Access to easy finance is one of the bliss of being a Chartered Accountant. As a CA, we get curated offers from Banks and NBFCs for Chartered Accountant Loans with special interest rates.
Here is the list of best Chartered Accountant Loans with the Lowest Interest Rate.
Poonawalla Fincorp – Professional Loan – CA
Poonawall Fincorp is a leading NBFC targeting practicing and salaried Chartered Accountants with handsome loan amounts with attractive interest rates. Therefore, the Committee for Members in Practice (CMP) of the Institute of Chartered Accountants of India (ICAI) has arranged the Term Loan Facility from Poonawalla Fincorp for the Members of ICAI. Poonawalla offers loans up to 30 Lacs with interest rates starting from 11.49% for a tenure of 3-5 years.
Eligibility Criteria
- Age between 22 to 62 years of age.
- A practice/job experience of at least one-year post qualification.
- Minimum receipts of ₹3 lakh
Unique Features
- Complete digital loan processing and fast disbursal
- Zero charges on part pre-payment
- No Hidden Charges
- Collateral-free loan
- No Guarantor required
Fees and Charges
- Processing Fee – up to 2%
- Foreclosure Charges – ZERO
Bajaj Finserv – Chartered Accountant Loans
Bajaj Finserv is the first NBFC that came with Chartered Accountant Loans, which is why Bajaj Finserv was able to charge higher interest rates. They offer Dropline Overdrafts up to 45 Lacs at 14-17% interest rates for up to 7 years.
Eligibility Criteria
- They must be a citizen of India
- CA in Practice for at least two years
- Own a house or office in a city where Bajaj Finserv operates (Rental House or Office will also do)
Unique Features
- The overdraft limit gets reduced every month at a predefined rate.
- Choose to pay only Interest on the Withdrawn amount
- No Guarantors or Collateral required
- Online Account Management
- Office Visit for loan verification
Fees and Charges
- Processing Fee – up to 2%
- Foreclosure Charges – up to 4%
IDFC First Bank – Professional Loan for CA
After aggressively entering the Credit Card segment, IDFC First Bank is aggressively offering Professional Term loans to Professionals like practicing Chartered Accountants up to 50 Lacs at 11.50% interest rates for tenures up to 5 years.
Eligibility Criteria
- They must be a citizen of India
- CA in Practice
Unique Features
- Loan Amount = (Gross Receipts * 2) minus the annual obligation
- The lower interest rate of 11.5% based on financial with a Loan amount of up to 50 Lacs
- The higher interest rate of 13.99% based on KYC and COP with a Loan amount of up to 30 Lacs
Fees and Charges
- Processing Fee – up to 1%
- Foreclosure Charges – up to 2%
HDFC Bank – Business Loan For Chartered Accountants
HDFC Bank is one of the silent players in the practicing Chartered Accountant Loan segment with low advertisements. They offer Term Loan up to 75 Lacs with a 13.29% interest rate for 1-4 years.
Eligibility Criteria
- Four years Post Qualification Experience
- 25 years of age and under 65 when the loan matures
Unique Features
- Latest ITR, along with computation of income, Balance Sheet, and Profit & Loss Account for the last two years. Financial should be certified or audited by a CA.
- Part payment allowed after 12 EMIs up to 25% of principal outstanding. It is allowed only once in the financial year and twice during the loan tenure.
Fees and Charges
- Processing Fee – up to 2%
- Foreclosure Charges – up to 4%
Cosmos Co-Op Bank – Professional Comfort Loan Scheme
The Underdog in Chartered Accountant Loan Segment, i.e., The Multistate Cooperative Bank – Cosmos Co-op Bank. Cosmos Co-op Bank provides Overdraft Facility to Chartered Accountants with the lowest interest rate starting from 8.90% with the lowest Processing Fee. The overdraft limit renews every two years.
Eligibility Criteria
- Practicing Chartered Accountant.
- Need to be a Nominal Member of Co-Op Bank. (Applicant can purchase shares during Loan Processing).
Unique Features
- Unsecured Loan up to 5 Lacs.
- OD above 5 Lacs and up to 50 Lacs based on Book Debt up to 90 Days.
- Require transactions routing through Cosmos Current Account.
- Very Long and Lengthy Loan Process with Office and Home Visits.
Fees and Charges
- Processing Fee – up to 0.5%
Disclaimer – Chartered Accountant Loans
The Interest Rate and charges above may have changed since the article is published. Also, relevant GST charges may apply to Loan Processing Fees.
Points to consider before taking Chartered Accountant Loans
The most crucial aspect while considering taking easy loans as Chartered Accountant is the end use of funds. Are you taking the loan for:
- Personal Expenses like Marriage
- Office Purchase or renovation
- Working Capital requirement due to late recovery of fees
- Medical expense
- Invest in the stock market to create a second source of income.
If your end use is financing the Working Capital requirements or investing in the stock market, that denotes you are not satisfied with Traditional Practice as Chartered Accountant. Consider diversifying your Practice to generate more revenue, like entering into an Outsourcing Practice. Read the following helpful article to start Outsourcing Practice from scratch from your current setup in a short period.
Is The Traditional CA Practice Dead Now?
How Can CA achieve 10x Growth in income with No Due Date Extension?
5 Myths That Prevent Breakthrough In Outsourcing Practice
The Best hack to get unlimited new Overseas Clients as a CA
The Best Freelancing Platform to start Accounting Outsourcing Easily
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