Why are Flexi Loans for CAs More Beneficial than Term Loans?

  • Numerous financial institutions provide term loans to CAs that can help them manage their personal as well as business expenses. The loans are available within a day against minimal documentation and eligibility criteria.

    In these regular term loans, you need to pay EMIs immediately after the disbursal of the funds. Hence, these loans may often become difficult for you to repay, especially if the EMIs are high. Also, you have to pay the monthly instalments even if you don’t use the funds.
    Here, availing a Flexi Loan for Chartered Accountants from Bajaj Finserv can help avoid the above inconvenience precisely. This facility can lower your EMIs significantly by up to 45%.

    Why else is a Flexi Loan for CAs better than term loans? 

    1. Interest on what you withdraw – You incur the rate of interest only on the amount you withdraw from the sanctioned loan. Moreover, it is incurred on a per day basis. That means you need not pay any interest if you repay the withdrawn amount within the same day.
    2. No mandatory EMI payments - You don’t have to pay EMIs instantly after you avail the funds, unlike term loans.
    3. Interests as EMIs - Flexi Loans enable you to pay only the interest as easy EMIs.
    4. No limitations on withdrawal – There is no restriction to the number of times or the amount you withdraw from the sanctioned loan. You also don’t incur any additional charge on doing so.
    5. Repay principal when the tenor ends – A Flexi Loan also enables you to repay the principal at the end of your loan tenor or whenever you have a surplus.

     What are the features of a Flexi Loan? 

    1. Ample funds to meet all your requirements

      As a chartered accountant, you can avail up to Rs. 35 Lakh with a Flexi Loan. Utilise these funds to pay for big-ticket expenses like wedding, home renovation, exotic vacation, higher education, etc.

      Or, you can use a Flexi Business Loan for CAs for your practice to buy new equipment, renovate office, consolidate debts, etc.

    2. Only a few documents required to apply

      You only need to provide your Certificate of Practice (CoP), KYC documents (PAN, Voter ID, Passport, Aadhaar, Driving License, etc.), and bank account statements to apply. Lenders also provide doorstep services for document collection.

    3. Minimal eligibility criteria to fulfil

      Financial companies need you to possess a CoP that is active for at least 4 years and also own a house/office where they operate.

    4. Rapid approval and disbursal

      Lenders can process your application and disburse the amount as fast as in 24 hours.

    5. Pre-approved offers

     

    Lenders such as Bajaj Finserv come with pre-approved offers which reduce the time required to avail funds by making the entire process less complicated. Pre-approved offers come with various financial products like home loans, business loans, personal loans, and more. You can check your pre-approved offers by providing only your name and phone number.

    Now that you know why and how Flexi Loans for CAs are better than regular term loans, apply for it online. Plan your finances well and utilise the loan amount with the utmost flexibility.