CA Loan: Factors to Keep in Your Mind While Getting a Loan

CA Loan: Factors to Keep in Your Mind While Getting a Loan

Are you a Chartered Accountant (CA) who is looking to cover different needs without restrictions? If yes, then you can rely on the CA loan to do that. 

If you are eligible, then the personal loan for a chartered accountant can help you access a large amount. The final loan amount may vary as per your eligibility and lender’s policies. 

However, before applying for the CA loan, you ought to keep some vital factors in mind. Let’s discuss a few crucial factors before applying for the CA loan online in this post!

Make sure you maintain a good CIBIL score

While processing the personal loan for a chartered accountant application, your credit score does matter. It is because the CIBIL score is the mirror of your creditworthiness.

The higher it is, the better is your chance of getting the loan approval and at a lower rate. Hence, before applying for the CA loan, you should check your credit score.

A CIBIL score of 750 or more is considered ideal for getting the loan approval at a lower rate. You can maintain a higher credit score by paying your credit card dues and another loan EMIs on time. 

Ensure having a clear repayment record

Along with having a higher credit score, you should have a clean repayment record. This way, a lender may be convinced that you can make timely repayments.

Thus, before applying for the CA loan, ensure having cleared all debts or making timely repayments. 

Compare all available offers online

The next thing that you need to consider is comparing available personal loan for chartered accountants deals. You can do that online on a third-party website. This way, you can come to know about the best CA loan offer matching your needs and budget. 

Ensure to meet the lender’s eligibility and furnish required documents 

Another thing that a CA should consider while applying for the loan is to meet the eligibility conditions of the lenders and furnish required documents.

The eligibility conditions and documents required are enlisted on a lender’s website. This way, you can prepare in advance for the CA loan and get closer to the approval. Here’s a quick look at standard eligibility conditions and required documents:

  • You should be applying at least 4 years from the date of issue of your Certificate of Practice (CoP). 
  • You should have your own home or office, or your parents should own one in an area where a lender operates. 
  • KYC documents. 
  • CoP Certificate. 
  • Proof of ownership of the property. 

These are standard eligibility parameters, and it may vary from loan providers to loan providers. 

Evaluate your ability to repay the loan on time

Before applying for the personal loan for chartered accountant, you should also check if you can make timely repayments. Therefore, it will be right to know an exact EMI amount that you will pay per month. It is possible to know the precise CA loan EMI amount by using the EMI calculator. The tool is available online and for free on a lender’s website. Based on your repayment capacity, you can increase or decrease the loan amount. This way, you will be able to avoid all defaults. 

If you are able to consider the discussed factors beforehand, you will be able to approach the CA loan with confidence.  

Bajaj Finserv comes with pre-approved offers on personal loans, home loans and more. It is to ease off loan processing. 

You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number.      

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