Know about the Finance and Investments Terms

Chartered accountants require a wide variety of loans and for a plethora of reasons. This can be for expanding the practice, acquiring new office space, bringing in new technology, making payments, or meeting personal goals which can be a vacation, home renovation, education, or weddings.

Realizing this need, a number of lenders have come up with finance options by the name of loans for chartered accountants which have been tailor made for the needs and requirements of CAs. These loans have affordable interest rates, require minimal documentation, have an easy eligibility criteria, and above all have a comfortable repayment tenor. Furthermore, CAs also get the option of making flexi payments which gives them the liberty of paying only the interest of only the amount which they use out of the total amount sanctioned. This ensures that the installments remain affordable. 

However, before you opt for a chartered accountant loan, here are a few important pointers that you must remember - 

Type of Loan

Decide the kind of loan you want to opt for based on your needs. This is because loan for chartered accountants is a broad terms under which there are several sub-categories. For instance, there are personal loans for CAs, business loans for CAs, home loans for CAs, and loan against property for CAs. The purpose of requiring a finance will determine the kind of loan you should opt for and accordingly the other aspects such the loan amount, repayment tenor, and interest rates will be determined. 

Interest Rate

Irrespective of the type of chartered accountant loan being opted for, you should always ensure that you check the interest rates as it will have a direct effect on the installment. The higher the interest rates, the more will be the monthly installment. For this reason, it is more than essential to compare the interest rates that different lenders have to offer before deciding the lender.

Also Read: Factors to Keep in Mind when Looking for Collateral-Free CA Loan