Chartered accountants are one of the most respected and sought after professionals in today’s finance scenario. It is quite customary for Chartered Accountant to secure a CA loan to start their own CA firm. They provide services that no other professional can provide. This is no surprise, considering the robust examination process they have to go through to be certified by The Institute of Chartered Accountants of India (ICAI).
CA firms are companies that provide financial services and consultation to all major businesses of the country. Deloitte, PWC, Ernst & Young and KPMG are the world’s biggest four CA firms. They are collectively referred to as the Big Four.
Chartered accountants perform various operations for their clients like audition, taxation and trying to save tax in the process. They also provide consultation and underwriting services, they have a working knowledge about applied financial and accounting theories.
The Income Tax Department of India does not accept tax return applications unless they are certified by an ICAI registered Chartered Accountant.
With the advent of better internet connectivity, the country has witnessed an immense boom in economic activities over the last 5-6 years. Numerous successful business franchises have surfaced with a number of MNCs entering the Indian market in the last few years. Once a barren land, the Indian economy is now looking to provide green pastures for people looking for the greenery.
With all of these changes pervading over the country, it is a no-brainer that the demand for chartered accountants is going to see a considerable rise. The expensive services that they provide are a necessity for every business organisation and self-employed professionals. Therefore, it is evident that they have a bright and prosperous future ahead.
The demand for professional loans for Chartered accountants is also growing with every passing day. Non-banking Financial Institutions like Bajaj Finserv are offering lowest professional loan interest rates with other attractive features on their financial products. This is the best time to opt for one the cost may increase over time.
Types of professional loans for Chartered Accountants
There are a collection of financial products that are tailor-made for chartered accountants for maximum ease of navigation so that you can put the full extent of your efforts into expanding your CA firm.
1. Personal loans for Chartered Accountants- If you are a CA by profession and in need of immediate financial assistance, you can opt for a personal loan for chartered accountants. They are collateral-free and easily sanctioned once your professional status is verified. Such loans come with no end-user restrictions; they can be utilised to fund marriages, vacations, home renovations, overseas education, etc.
A Certificate of Practice that is active for at least 4 years is mandatory for loan approval.
2. Business loans for CAs- If you are looking to start your own CA firm, you can avail such customised business loans. Establishing a CA firm can be expensive and effort-intensive but the returns on investment greatly out-weigh the risk as far as this niche is concerned. There are many Non-banking financial companies like Bajaj Finserv that provide features like borrower-friendly interest rates and online account management facilities on their loans.
They bring you pre-approved offers that make availing loans quick and hassle-free. Pre-approved offers are available on numerous financial products including secured advances like home loans, unsecured credits like business loans and personal loans, etc. You can check your pre-approved offer by submitting your name and phone number.
3. Home loan for Chartered accountants- Chartered accountants can also avail their very own personalised home loans. If you have plans to move into a newer and bigger home, it is best to opt for a high-value Home Loan for CA. Bajaj Finserv offers Home loans to CAs of up to Rs. 2 Crore.
4. Loan against property for CAs- If you own a property, it is best to avail a secured loan for your firm. These loans generally do not have any end-use restrictions; they have a high credit limit which can be used to finance high-value purchases.
All of the above products can be used by Chartered Accountants to start and expand their own CA Firm. They should be aware of all the costs that the loan entails and strive to create a bigger client base for the CA firm.
There is a huge market that has been steadily developing in the Indian sub-continent. Skilled individuals are in demand. This is the best time to start, if you want to be your own boss.
Initiating a private CA firm requires multiple points of business planning and subsequent finances for the necessary setup. Refer to lenders who provide customised CA loans which can help you meet the vital monetary requirements for your firm to grow sustainably.