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All you Need to Know About a Business Loan for CA

When you run a business, one of the prime objectives is to manage the finances and other difficulties that are coming in the way. You may be growing and may get some amazing chances to grow and flourish more, but if you lag behind due to lack of money or fund, then that is not at all expected.

It will always be better to apply for a loan and if you are a professional Chartered Accountant, then you must look out for a business loan for CA. This will help you to cater to a larger client base, fund your business expansion, meet cash flow needs, etc. If you apply for a business loan for Chartered Accountants, you will be able to cater to your personal and professional needs.

But, before you apply for it you must be aware of certain factors such as:

  1. Eligibility criteria
  2. Documentation process
  3. Rate of interest
  4. Application process

Eligibility criteria

Credit score plays a crucial role. If you have a higher credit score, the better loan offers you will get. The other eligibility criteria that you must fulfil to avail a CA loan are you must have a Certificate of Practice that is active for a minimum period of four years and you or your parents should own a property.

Documentation process


You need to submit accurate and appropriate documents to get the loan application verified. Make sure you choose a lender that demands lesser documents such as Certificate of Practice (CoP), KYC document, Bank statement, Photograph and identity and address proof.
 

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