Chartered Accountant Loan, simply called CA Loan, is a customized loan that helps you in financing your major personal and professional needs. There are certain steps that you must follow for qualifying and approving for CA Loans. Follow these steps and get hassle-free loans for chartered accountants.
Satisfy the Eligibility Conditions
It is mandatory to satisfy all eligibility conditions in order to qualify for CA Loans and avoid further waiting. To become eligible for unsecured CA loan, the applicant must be a chartered accountant with a certificate of practice of minimum 4 years. Also, the candidate must possess property commercial or residential in that area where the lender operates. To qualify for secured CA loans, the applicant must meet the above two conditions along with an asset that he or she can mortgage.
Good Credit Score can really help
Credit score determines your creditworthiness and thus if you possess a good credit score then the lender will be more confident in your ability to repay the loan on time. A credit score of 750 and above will surely add to your financial credibility.
Additional Read: Common mistakes to avoid when taking a home loan for Chartered Accountants
Keep your documents ready
To qualify for loans for chartered accountants easily, get ready your documents such as bank statement, certificate of practice, KYC documents, proof of property ownership, passport size photograph, etc and submit them on time. If you fail to submit the complete documents or if you’ve submitted the wrong document then the lender will request you submit the right one. This back and forth will surely hinder your CA loan approval.
Analyze the purpose of Chartered accountant loan and check your income as well
There are different types of CA loans available and thus determine your purpose for applying for loan and choose accordingly. Also, review your income and ensure that you can easily make EMI payments comfortably. This helps the lender to be sure that you can easily repay whatever amount you are borrowing.
Read about more tips that will help you qualify for A CA loan here.
