Individuals who are looking to set up or expand their own CA firm can avail the necessary funding by applying for a professional loan for chartered accountants. These loans can be quickly availed since they come with easy-to-meet eligibility criteria and nominal documentation.
To be eligible for a chartered accountant loan, applicants must have a minimum of four years of experience as a practicing CA. They should also be a citizen of India and own a house or office.
Applicants can easily apply for a loan for chartered accountants online by following some simple steps and submitting the required documents. The documents include certificate of practice, KYC documents, and proof of property ownership.
However, since professional loans are both secured and unsecured credit, applicants need to maintain a high CIBIL score and a clean credit report to receive fast approval on their loan application. The ideal CIBIL score for a professional loan is 750 or above.
Individuals can also avail additional benefits such as pre-approved offers and repayment flexibility with their professional loan. When availing the advance, they must make sure to compare the features and benefits offered by several lenders to arrive at the most suitable financing option.