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Chartered Accountants in India can get a business loan or personal loan or professional loan to fulfil their business requirements. While most banks and NBFCs provide business loan for Chartered Accountants (CAs) at low interest rates to meet their business growth plans, there are lenders who offer it as personal loans that can be used to meet multiple financial needs. In this article, we take a look at unsecured loans for Chartered Accountants, the eligibility criteria, interest rates on business loan for CA and more.
What is a business loan for CA?
A CA business loan is a credit facility that is offered to chartered accountants for business expansion or start their own firm. The funds can be used to upgrade technology, make operational expenses, hire staff or any other based on their professional needs.
Most banks and NBFC offer business loans to chartered accounts and other professionals. There are specific eligibility criteria, interest rates and loan repayment terms that are applicable.
Business loan for Chartered Accountants – Eligibility, features, interest rates
In the section below, we take a look at the chartered accountant loan eligibility criteria, the features of CA loans offered by different banks and NBFCs, the interest rates and documentation requirements.
| Bank/NBFC name | Features/Eligibility | Interest rate / other charges |
| SBI loan for chartered accountants
(All check SBI small business loan) |
Category:
SME finance for CA firm Eligibility: CA firm registered with ICAI and currently under practice Age: 25-65 years Loan amount: Overdraft: ₹2-25 lakhs Term loan: Minimum: ₹2 lakhs Maximum: ₹100 lakhs (Metros), ₹75 lakhs (other cities – state centres and Tier 1) Collateral: Overdraft: None Term loan: Loan covered under CGTMSE scheme (borrower to bear fees) Loan tenure/repayment: Overdraft: Repayment on demand Term loan: 60 EMIs (with max moratorium of 12 months) Documentation: Certificate of Membership of CA (min. 5 years) 3 years ITR 650+ CIC score |
Margin:
Term loan: 25% Overdraft: Nil Upfront fees: Up to ₹10 lakhs: ₹500 + taxes Above ₹10 lakhs: ₹1,000 + taxes |
| Axis Bank business loan for chartered accountants
|
Eligibility: Offered to self-employed and practicing/consulting CAs
Requirements: Minimum 2 years professional experience ₹5+ lakh gross receipt Loan amount: Up to ₹50 lakh Loan tenure: Flexible repayment up to 48 months Collateral: Not required Documentation: 2 years ITR + P/L statement 6 months bank statements PAN card + Form 16A/26AS KYC docs + qualification certificates Office/residence proof |
Interest rate on CA loans:
14.25% p.a. Other fees/charges: Processing fee: Up to 2% + taxes Stamp duty + documentation charges
|
| HDFC Bank business growth loan to CAs
(Also check HDFC business loans) |
Features:
Loan for chartered accountants + Dropline overdraft facility Balance transfer option Eligibility: 4+ years work experience post qualification 25-65 years age ₹1+ lakh per annual minimum income Profit making in last 2 years Loan amount: ₹40-50 lakhs Loan tenure: 12-48 months Application process: Online and offline Documentation: PAN card + address proof + identity proof 6 months bank statement ITR + balance sheet + P/L statement Proof of continuation Any other mandatory documents |
Interest rate:
Pre-decided (~14.5% p.a.) Other fees/charges: Processing fee: Up to 2% Premature closure charges Stamp duty + statutory charges: As applicable Loan cancellation charges
|
| IDFC FIRST Bank professional loans for CAs | Loan amount:
Up to ₹30 lakhs with min. documents (funding up to ₹1 crore) Collateral: Not required Loan tenure: 12-84 months (extended up to 84 months) Documentation (salaried/self-employed): Photo ID proof + address proof Employee ID card Business proof 3-12 months bank statement Education proof (certificates) 1-2 years ITR Application process: Online on bank website Offline at branch Toll-free-number/call centre to schedule appointment with relationship manager |
Professional loan interest rates:
10.5% p.a. onwards (for ₹5 lakhs – ₹1 crore) Other charges/fees: Processing fees: Up to 3.5% of loan amount Cancellation and booking charges Cheque swap charges Physical statement of loan Delayed payment charges Any other government taxes |
| Lendingkart CA business loans | Eligibility:
Professional CA 2+ years in operation ICFAI issued CA licence holder (self-employed professional) 21 – 65 years Loan amount: Up to ₹1 crore Tenure: Up to 36 months Documents required: PAN card + KYC documents + residence proof 6+ months bank statement 2+ years ITR + balance sheet + P/L sheet (attested by CA) Proof of business |
Interest rate:
11% – 20% p.a. OR 1% – 2% p.m. Processing fee: 1% – 2% one time |
| Tata Capital loan for chartered accountants | Category:
Tata Capital Business Loan for Professionals Loan amount: ₹5 – ₹75 lakhs Loan tenure: 12 – 60 months |
Interest rates:
12% p.a. starting at Other fees/charges: Processing fee: Up to 2.5% + GST Stamp duty: As applicable Foreclosure charges Document processing charges |
| Bajaj Finserv Markets business loan for CAs | Eligibility:
Professional CA 2+ years in practice Age between 21 – 65 years Licenced self-employed professional with a CA licence Loan amount: Up to ₹40.5 lakhs Loan tenure: 12 – 60 months, short-term and long term loans Collateral: Not required Documentation: PAN card + residence proof Business proof ITR filing 6 months bank statement Any other |
Interest rate:
14% p.a. starting at |
Note: The details shared is for information only. Borrowers are requested to visit the bank/NBFC website for the latest interest rates, documentation, eligibility and other information.
How to apply for a Chartered Accountant business loan?
You can apply for a professional business loan for chartered accountants from any bank or NBFC through online and/or offline channels.
For online CA loan application:
- Visit the bank or NBFC website
- Select ‘Professional Loan’ or ‘Business Loan’ or ‘CA loan’ or similar
- Read the eligibility requirements, payment terms and conditions, interest rates and other details
- Calculate interest on business loan for CAs using the EMI calculator
- Select ‘Apply now’ or similar to fill in the CA loan application form online (this may require submitting documents)
- Get the application submission notification and wait for the lender to get back (usually 3-7 working days)
The lender uses this time to evaluate your application and responds accordingly. If the loan in sanctioned, the amount is directly disbursed to your account. If the loan application is rejected, you will receive communication on the same (usually with the reason for loan application rejection).
For unsecured loans for Chartered Accountants offline application:
- Visit the bank/NBFC branch
- Check with a loan advisor/relationship manager on your loan eligibility and other requirements
- Duly fill in the form, attach documents, photographs and any other requirements
- Submit the business loan for CA application form and wait for the bank to respond (offline loan application usually takes more time than online application, i.e., 7-15 days)
In case your loan application is refused, it is expected to understand the reasons and take recommended steps if business loan is rejected.
Going ahead with professional loans for Chartered Accountants
Today there are several funding and credit options available to professionals. From loans to advances, and overdraft, professionals can borrow as per their requirements. There has also been initiatives undertaken by the government to support loans for professionals.
In 2020, ICAI tied up with Poonawalla Finance to offer collateral-free loans to chartered accountants (Source: The Economic Times, 13 Aug, 2020). The loan for CA by ICAI scheme comes with special interest rates, zero repayment charges, and is tailored to suit the needs of CAs. Within the first month of launch, more than 1,500 CAs have availed funds under this scheme.
As a professional CA (self-employed or in a firm) when availing a CA business loan, ensure to compare loan offers and avail the one most suitable to you.
FAQs on business loans for CAs
What is the loan amount for CA loans?
Is collateral required for business loans for CA?
What are the additional fees and charges for CA business loans?
What are the documents required for business loan for chartered accountants?
- Photo identity proof – PAN card, Aadhaar card, passport, DL, voter’s ID card
- Residence address proof – Aadhaar card, voter’s card, DL, passport, utility bills, property purchase paper
- Business proof – Practice certificate, partnership deed, Shops Act licence, trade licence,
- Income proof - Income tax returns filing, profit and loss statement, balance sheet, bank statements
- Academic qualification certificates
Sohini is a seasoned content writer with 12 years’ experience in developing marketing and business content across multiple formats. At Tata nexarc, she leverages her skills in crafting curated content on the Indian MSME sector, steel procurement, and logistics. In her personal time, she enjoys reading fiction and being up-to-date on trends in digital marketing and the Indian business ecosystem.
