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What are the Benefits of Taking a CA Loan: Check the Best of Them

CA loans in India offer benefits such as a substantial loan amount, competitive interest rates, flexible repayment tenor, etc. You can yield many more advantages from chartered accountant loans if you utilise it intelligently.

CA Loan Benefits

A few ways in which a chartered accountant can benefit from a loan are –

  • Debt consolidation: In case you have a substantial amount of existing credit in the form of credit card bills, multiple loan repayments with varying interest rates, you can consolidate them with a chartered accountant loan. It would reduce your repayment burden while attracting a single interest rate. 
  • Part prepayment: You can decide to prepay a part of your loan through a lump-sum deposit. It significantly reduces the principal component of your loan thus lowering the interest payable. 

You can also choose to close your loan account prematurely to eliminate the burden of EMIs.

  • Loan transfer: You can choose to transfer your existing loan from one lender to a different lender provided the latter is offering a lower rate of interest. Thereby, you would be saving amply on your EMIs. 
  • Tax benefits: You can avail tax benefits on your home loan for CA under Section 24(b) and 80C. Under Section 24(b), you can avail exemption up to Rs. 2 Lakh on interest payment. Under Section 80C, you can avail deductions of up to Rs. 1.5 Lakh on principal repayment. 

Intelligent utilisation of loan ascertains that your repayment procedure of chartered accountant loans becomes convenient, thus reducing your overall financial burden.

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