Need of CA professional Loan

Why do CAs need a professional loan?

In every business, we have experts who know the trade inside out. However, all companies need an expert in finance, a field that has the entire enterprise orbiting around it. Chartered Accountants, or CAs, are the finance gurus with expertise in accounting and tax practices.

While some CAs prefer working in a company, there are others who aim to have their own accounting firm. This is where a professional loan can help, by helping CAs fulfil the dream of owning their business or expanding the existing one.

Professional Loan for Chartered Accountants in India

Many non-banking financial institutions provide professional loans to chartered accountants, doctors, lawyers, architects, and other professionals. Such loans help professionals start their firm or scale up their existing operations. Poonawalla Fincorp is one such NBFC offering a gamut of financial offerings, customised to suit the needs of chartered accounts in India.

Should a chartered accountant apply for professional loan?

Professional loans are slightly different from traditional loans. Unlike personal or business loans, Professional Loans for CAs are curated to precisely address individual needs. Other than that, listed below are some of the benefits of availing these loans:

  • ● Quick loan approval
  • ● Easy online application process
  • ● Customisation of loan
  • ● Minimum documentation
  • ● Easy repayment options
  • ● Option for foreclosure

Depending on the loan provider, borrowers may reap the benefits of paying zero charges on foreclosure or part pre-payments. However, such nuances play a crucial role in deciding the suitable loan provider. Therefore, it is important to exercise due diligence and compare offers before applying for a Professional Loan for CA.

Benefits of Poonawalla Fincorp CA Professional Loans

Poonawalla Fincorp is one of the leading non-banking financial institutions in India. CAs can take a professional loan from Poonawalla Fincorp because these loans come bundled with these attractive benefits:

  • ● Tailor-made professional loans addressing borrower-specific needs
  • ● Loan amount up to Rs. 30 lakh as a professional loan
  • ● Professional loans at interest rates, starting at just 9.99% p.a.
  • ● Collateral-free unsecured professional loans
  • ● Zero foreclosure charges
  • ● Zero charges on part pre-payments
  • ● Easy online loan application process
  • ● Quick approval
  • ● Minimal documentation
  • ● No hidden charges

Poonawalla Fincorp has also set a lower minimum age of 22 years, compared to the industry standard of 25 years of age for borrowers. Moreover, you need to have just 1 year of work experience, post qualification, to be eligible for the professional loan.

Required documents for CA Professional Loans

If the borrower is self-employed, he or she is required to furnish the following documents –

  • ● PAN Card
  • ● Aadhaar Card
  • ● Residence Address Proof: Electricity Bill / Rent Agreement / Passport
  • ● Business Address Proof: Electricity Bill / Rent Agreement

In case the chartered accountant is applying for a loan collaborating with a firm or company, they should furnish the following documents –

  • ● Firm/Company PAN Card, Business Address Proof and Other Applicable Registrations
  • ● Proprietor/Partner/Director: PAN Card, Aadhaar Card, Residence Address Proof: Electricity Bill/Rent Agreement/Passport

Other than these documents, one should also provide –

  • ● Operative bank account statement of the last 6 months
  • ● Degree Certificate and Certificate of Practice

Chartered accountants can leverage a professional loan in many ways. Professional loans can be availed by chartered accountants to expand their own business.

If you’re a chartered accountant planning to take a professional loan, you should consider your eligibility and compare all the offers available in the market before applying for it. A wise step would be to use an EMI calculator to calculate your monthly EMI.

Poonawalla Fincorp offers Professional Loans at competitive rate of interest with no additional or hidden charges.

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