Know about the Finance and Investments Terms

If you are a CA and looking to apply for a loan, here are few things that you should remember before reaching out to your lender - 

Categories

Lenders offer different kinds of loans under the professional loan for chartered accountants category. For instance, in chartered accountant loans, there are four types of loans which can be availed, depending on the nature of the work for which the loan is being availed. These are - 

• Personal loan for Chartered Accountants
• Home loan for Chartered Accountants
• Business loan for self-employed Chartered Accountants, and  
• Loan against property for Chartered Accountants

The amount of loan which can be availed differs depending on the type of loan you opt for. For instance, in case of personal loan and business loan, the applicant is offered a maximum of Rs. 35 lakhs, while in case of home loan and loan against property, the amount can go up to Rs. 2 crores. 

Collateral-Free

Most of the chartered accountant loans are collateral-free, except, of-course in case of loan against property. This means you do not have to pledge any of your asset as collateral to avail them. However, as these are unsecured loan, the interest rate will be a bit higher in comparison to the secured ones. 

However, different lenders not only offer different interest rates, but also varying loan amounts, repayment tenors, and terms and conditions. For such reasons, it is more than essential that you compare various lenders before applying for a chartered accountant loan.

Read more: Smart Things to Know About Loans for Chartered Accountants