6 Benefits of Using a CA Loan for Business Expenses

Chartered Accountants are considered valuable and responsible citizens of the society. As a result, they get the privilege of getting everything customized and the business loan for Chartered Accountants are not an exception.

Yes, leading banks and non-banking finance companies (NBFCs) offer up to Rs.35 lakh to practicing CAs to help them with their business expenses.

If you are a CA and not yet convinced about the benefits of using a CA loan for your business’ expenses, here are some quick insights.

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Here’s how you can use a CA loan to your advantage

  1. To finance your firm’s working capital needs: Being a Chartered Accountant, you may know the significance of the assets and liabilities and that’s where using the business loan for Chartered Accountants can help. Yes, you can use the amount out of your CA loan to make way for paying day-to-day expenses such as working capital for managing daily operations. You can also use the funds to manage the working capital when you don’t have enough money at hand, and expanding client’s base.
  1. To manage the firm’s growth and expansion : It does not matter if you are a big or small business entity, the growth of every firm needs substantial finance. That’s where the availability of the business loan for Chartered Accountants helps the plan firm’s expansion as you get up to Rs.35 lakh. Since the CA loan comes with a wider tenor, it helps you repay the EMIs without burning a hole in your pocket.
  1. To buy or manage assets for your organization : Any type of assets are a vital investment for any practice. They not only boost your productivity but also a good mode to invest your money. A business loan for Chartered Accountants should assist you purchase new assets such as premise or commercial property, equipment or vehicles – all required a steady sum of investment. What’s more, you can also sell them later to cover the loan expenses to meet cash flow shortfalls.
  1. To help repay or consolidate the debt on time: Managing the repayment of the debt is a tricky affair and not all are a pro at it. As a result, some people default the payment of an ongoing debt and keep piling it month by month. Hence, it is vital to pay or consolidate all debts on time. The usage of the business loan for Chartered Accountants helps you settle all such debts on time. The payment of your debt on time to your creditors instill a positive image and good business relationship as well.
  1. To resolve urgent cash needs with a flexi loan facility : Since the business loan for Chartered Accountants comes with an awesome flexi loan facility, it also helps you meet any urgent business needs. Yes, you are free to withdraw a sum out of your loan limit during a tenor. The biggest benefit of using this facility is that it helps you pay only the interest as EMIs. The rest of the amount gets adjusted after the end of the tenor.
  1. To design or furnish a new office : Setting up a new office may means lots of accounted and unaccounted expenses and a business loan for Chartered Accountants can help you cover needs such as:
  • Setting up the interior decoration
  • Carpentry, fittings and furniture
  • Electrical work
  • Managing other miscellaneous accessories

The Bottom Line

For practicing CAs, the facility of using the business loan for chartered accountants has indeed emerged as a boon to manage the expenses of their businesses.

Now that you are well-versed with the benefits of CA loan, you can easily apply for it online and get going in the right direction.

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