Finance, Loans & Insurance
Here’s how CAs can use loan against property to meet financial obligations
Chartered accountants seem to be the confidant when it comes to wealth management. They know the perfect way-out to balance the act of expenditure and investment.
Thus, these professionals are apprised of the following facts:
●Budget allocation for every expense
●Option to look for in case of financial discrepancies
CAs who are efficient in personal money management tend to devote a particular sum for regular expenses every month. Sticking to a budget helps them to save for future needs. However, some situations may crop up which require a considerable fund to suffice some long-term or short-term financial goals. In such scenarios, they can avail a loan against property for CA to finance several high-value expenses.
A loan against property for CAs doesn’t have any end-use restrictions can be used for the following purposes:
A. Purchasing commercial property
A chartered accountant may invest in buying commercial property for various reasons. It can be for setting up a new office, rental business, or just as an investment. Real estate acquisition needs a large sum of money in India.
So, NBFCs like Bajaj Finserv provide the loan value of up to Rs. 2 Crore to cater to such high-end purchases. It also provides pre-approved offers on loan against property for CAs, personal loans, business loans, home loans and several other financial products & services. This exclusive tailor-made scheme helps in saving ample time with its simplified steps.
B. Financing working capital
At times there are situations when the firms owned by CAs don’t have sufficient working capital to cover the obligations. A loan against property for CA can be a workable option to avoid further financial insolvency and potential bankruptcy. The borrowers can finance their everyday operations with the sanctioned amount.
C. Buying residential property
A borrower can use the approved loan even for buying residential properties. There are financial intuitions that offer property search services along with the market dynamic reports to give a vivid idea of the current real estate market. Hence, loan against property for CA ease the process of purchasing property with such value-added services.
D. Funds for higher education
Higher education needs substantial funding whether it is in India or overseas. One has to bear the additional costs like travelling, medical emergency, food, accommodation, etc. apart from the tuition fees. Unlike education loan, this customised loan for CAs can cover every other expenditure associated with it.
Moreover, the debtor has the advantage of getting affordable CA loan interest rate, as these advances are secured in nature. Thus, the borrower can enjoy a comfortable and convenient repayment process. The tenor can range from 12-240 months making EMIs affordable.
E. Upgrading to the latest technology
Gone are the days when chartered accountancy was about audit and taxation. There are several ways how a CA firm can cater to a broader clientele. For instance, CAs can integrate Big Data & Analytics solutions to improve the quality of services they offer.
Additionally, professionals can deploy cybersecurity solutions to avoid the financial data breach. They can also switch to cloud accounting software to deliver work in real-time. Such enhancement with the latest technology can cost up to several lakhs. Opting for a loan against property for CA seems to be a feasible decision.
So, a borrower has the freedom to utilise the sanctioned sum in several ways. For those who want to take this loan must evaluate the value of the property first and then meet the simple CA loan eligibility criteria. After completing the minimal formalities, one can easily apply for a customised CA loan from Bajaj Finserv within 60 seconds.