Decisions related to finance at times can be a very crucial one. It is essential that you plan accordingly before borrowing funds or spending them. Most of the times you will come across your financial advisor, advising you about how to monetize your funds. Especially, if you have a business, having a financial planning is very important.
We all know, that running a business is not a child’s play. You don’t only need to invest your time and effort, but investing a large chunk of money is equally important. It may be nearly impossible for you to arrange these funds overnight, especially, if you don’t have any financial backup. In such a case, financial institutions can come to your rescue. You can opt for a loan in order to finance your business.
When talked about borrowing a loan, you might think about borrowing a personal loan or a business loan. There are a very few people who opt for professional loans when it comes to financing their business. In case if you are a Chartered Accountant and want to practice independently or want to expand your firm, then business loans for Chartered Accountants are perfect for you. Practising your career independently rather than working under a firm, can help you get success. And availing a business loan for CA can help you carry out your practice smoothly.
What is a Business Loan for CA?
In case if you are a CA and want to practice independently then finance should not be your obstacle. There are many Non-Banking Financial Companies (NBFCs) who offer Chartered Accountants with CA Loan in order to help them run their independent consultancy. You can avail up to INR 35 lakhs as a CA loan from the financial institution. The amount that you are offered on CA loan is high compared to other loan options.
Here are some facilities that you can benefit from if you are availing a business loan for CA:
Interest Rate:
When it comes to loans, interest rates play a major role as they determine the EMI that you will be paying. Many-a-times people hesitate to borrow loans as some loans have higher interest rates, which is not the case in this situation. CA loans have a low rate of interest. The applicant can enjoy a low-interest rate even though he is borrowing a huge amount. Although business loans for CAs have a low-interest rate, the application process for it is still easy. You can easily apply for a CA Loan online, and get your loan approved within 24 hrs.
Flexi Loans:
By using Flexi loan facility you can bring flexibility in the process of managing funds. When you borrow loan you might not use all the funds at a single time. In such a case, flexi loan facility can be useful. Here, you only have to pay interest on the amount you use and not on the entire loan amount. This can, thus, help you to manage your loans. In case if you have surplus funds coming from a business profit then you can use those funds to repay your loan. You can also repay your EMIs by carrying out online transactions.
Tenor:
When you avail a CA loan, you are offered with a flexible repayment tenor which ranges from 1 year to 5 years. You are free to choose the loan tenor you want. You can either choose a loan tenor of 12 months or can extend your loan tenor for about 60 months. You can choose the loan tenor according to your repayment capacity.
If you are planning to avail a business loan for CA then Bajaj Finserv can be a great place to borrow a loan from.
