Chartered Accountant (CA) is one of the most prestigious and sought-after professional courses in India. It is a course that not only provides you with deep knowledge of accounting and finance but also opens the doors of endless career opportunities. However, pursuing a CA course is not a cakewalk. It requires determination, hard work, and financial stability. Hence, many students opt for a CA Loan to fund their education. In this article, we will discuss five reasons why a CA Loan can be a wise decision for your career growth.
1. No Financial Burden on Your Family
Pursuing a CA course is not cheap. The course fees, along with the living expenses, can range from anywhere between Rs. 4-5 lakhs. If you don’t have a stable source of income or adequate savings, you might have to depend on your family for funding. This can put a significant financial burden on your family, which can compromise their financial situation and your dreams.
However, with a CA Loan, you can fund your education without putting any financial pressure on your family. The loan covers the entire course expenses, including tuition fees, study materials, accommodation, etc. You can repay the loan after completing the course and getting a job, which will ensure a stable income flow.
2. Competitive Interest Rates
Most students hesitate to take a loan because of the high interest rates. While it’s true that some loans come with high interest rates, CA Loans offer one of the most competitive rates in the market. The interest rates on a CA Loan range from 9.5% – 14%, which is lower than most other education loans.
The interest rates on a CA Loan depend on several factors, such as your credit score, the loan amount, the loan tenure, etc. However, even with these factors, the interest rates on a CA Loan remain competitive, making it a smart financial decision for students who want to fund their education without burning a hole in their pockets.
3. Flexible Repayment Options
Another significant advantage of taking a CA Loan is the flexible repayment options. Most banks and financial institutions offer repayment tenure of up to 7 years, which gives you enough time to get a job, stabilize your income, and repay the loan.
Moreover, CA Loans also come with flexible repayment options, giving you the liberty to choose the repayment plan that suits your budget and financial goals. You can opt for EMI-based repayment, which allows you to pay a fixed amount every month towards the loan. Or, you can opt for a step-up repayment plan, where you start with a lower EMI and gradually increase it as your income increases.
4. Non-Collateralized Loan
Unlike other types of loans, a CA Loan is an unsecured loan, which means you don’t have to pledge any collateral to get the loan. This is a significant advantage for students who don’t have any assets to pledge as collateral.
Most banks and financial institutions offer CA Loans based on your income, credit score, academic performance, etc. If you meet the eligibility criteria, you can get the loan without any collateral. This way, you can fund your education and focus on your career growth without worrying about losing any assets in case of default.
5. Better Career Opportunities
The ultimate goal of pursuing a CA course is to get a stable and rewarding career in the accounting and finance industry. However, without proper funding, you might not be able to complete the course or take advantage of the endless career opportunities available to CAs.
With a CA Loan, you can ensure that you have the necessary financial support to complete the course and take advantage of the numerous career opportunities that come with it. Moreover, having a CA Loan on your resume can also work in your favor, as it shows potential employers that you are a responsible and committed student, which can increase your chances of getting hired.
Conclusion
A CA course can be a life-changing experience for students who are passionate about accounting and finance. However, without proper funding, pursuing this course can be a challenge. A CA Loan can provide you with the necessary financial support to complete the course and take advantage of the endless career opportunities available to CAs. With competitive interest rates, flexible repayment options, and no collateral required, a CA Loan can be a smart financial decision for students who want to pursue their dream career without any financial burden.
Read more: 5 Reasons to Choose a CA Loan for Your Career Growth