Chartered accountants in India, while having stable sources of income, also require additional finances to meet certain big-budget expenses. Like, they may need to purchase a house, meet the costs of a child’s higher education, infuse additional working capital in their practice, and many more.
They can conveniently cover these additional expenses by availing a chartered accountant loan for chartered accountants. Lenders provide these professional loans tailored to suit the different needs of CAs. Depending on the type of loan you choose, the CA loan interest rate in India may vary.
So, before you apply for this loan, make sure you choose the right type of loan suiting your necessities and a lender offering the most borrower-friendly terms on such loans. Doing so will not only ensure a faster approval of the loan application, but will also let you repay the amount conveniently.
Like, a loan against property for a chartered accountant will be more beneficial than a personal loan when you need to finance high-end expenditures like destination weddings, home renovation, etc. The rate of interest on these secured loans is comparatively lower than personal loans. As such, repaying the advances will be easier with a lower EMI amount, although the total cost of loan will be higher courtesy a longer repayment tenor.
Take a look at the different types of CA loans offered by lenders and the subsequent rate of interest they attract.
CA Loan Interest Rate – An Overview
Some of the best lenders in the market like Bajaj Finserv bring CA loans in primarily four different variants at affordable interest rates. Be informed about the rates they attract before opting for one. So, here’s the overview.
- Personal loans for chartered accountants
You can avail a personal loan for chartered accountant at attractive interest rates hovering around 14 to 15%, which is one of the lowest in the market. Considering their short-term and unsecured nature, avail such advances at affordable CA loan interest rate when you have to meet immediate financial necessities.
- Business loans for chartered accountants
Chartered accountants can avail unsecured business loans to meet their specific business needs like boosting the working capital, office renovation, hiring skilled staff, etc. These requirements can be easily met with a business loan for chartered accountants. Avail this CA loan at affordable interest rates of 14% to 17% and repay conveniently over a long tenor of up to 60 months.
- Loan against property for chartered accountants
Favourable interest rates and easy access to high-value loan amount make a loan against property for chartered accountants, one of the most convenient financing options. You can get it at a low CA loan interest rate ranging between 9.5% and 10%.
- Home loans for chartered accountants
Home loans for CAs attract the lowest interest rates among the lot. You can get this loan with an affordable rate of interest ranging between 8.5 – 9%.
So, it makes paying EMIs easier over the long repayment tenor that home loans generally come with.
With their purposes defined and available interest rates, now it will be easier for you to decide which loan to go for depending on your needs. Following this, you can easily apply for a chartered accountant loan and enjoy quick disbursal of the funds.
With these available advances on offers, get a loan for chartered accountants as per your necessities. Before applying, evaluate your eligibility with an online business loan eligibility calculator and enjoy the best CA loan interest rate for improved financial management.