Top Benefits of Chartered Accountant Loans

Chartered accountants are professionals who are responsible for auditing, taxation, and general financial management for business organizations. In India, with growing population and businesses the demand for chartered accountants has only increased. As a result, the number of chartered accountants in India currently stands at 2.39 lakh.

In order to grow their practice, purchase assets, or for financing their individual needs, professionals require large amounts of capital. To meet such ever-growing financial needs, there are chartered accountant loans available these days which can meet nearly all the financial requirements of such professionals.

These loans have been made keeping in mind the needs and requirements of chartered accounts in mind and thus offer many benefits and features such as substantial capital and flexible repayment tenor. Some of the types of loans available for chartered accountants in India include -

Personal Loan for CA
Home Loan for CA
Business Loan for CA
Loan Against Property for CA

Such loans also provide a number of benefits, a few of which are as follow -

Tax Exemption

The money which is borrowed as a chartered accountant loan is not viewed as a source of income. For this reason, income tax is not levied on the loan amount. When a home loan or loan against property is availed, tax exemption can be enjoyed on both the interest and the principal. In case of business loans, tax exemption is allowed till Rs.2 lakhs while for personal loans, in order to avail tax benefits, the amount must be used for home renovation purposes.

Personal and Professional Needs

Personal loans of up to Rs. 35 lakhs can be can be availed without any collateral to help CAs meet their personal needs. This loan does not come with any riders can thus be used without any restrictions for any purpose be it as a working capital, wedding, education, etc.

Similarly, business loans of up to Rs. 35 lakhs can be availed. Loan amounts of up to Rs. 2 crores can be availed by CAs as home loans at very competitive interest rates which can be repaid back in 240 months.

However, such terms and conditions varies from one lender to the other. It is thus essential to check the details, features and benefits offered by various lenders before applying.

Read: What are the benefits of chartered accountant loans?