When planning to take a chartered accountant loan, the first thing an applicant yearns for is the low-interest rate. As CA loan comes under unsecured loan category, the same is offered at a higher interest rate as compared to any secured loan. However, that doesn’t mean a lower interest rate on CA loan is not possible. It isn’t that difficult, all you have to do is follow the below-mentioned steps.
Start with an itsy-bitsy research
If you were still unaware, you must know that there are more than 100 banks and an equal number of NBFCs offering chartered accountant loan. This literally means you have more than 100 different choices and a 100 different schemes. In such circumstances, it would be unwise to go with the first lender that confirms your eligibility for a CA loan. If you can hold your horse's for a bit and utilize the time in comparing the available schemes, you might get your hands on a profitable option.
Maintain a healthy CIBIL score
The second way to get a low-interest rate on a CA loan is by letting your CIBIL score do the talking. The lenders determine an applicant’s eligibility and the interest rate applicable to them using their CIBIL score, hence maintaining a healthy score might get you an attractive deal.
Go for NBFCs instead of banks
Lastly, we would suggest you apply at an NBFC rather than a bank if you want a good offer. The Chartered Accountant loan was first incepted by NBFCs, and therefore, they offer better solutions compared to the latter. Furthermore, their CA loan scheme comes with flexi loan facility that makes it even more attractive.
Also Read : 3 Tips to Get the Lowest CA Loan Interest Rate
