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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.

At Tata nexarc we make it simple to borrow unsecure business loans up to ₹50 lakhs. You can get the best interest-rates on business loans, with minimum documentation and check your loan eligibility in just 5 minutes! Multiple lenders, one application. Explore Business Loans through Tata nexarc. Apply now.

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

Registered under Udyam portal as MSME

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.

Business Loan

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?

The business loan amount sanctioned to chartered accountants varies between lenders. Most lenders offer CA loans up to ₹50 lakhs, though based on creditworthiness of the borrower, loan amount can be extended.

Is collateral required for business loans for CA?

Most lenders offer unsecured loans for Chartered Accountants, i.e., no collateral is required to be provided as security while borrowing.

What are the additional fees and charges for CA business loans?

Most lenders charge processing fees (usually 2% - 2.5% + GST), documentation fees, stamp duty and other statutory charges. There might be other charges (e.g., foreclosure charges) that the lender might take. It is recommended that you discuss the different charges with the lender first before borrowing.

What are the documents required for business loan for chartered accountants?

Some of the documents most lenders request are:
  • 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 Banerjee

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.