How to Increase Your Chances of Getting a Chartered Accountant Loan

Written by

Chartered Accountant loans cover a whole suite of loan types—like personal, business, home loans and even loan against property. These can be used by you to fulfil your various business or personal needs. However, it is important for you to keep certain things in mind before applying to increase your chances of getting the loan. Along with possessing the relevant documents required for Chartered Accountant Loan, you should also ascertain the purpose you want to borrow the loan for, the loan amount, maintaining a good credit score, and so forth. This can increase the chances of your loan application getting approved.

Steps to increase the chances of your loan being approved

  1. Pick a loan based on your needs: The first step is to be clear about why you need to borrow the loan. The various CA loans like personal loans, home loans, business loans and loans against property are each customized to suit different needs. Hence, before deciding upon a loan, select a valid purpose that will match the characteristics of your loan. For example, if you aim to purchase a vehicle, choose a personal loan. If you need the finances for business use, choose a business loan. If you want to buy a home, go for a home loan. If you want to do a home loan balance transfer or raise substantial finances for a medical need or to buy an asset, take a loan against property.
  2. Analyse the interest rates: There is a high level of competition amongst the vast market of lenders and financial institutions. This can benefit you and offer a range of competitive interest rates to choose from. Deducing the ideal rate is a simple process and can be done with little research. Be sure to select a loan that offers reasonable interest rates, so that you can pay lower EMIs.
  3. Ensure that you match the eligibility criteria:  All CA loans feature a few eligibility criteria. To successfully have your loan approved and disbursed, it is important for you to cautiously gain knowledge about the eligibility criteria and ensure that you match it. Usually a CA loan requires you to have a Certificate of Practice that is at least 4 years old from when you apply for a loan and for you to have your own home, office or parental house at one of the locations where your lender operates.
  4. Carry out the application formalities and gather the needed documents: Chartered accountant loans come with a certain set of application formalities. These formalities could include downloading, filling and submitting an application form, apart from attaching and sending important documents. The usual documents required for chartered accountant loans are the KYC documents, COP (Certificate of Practice), address proof, PAN Card copy and own property proof.
  5. Review your credit score: Your credit worthiness is judged by your credit score, which is based on your entire credit history. This takes into account all your past debts and repayment behaviour. Each lender has their own credit score by which they judge a potential applicant, but a score above 650 or 700 is generally considered a good score. It is important for you to check your credit score and improve it if necessary. Certain lenders are likely to even charge you lower interest rates if you have a good credit score.

Following these measures can increase your chances of not only getting a CA loan but ensuring that it is the right financial solution for you. When you review lenders for a customised CA loan created for CA professionals like you, consider Bajaj Finserv. Bajaj Finserv’s Loans for Chartered Accountants give you flexible repayment options, easy online application, a flexible line of credit and attractive interest rates.

Article Categories: