A professional loan for chartered accountants is a customised mode of financing designed to tackle a range of professional and personal needs of a CA. Whether you need money for an emergency, expand your CA firm, fund your child’s education or plan your home renovation, a CA loan can be the multi-purpose solution to all your financial obligations.
However, in order to avail a CA loan from any financial institution, you need to meet certain eligibility criteria by the lender. While there are several key factors lenders will be focusing on, it’s essential to be ready for the verification tests and present a perfect case for yourself to get your loan application approved.
Here are the few basic tips that can help you qualify for a CA loan:
There are some eligibility guidelines that you need to follow in order to get your CA loan application approved by the lender. Bajaj Finserv offers easy eligibility criteria and minimal documentation for CA loans. Check if you are eligible for the loan before applying, so as to avoid getting rejected by the lender.
Your credit score reflects your creditworthiness, and hence is a crucial factor on which your loan application hinges. Having a good credit score not only increases the chances of getting your loan application approved, but also helps you fetch better interest rates on the loan amount. Hence, review and take steps to improve your CIBIL score before applying for a fresh loan.
A costly mistake you can make while applying for a CA loan is asking for a bigger loan than you need, as you’ll be paying higher interest. Hence, it’s prudent to assess your financial needs and review your income to arrive at the optimum amount of loan. This is where the Flexi Loan facility of the CA loan comes in to the picture, allowing you to withdraw as much as you need from the loan limit, paying interest only on the amount utilised.
Lenders also look at your debt to income ratio before approving your loan application. If you are already juggling several loans, the lender might reject a new loan application if they think it will create a burden on your monthly finances. Hence, take loans only when necessary and keep your credit utilisation ratio low to increase your chances of qualifying for a CA loan.
To get your loan application approved quickly, you must make sure you have the relevant documents ready. Bajaj Finserv provides doorstep pick-up of documents, or you could upload them when applying online.
These tips will strengthen your chances of qualifying for a CA loan and help you receive your loan amount quickly. Bajaj Finserv offers an exclusive suite of loans for chartered accountants with quick disbursal in 24 hours. Moreover, you can avail pre-approved offers on the loan which entitles you for a better interest rate and high loan amount.
Anuj Pandey is an experienced financial advisor and writer who is well known for his ability to market trends as well as for his financial knowledge.