Chartered accountant and engineer loans are provided by a leading bank on a financial institution in India. These loans are tailor-made to suit the unique professional and personal needs of chartered accountants working in India. The professional loan amount may go up to rupees 35 lakhs. Apart from professional purposes, loan money may also be used for other purposes. These may include overseas education of children, home renovation, vacation, marriage, and others. The Can and Engineers can also use the loan to improve payroll, cash flow, and for expansion, maintenance, and other professional purposes. An engineer can choose in between personal loan, business loan, home loan, or loan against property as well. While some of these loans may be secured (you may have to pledge a property or asset for them), others may be entirely provided on the basis of your regular earnings. Here are some tips that the engineers and chartered accountants can use to improve their chances of getting a loan.
Improve Your Credit Score
Before providing you a loan, the bank or a financial institution with check the credit scores of your business. The new businesses will not have a good credit score and in these cases the personal credit profile of the borrower may be scrutinized. Therefore, it is important for you to pay all your monthly equated monthly instalments (EMIs) and other dues regularly. Your disciplined financial behaviour will improve your financial and credit score.
Choose The Right Kind Of Loan
The tenure and interest rate of different kinds of loans (including home loan, personal loan, and the CA loan or Engineer loan may vary. To make the best deal and get the most affordable loan, you need to scrutinize your needs and the loan options available carefully.
A CA or Engineer may be required to produce documents (including KYC documents), Certificate of Practice, and proof of property ownership (in the case of secured loans) at the time their loan is in process. Lenders would also like to see a solid business plan with forecasting of five years or so. Tips to Improve chances of engineer loan are handy when you follow them precisely.
Additional Read: 5 Steps you can Follow Before You Start your Chartered Accountant Firm