NBFCs personalise their loans depending on the customer type; this enables applicants to apply by fluffing eligibility criteria based on their profession or occupation.
Personal loans for CAs, doctors, and others are en example of such products. With easy availability and numerous advantages, this is one of the ideal choices to fulfil any financial needs.
These professional loans like a personal loan for chartered accountant are easy to apply online only in 4 steps –
- The first step is to fill up the personal details like name, contact details, address, and date of birth.
- Next, the representatives from the preferred financial organisation can collect all required documents after a confirmation call stating the available offer.
- Applicants need to submit KYC documents, financial statements, mortgage documents, and account statements, CoP or Certificate of Practice.
- As a final step, verification of the credentials and if required, further documents may be needed. Loan disbursal will follow up after successful verification.
Here are some advantages and features of this personal loan for professionals –
- Considerable loan amount
Depending on the past credit history and CIBIL score, financial organisations decide the loan amount. However, with a credit score above and around 750, the personal loan for chartered accountants can be higher compared to other customers. Also, borrowers can use the loan as per their needs without any restrictions on their purpose.
The loan amount can be used for overseas travel, home renovation, higher education, wedding, consolidating debts, and others. Borrowers must know about the fee and charges on personal loans for debt consolidation before applying.
- Flexible tenors
Professionals can repay the loan with flexible tenor options starting from 12 to 60 months. It is preferable to opt for a shorter tenor. Even though shorter tenor accumulates higher EMIs, it also accounts substantially lesser payable interest amount.
- Affordable interest rates
Professionals who are looking for financial assistance must consider the rate of interest. To keep up with the market competition, they offer attractive chartered accountant loan interest rates. Thus, borrowers must compare different options available before applying for loans.
- Quick loan disbursal
Once applicants meet the basic eligibility criteria, the loan approval process requires only the necessary documents. After the same, the loan can be disbursed within 24 hours. Thus, CAs can consider this financial aid even in emergencies.
- No need to pledge any collateral
Another crucial advantage of a loan for a chartered accountant is that it does not require collateral or a guarantor. Professionals with strong credit ratings and credit history with zero defaults can easily avail this loan facility. Furthermore, without asset valuation, the loan approval process becomes quicker and hassle-free also.
- Online facility
Not only the application process but borrowers can also manage their loan account online. With this online facility, they can check their current loan account status and pay their EMIs.
In addition to the above, reputed NBFC Bajaj Finserv also provides pre-approved offers to provide a hassle-free loan approval process. To sum it up, professionals like chartered accountants, doctors, etc. can opt for personal loans when they require external financial assistance.
With an easy loan approval procedure, flexible tenors, attractive interest rates, online facilities, borrowers can avail a loan to meet their different financial commitments. For instance, a personal loan for CA can help deal with a liquidity crisis, consolidate existing short-term debts, meet multiple small financial needs, etc.
After completing the CA articleship and passing the finals, chartered accountants can avail a personal loan to establish a firm. They can utilise the loan for any purpose whether it is to lease an office space, purchase equipment or any other.