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    Loans for Chartered Accountants

    We all know personal loans serve a wide range of benefits such as consolidating debt or meeting miscellaneous expenses. However, when looking at expanding one’s scale of operations, a personal loan may not be the optimal choice. For working professionals such as Chartered Accountants, loans to scale their operations come in the form of professional loans, or in this case, known as Business loans for professionals. Some of the more popular loans for Chartered accountants and their features are mentioned below.

    Bajaj Finserv Chartered Accountant Loan

    • The maximum loan amount available under this scheme is Rs 35,00,000.
    • The loan can be availed without the need of any guarantors or collateral and come in flexible tenure options ranging from a minimum of 1 year to a maximum of 5 years.
    • The loan also comes equipped with a Flexi Loan account. Borrowers will only have to repay the credit amount utilized. The interest is charged only on the amount utilized and not on the entire credit amount assigned to the borrower.
    • The flexi loan also allows borrowers the option to prepay the loan when they have surplus funds and allows them to re-avail the amount already prepaid whenever they need it. Re-availing can be done only within the loan tenure and does not require the need for additional documentation. Flexi loans also are free of charge when it comes to prepayment.
    • The processing fees under this loan is 2% of the loan amount. For those professional loans with online facilities, a convenience fee of Rs 1,999 is charged. In cases of EMI bounces, a charge of Rs 1,000 per bounce is charged.

    HDFC Loans for Professionals

    • The borrowers can find out their in-principle loan eligibility in under a minute and provides the borrowers with the convenience of SMS, Phone Banking, Webchat and Click2talk.
    • The loan amounts can go up to Rs 20,00,000 and in some cases, based on the location, loan amounts can go as high as Rs 50,00,000. The loan offers flexible tenure options with the minimum tenure being 12 months and the maximum being 60 months.
    • The loan comes with a credit protect insurance plan. This policy prevents the financial burden from passing onto family and loved ones in the unfortunate case of demise of the borrower.
    • HDFC loans for professionals also allow borrowers to transfer existing professional loans and charge preferential interest rates of 12.99% p.a. on existing loan transfers as well as low processing fees of 0.99% of the loan amount.
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    Corporation Bank Corp CA

    • This loan from Corporation bank is specifically designed for Chartered Accountants. The borrowers could be individual CA’s or working in a proprietorship concern or partnership firm. The age of the borrower must not exceed 65 years.
    • Borrowers must not have appeared in the RBI Defaulters List and in case the loan has been availed by a Firm, then all partners will have to be signed on as co-applicants.
    • The loan can be used for constructing new office premises, acquiring office space, to provide working capital, and cover other miscellaneous costs such as furnishing and fixture of equipment.
    • Loan amounts of up to Rs 1 Crore can be availed at an interest rate of 12.35%. For loan amounts exceeding Rs 1 Crore, the interest rate levied will be as per gradation applicable for SME’s. The loan has a uniform margin of 20% on term loans and require assets acquired outside the loan to be used as collateral.
    • For working capital loans, a margin of 25% is applicable and the security required for such loans is the assignment of book debts or receivables.
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