Tips for Using Collateral to Secure a Chartered Accountant Loan

You are a chartered accountant and you had been practicing from your home. Now, you wish to run your chartered accountancy business from your office. You need a hefty amount as a loan for starting your business in chartered accountancy. A substantial amount of cash can help your business develop. As you approach a bank for a business loan, a bank will assess all the documents, balance sheets, revenues and a detail history of your organization. You need to meet the requirements to become a viable borrower.

Many times it happens that a borrower fails to repay the loan on time to the lender. As a result, the borrower has to present a guarantor to the lender who will guarantee that the loan will be paid in some way or the other. This process is known as collateral which serves as an assurance to the lender that the money taken as a loan by a borrower will be repaid for sure by using other assets of the client. When you put forth a collateral asset, you need to make sure that the asset will benefit the lender. If you offer an unrealistic collateral asset, then you put yourself and your business at a high risk and you will have to face bitter consequences in the long run. Below mentioned are the vital tips which a chartered accountant can use as collateral to secure a chartered accountant loan.

Tips to follow:

1. Which are the assets you can use as collateral?

It is necessary to be sure about your assets which can be served as collateral to your lender. You will need viable assets such as car, home, motorbikes, or any other pricey belongings which can be counted as collateral assets.

2. Do you have an additional property in your name?

Having a land in your name can be used as collateral asset. A vacant land or a usable plot can be accepted as a collateral asset. Hence, you should be certain that the existing land can be used as a guarantor or for a collateral purpose.

3. Keep track of all your assets

Before approving a loan to its client, a bank will ask for the additional assets which can be utilized, if a client is not in a position to repay the loan to its lender. Keeping a track of all your useful assets and maintaining a proper balance sheet of your assets can prove to be beneficial to you at the time of getting approval for bank loan.

Get collateral-free loans from Bajaj Finserv

The reputed firm Bajaj Finserv presents collateral-free loans for chartered accountants. Whether you need a loan for higher studies, to build an office, or to meet your personal requirements, you can straight away apply for a loan to Bajaj Finserv without presenting your collateral assets.

Advantages of collateral-free loans

* Bajaj Finserv has a specialized loan feature which is known as Flexi loan account. The purpose of this loan feature is that you get an option to pay the amount which adds in your interest after taking a loan. In other words, the interest amount serves as easy monthly installment which a borrower is expected to pay at the end of the tenure which ranges from 12 months to 60 months.

* The chartered accountants who are already connected to Bajaj Finserv can avail a special benefit of pre-approved loans. Get your loan sanctioned in advance much before the submission of your documents.

* A chartered accountant professional gets the facility of repaying the loan till eight years which means the person is free from financial burden and can pay the interest at ease.

* The collateral free loans let a client access a loan through online process. Just by clicking the website and filling the particulars in the portal of Bajaj Finserv, the chartered accountants can easily avail the benefit of collateral-free loans.

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