I recently met a friend of mine over the weekend who is a known CA in my city. During the course of our discussion over lunch, he told me that he was a bit worried.
On being asked the reason for his displeasure, he told that he was finding it tough to run his CA practice because of a shortage of money. He wanted to raise big money to give a new lease of line to his CA practice.
He wanted to bring in new equipment, upgrade the infrastructure of his firm, get on board new clients, and have enough working capital. He had also made a costing plan and going by it, he needed between Rs.90 lakh and Rs.1.1 crore.
Since I had some knowledge about the financial products specially designed to meet the demands of Chartered Accountant, I advised him to opt for a loan against property for CA.
Since he lived in a good standalone building which was recently built, it could have helped him grab the required amount quickly as the collateral itself is the property.
He applied for a loan against property for CA and is happy today that his CA practice is again on the right track. He is also paying lower EMIs as he got the loan at a lower CA loan interest rate as he had a strong CIBIL Score and repayment history.
Even if you wanted to raise some larger amount of money for strengthening your CA practice, availing a loan against property for CA would be a good idea.
Loan against property for CA – Some quick benefits at a glance!
A practicing CA can grab a loan against property for CA option and get up to Rs.2 crore from reputed names in the banking and non-banking finance industries. Here are some other essential features and benefits of this CA loan facility:
- Higher loan amount – You can get up to Rs.2 crore, a huge amount to fulfil and finance all high-valued expenses and purchases.
- Money in the bank within 24 hours – Once all documents have been collected, the loan money is disbursed into your bank account within a day.
- Borrow as per your need and repay as you can – The facility of flexi loan helps you borrow loan’s any amount or complete amount as per your wish. You get to pay only the interest as EMIs and principal at the conclusion of the tenor.
- Flexible tenor to help you repay smaller EMIs – With tenor as wide as up to 240 months, you can easily spread the cost of the loan and pay in smaller EMIs.
- Negligible documentation – Leading lenders practice new ways of disbursing a loan these days. Only submitting some basic KYCs, and Certificate of Practice or CoP is enough to process your loan application quickly.
- No hidden charges – You are allowed to part-prepay the loan if you have some extra money when you have taken the flexi loan, without paying anything extra.
- Qualify for pre-approved offers – If you are an existing customer of a financial lender, you can also get some special offers from time to time. The loan figure is determined as per your degree and experience that you hold.
- Bank on the go – Leading online lenders let you access your loan against property for CA account via their digital customer portals. Like this, you can access all loan information right from anywhere and 24/7.
The Bottom Line
Chartered Accountants are considered as responsible citizens of the society and lenders award them with a loan option offering a huge amount. The loan against property for CA is a continuation of such privilege that CAs enjoy.
Now that you are aware of the benefits of CA loan that you can grab, assess your needs and apply for it only accordingly.