Return to site

Tips to Plan a Business Loan for Chartered Accountant

Professional individuals such as Chartered Accountants can also be stuck in some financial problems. These financial problems can become a hurdle for our business plan and could postpone our plan as well which will take us away from our dreams.

If you are a self-employed CA and you have your own firm or you are planning to start a new one, you will require a huge financing source. This source can be your savings, your profit, shares, or some external source that is a business loan for Chartered Accountant.

However, before applying for a loan, you must be careful about a few factors such as:

Repayment options- Before, loan application, you must be totally careful about the repayment options and make sure that you never become a defaulter. To ensure this fact, you can use the online business loan EMI calculator for CAs and calculate the exact EMI amount. You need to put some information such as the expected loan tenure, the loan principal amount, monthly income and additional sources of income and average expenses. This will give you a clear picture of loan repayment and a CA will be able to manage his/her finances in a proper manner.

Credit score- Chartered Accountant Loans are unsecured loans as you are not required to keep any collateral with the bank. Thus, it is a little risky for the lenders to grant you a loan. That is the reason, you need to maintain a credit score of 750 or above to impress the lender to offer you a loan.

To know about the other factors, read this blog: How Planning a Business Loan for CA Can Prove Beneficial

All Posts

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OKSubscriptions powered by Strikingly