2000. 

• The registration fee for the CA Final Course is approximately ₹22,000 with an additional ₹3300 required as an exam fee. 

• In addition, some of the other associated expenses include Articleship registration charges of approximately ₹2000, IT training of approximately ₹7500 and soft skills training program of approximately ₹7000. 

In addition to this, if you factor in other indirect expenses, such as coaching expenses, study materials, living expenses (if you opt to relocate) then the total cost of pursuing a CA course in India can cost up to ₹4 Lakhs. Fortunately, it is possible to finance the entire cost with a loan for education – tailored for CA aspirants. 

Education Loan for CA Students

Given the substantial cost of pursuing a CA course in India, a loan for education is a smart choice to avoid paying the costs upfront from your pockets. Instead, low interest student loans from reputed NBFCs and banks help spread out the cost across manageable monthly EMIs. Besides, lenders also offer additional benefits such as a moratorium period where you are required to start repaying your loan, only after the completion of the course (varies from lender to lender). 

Key Features of an Education Loan for CA Students

Here are some of the most important features that make a loan for education for CA students a smart financial solution to fund your CA aspirations. 

High Loan Amount: Given the substantial costs, a high loan amount is imperative to cover all the expenses of a CA course effectively and an Education Loan can provide you with just that. 

Minimal Documentation: You don’t have to get into lengthy paperwork to apply for an instant student loan for CA course. Most lenders allow you to apply easily with minimal documentation. 

Competitive Interest Rates: Low interest loans allow you to minimise the overall cost of borrowing and repay affordably without straining your monthly budget. Fortunately, most lenders offer their loan for education at competitive interest rates.  

Flexible Repayment Options: With the advantage of flexible repayment tenure offered by most NBFCs and banks, a loan for education is a smart choice to avoid upfront costs and repay in easy instalments, tailored as per your needs. 

Moratorium Period: Many lenders offer a moratorium period during and after the course period. Essentially, you are required to start repaying your loan only after the moratorium period has expired. 

Tips to Apply for a Loan for Education

Financing your CA course with a loan for education is a smart choice if you want to avoid paying hefty upfront payments. Here are a few points to consider before applying for an Education Loan for CA. 

Assess Your Needs: Get an estimate of your total expenses over the entire course period and select a lender that offers a high loan amount.  

Check Eligibility: Check that you fulfil the eligibility criteria set by your selected lender. In general, for a loan for education, you must be between 16 to 50 years old and apply with a co-applicant.  

Prepare Documents: Check for the list of documents required to submit with your Education Loan application. Prepare these beforehand to upload online during the application process. 

Maintain Good Credit Score: Check your latest credit score before you apply for a student loan. A high credit score automatically makes you eligible for favourable loan terms. 

To Conclude

Chartered Accountants are one of the most revered professionals in India. However, only CAs know the significant expenses associated with passing the multi-level CA course. A loan for education is a smart choice to finance the expenses of your CA course by avoiding upfront costs from your pocket.  

Poonawalla Fincorp offers collateral-free education loans with a high loan amount of up to ₹1 Crore. The eligibility criteria are simple, and you can apply online with minimal documentation to get approval for your loan within minutes. Apply now on the official website and get instant sanctions for select institutes. 

Frequently Asked Questions

1. How much Education Loan can I get for CA course?

Poonawalla Fincorp offers up to ₹1 Crore collateral-free loan for education. You can effortlessly fund your CA course with an Education Loan and repay with flexible EMI options. 

2. What documents are required to apply for an Education Loan for CA course?

You can apply with just the essential documents to apply for an Education Loan. Ideally, the KYC documents of applicants and co-applicants are required. In addition, co-applicants’ financial and employment documents are also mandatory. 

3. Is collateral required to get an Education Loan for CA course?

It is not mandatory to provide collateral to get an Education Loan for CA course. Poonawalla Fincorp offers up to ₹1 Crore of Education Loan without any collateral. You can also get a higher amount up to ₹3 Crore by pledging collateral.