When it comes to finances, the needs of self-employed individuals like chartered accountants vary from that of salaried individuals. Especially for those venturing into their businesses, there can be requirements that need financial backing.
For example, individuals starting their firms need to compromise to their chartered accountant fees details at the onset to ensure client retention. Thus, to fulfil their financial obligations like establishing their business, purchasing a house, etc. other comprehensive funding options are a necessity.
To fulfil these needs, financial institutions in India have brought a suit of special advances tailored according to the requirements of chartered accountants in the country. The loans for chartered accountants are mainly of four types, namely –
- Personal loan
- Business loan
- Loan against property
- Home loan
These four financing options provide a mix of unsecured and secured credits to cater to the specific requirements of chartered accountants.
- Personal loan for CA
With this unsecured advance, CAs can fund any of their expenses like wedding costs, their CA firm renovation costs, etc.
- Business loan for CA
This unsecured advance is the ideal option for individuals looking for ways to boost their working capital. For example, it can help you to finance your firm’s maintenance, hire other professional CAs or those pursuing CA articleship, maintain cash flow, etc.
- Loan against property for CA
These are secured credits without any end-user restrictions. It can be used to fund numerous expenses including expansion your chartered accountant practice opportunities, higher studies, etc.
- Home loan for CA
You can avail this advance to become a homeowner by buying a property of your own choice. A flexible tenor and several other benefits make this advance extremely beneficial for those looking to purchase a house.
In India, individuals with the best qualities of an accountant often fail to secure their deserved remunerations. These advances are the perfect financing options for such chartered accountants.
Make sure you check the fees and charges on your chartered accountant loan before applying for them. Also, ensure that you satisfy the eligibility criteria to avail advance to ensure that the application process is hassle-free.