Are you a Chartered Accountant who is looking to expand his/her business by setting your own firm? If you are a CA, who has got the working expertise of 4 years or more is eligible to get easy finance up to Rs.35 lakh from leading online lenders.
However, to get a Business Loan for Chartered Accountants, you need to have a healthy financial profile! Yes, having some good financial habits will help you get a business loan for CA at a lower rate of interest.
Let’s list out the basic five habits that you should calculate to get a Business Loan for Chartered Accountants.
- Manage your monthly cash flow effectively
If you are going to have a business of your own, you need to know that success of any business depends on how you manage the receivables and payments. If there is a delay in receiving payment from any party, your working capital and linked tasks may be affected. Thus, it’s better to streamline the payment process of the clients. There is software available these days such as Zoho, Conopus EpaySuite and more for tracking on-time payments.
- Develop a good CIBIL Score
Your credit rating is one of the most basic parameters that lenders see while processing your Business Loan for Chartered Accountants application. Hence, if you have a strong credit score, your application for the loan will be approved super-easy! Always be informed to know that timely payments of your credit cards and other EMIs by due dates help improve the credit score. A strong CIBIL score helps in letting you avail a business loan for Chartered Accountants at a reduced interest rate.
- Shop around for all possible business loan options
Did you know that you may be eligible for a business loan deal at a lender’s website at a higher rate of interest and an affordable rate at another website? Yes, that’s possible! So, before signing on the dotted lines, it is advisable to go on a third-party website and compare all loan offers so that you don’t have to regret later of not doing it and missing a good deal.
- Have a clean repayment history
Have you always been a consistent credit payer when it comes to settling bills on time? Many professionals such as CAs may or may not give due importance to this, but it holds importance when it comes to getting any loan. Lenders consider people not having a clean repayment history as ‘risks’ while awarding them a loan compared to consistent payers. Thus, it has been stated time and again to always have a clean repayment history if you have a loan to apply. Pay existing loan EMIs, credit card EMIs and other utility bills on time and be loan ready!
- Know about your lender’s reputation before finalizing one
Other than just preparing yourself while seeking a Business Loan for Chartered Accountants, it is also a relevant point to research about your prospective lender. Why? It’s because if a lender does not have a good past record of serving the customers, it may ask for irrelevant and high processing and other charges. What’s more, its rate of interest may also be exorbitant to manage during the tenor. Hence, before you finalize a lender, always know of its reputation, past performance and then only apply.
The Bottom Line
There are many leading online lenders already looking to offer you an affordable interest rates for a CA loan. The only things that you need to keep in mind are the above-discussed aspects to help you get closer to a reasonable CA business loan. Happy loan application!