What to Look for in a CA Loan Lender: Tips for Avoiding Scams

Being a CA for a long time, I was planning to start my firm in Noida, Uttar Pradesh. However, if you are an entrepreneur, you might be well aware that it requires a good amount of funds to start your own thing. 

Our country’s CA loan interest rate is quite lucrative, and to avail of this type of loan is undoubtedly a beneficial deal. 

Being a professional, availing of this loan for my practice was a good idea as it has many perks. Moreover, I didn’t have to wait longer, and funds were instantly available.

What is a CA loan?

As the term suggests, it is a type of loan specifically designed for chartered accountants. These are usually offered by financial institutions in India and are intended to offer funding for various purposes, such as starting or expanding a business, purchasing equipment for a new office or meeting personal financial needs. 

The eligibility criteria for such loans vary depending on the lender. However, generally, they are available to chartered accountants who have a minimum number of years of work experience and are able to meet certain requirements. Further, they have various benefits, such as lower rates of interest, longer repayment periods, and higher loan amounts. 

What to Look for in a CA Loan Lender: Tips for Avoiding Scams:

  • Research

Before finally opting for a lender, research the company on the web. Check their official website, social media handles, and even try to read reviews from other customers. Keep in mind that if you find any negative reviews or complaints, it may be a red flag. 

  • Review the loan application process

Legitimate lenders will have an easy and straightforward application process. It may involve providing some basic information and submitting documents. But remember, if the application process is too complicated or asks for personal information that seems unnecessary, it could be a scam. 

  • Avoid sharing personal info

Do not share any kind of personal information with the lender before verifying. This can include bank information or any other information. First, verify everything is legitimate, then go ahead. 

  • Proper registration

Ensure that the lender you plan to avail the loan from is registered and licensed to provide loans in India. You can quickly check this by asking for their registration number and verifying it with the concerned government agency. 

  • Check CA loan interest rate and fees

Ensure you understand the interest rates and the fees associated with the loan. This is because some lenders may charge high rates of interest or even hidden fees, so be sure to read the fine print before signing.

How to avail this loan?

Long gone are the days when people visited the banks to avail a chartered accountant loan. However, I’ve realised recently that if you have an internet-enabled smartphone in your hand, you are more than good to go. 

Around five months ago, when I was looking for this type of loan, one of my associates suggested I go for the Bajaj Finserv application. Believe me, with just a few taps, I instantly accessed the loan, and the interest rate here is quite lucrative. 

  1. Download the app from the App Store or Play Store. 
  2. Sign up 
  3. You’ll see the ‘Loans’ section on the home page below the search bar.
  4. Tap on it and go to ‘Loan for Chartered Accountants
  5. Enter the required information.