Best Banks and NBFCs Offering Professional Loans for CA

Are you a Chartered Accountant (CA) planning to grow your funds, invest in new technology, or optimise your cash flow? A professional loan for Chartered Accountant can be your ideal answer.

Chartered Accountants are the backbone of India’s financial sector. They serve businesses, individuals, and institutions. In this blog, we’ll discuss the best banks and NBFCs offering tailored loan schemes for CAs, with interest rates as low as 10% p.a., flexible tenures, and quick approvals.

What is a Professional Loan for Chartered Accountant?

Let us briefly understand what a professional loan for CAs is and how it can be useful to CAs across the country.

Professional loans for Chartered Accountants are unique financial products customised to meet the business needs of accounting experts. These loans typically offer higher amounts. They come with reasonable interest rates and flexible repayment terms. They often have less stringent collateral requirements compared to regular loans. You can also find loans that are collateral-free. CAs can utilise these funds for different purposes such as setting up a new practice, buying office equipment or software, or fulfilling working capital needs.

Top Banks Offering Professional Loan for CAs

Explore the top banks that empower the finance experts in obtaining professional loan:

1. IDFC FIRST Bank

• Loan Amount: Up to ₹1 crore
• Interest Rate: Starting at 10.99% p.a.
• Tenure: Up to 84 months
• Key Features: Collateral-free loans up to ₹30 lakh instantly, online application process, preferential rates based on profile and payback history.
• Why Choose: Suitable for CAs looking for unsecured loans with high principal amount and flexible repayment.

2. HDFC Bank

• Loan Amount: Up to ₹75 lakh
• Interest Rate: Starting at 12.50% p.a.
• Tenure: 12-60 months
• Key Features: Instant approval for pre-qualified customers, digital application, special discounts for women CAs.
• Why Choose: For tech-savvy CAs wanting fast, digital-first loan processing.

3. Axis Bank

• Loan Amount: Up to ₹50 lakh
• Interest Rate: Starting at 14.25% p.a.
• Tenure: Up to 48 months
• Key Features: Collateral-free loans for self-employed professionals, flexible repayment options, foreclosure charges, quick disbursal
• Why Choose: For CAs who want flexible loan terms with quick access to funds.

Top NBFCs Offering Professional Loan for CAs

1. Bajaj Finserv

• Loan Amount: Up to ₹80 lakh
• Interest Rate: 10%-20% p.a.
• Tenure: 12-96 months
• Key Features: Flexi loan facility, no collateral required, less paperwork, disbursal within 24-48 hours.
• Why Choose: Ideal for quick funding with flexible payback terms.

2. Poonawalla Fincorp

• Loan Amount: Up to ₹75 lakh
• Interest Rate: Starting at 13% p.a.
• Tenure: Up to 60 months
• Key Features: Zero foreclosure and part-prepayment charges, minimal paperwork, 100% digital process.
• Why Choose: Competitive interest rates with transparent terms.

3. Godrej Capital

• Loan Amount: ₹5 lakh to ₹35 lakh
• Interest Rate: Starting from 14% p.a.
• Tenure: Up to 72 months
• Key Features: Minimal documentation, flexible financing for office expansion, hiring, and working capital, collateral-free.
• Why Choose: Good option for mid-sized loan requirements with easy processing.

Banks vs NBFCs – Which is Better for CA Loans?

Both NBFCs and banks have their pros and cons. It is all about your financial requirements, credit history, and urgency. Here's a quick comparison to make you decide which one is better for you:

Banks: Stability and Lower Interest Rates

Pros:

• • Lower Interest Rates: Banks tend to charge lower interest rates because of RBI regulation, which can lower your EMI burden during the loan period.
  • Diverse Range of Services: Banks offer extensive financial services in addition to loans, including savings accounts, credit cards, and investment options.
  • Better for High Credit Scores: If you possess good credit history (CIBIL score of more than 750) and regular income, banks tend to offer better loan deals.

Cons:

• • Strict Eligibility Requirements: Banks usually insist on higher credit scores, longer vintage of business, and greater documentation, which could be tough for new or proprietor CAs.
  • Slower Processing: Because of strict verification and paperwork, loan disbursal and approval may take days.
  • Less Flexible: Banks have fixed repayment schedules and less flexibility for negotiation on terms.

NBFCs: Flexibility and Faster Processing

Pros:

• • Flexible Eligibility: NBFCs have lenient criteria, enabling CAs with moderate credit ratings or less business experience to qualify.
  • Faster Approvals: With less paperwork and streamlined procedures, NBFCs approve and disburse loans within 24-48 hours.
  • Personalized Loan Products: NBFCs tend to tailor loans to certain professional segments, such as CAs, offering flexible repayment and pre-approved plans.
  • Better Customer Service: NBFCs tend to offer more personalized assistance throughout the loan cycle.

Cons:

• • Higher Interest Rates: NBFCs usually charge higher interest rates (often tied to Prime Lending Rate, not regulated by RBI), resulting in higher EMIs.
  • Range of Services: NBFCs mainly focus on lending and asset financing and have fewer banking products.

Which Should CAs Choose?

• Choose Banks if: You have a strong credit score, stable income, and prefer lower interest rates with a broad range of financial services.
• Choose NBFCs if: You need quick funding, have a moderate credit score, or want flexible terms and personalized service.

How to Apply for a Professional Loan for CA?

In order to obtain a loan as a chartered accountant, you are required to fulfill certain eligibility requirements first. Each bank and NBFC has its own eligibility conditions, but overall, you should meet the below basic requirements:

• Age: 21-65 years (varies by lender)
• Work Experience: 1-3+ years post-qualification as a CA
• Income: Minimum ₹3-5 lakh annual income (with proof)
• Credit Score: 650+ (700+ for best rates)

Applying for a loan for CA is now easier than ever with My Mudra. Here’s a step-by-step guide on how to apply for a CA loan through My Mudra:

• Compare interest rates, processing charges, and features across banks and NBFCs using the website.
• Click on “Apply Now” button and fill the online application form with your personal and financial information .
• Prepare all required documents in digital format, such as proofs of identity, address, and income, and submit them.
• The lender will verify your documents and credit profile.
• Funds are deposited in your account, usually within 24-48 hours, after approval.

Your credit score is the most important determinant in getting the best CA loan. You can improve your CIBIL score through various actionable tips, which will boost your chances of getting the right loan for you. There are several other recommendations which can help you ensure that you get the funding you need to boost your CA practice.

Conclusion

A Chartered Accountant loan is just a financial product – it’s a stepping stone to expanding your practice, serving more clients, and realising your professional aspirations. By comparing lenders, knowing your eligibility, and using our platform, you can avail the best offer and concentrate on what you are best at: assisting others in managing their finances.

Ready to push your CA practice to the next level? Apply for a professional loan today!

Also Read: Features of Professional Loan for Chartered Accountants