Education Loan for CA at the Lowest interest rates
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Introduction
As it is known by all, becoming a Chartered Accountant (CA) is not very simple. In actuality, only a very small percentage of candidates pass all CA tests on their first try. As a result, CA tutoring is crucial because it aids in a student's exam preparation. However, the cost of CA coaching is rising over time. Coaching classes now charge a higher price as a result of coaching being more and more popular among students and increased student competition. Due to this students need to consider many aspects of their cost while studying for a CA. Getting financial assistance with a student loan for CA is one of the many options that students choose to pursue their dreams. There are several banks and NBFCs where one can obtain an education loan for CA with many benefits to pursue their higher education.
CA Loan Eligibility
The loan terms must be considered carefully by students before applying for a loan. The following criteria must be met in order to be eligible for an education loan for CA to study overseas -
- The candidate must be an Indian national or resident
- The candidate has to be admitted into one of the participating institutions' CA programme
- It is essential to check with the financial institution because some banks have a 35-year age limit
- The applicant's financial status, academic history, the status of the CA school, and the collateral put up may all have an impact on the bank's decision to give a student loan for a CA programme
Expenses Covered Under Education Loan
The best part about applying for a CA school loan with UniCreds is that students can receive up to 100% funding, which means that the loan will cover all or most of their expenses. Students can anticipate the following expenses to be covered by an education loan for CA -
- Cost of Tuition
- Transportation and travel, including airfare
- Housing costs and rental costs
- College costs and additional course fees
- Expenses for food
- Living costs
- Laptop
- Additional research, thesis, and project-related costs
- Any additional costs associated with a CA
Top Education Loan Providers in India for CA
The best educational loan companies providing education loans for CA to Indian students studying abroad are listed below -
- ICICI Bank
- Avanse
- IDBI Bank
- InCred
- HDFC Credila
- Axis Bank
- Bank of Baroda
CA Education Loan financing and Collateral Requirement
Banks and financial organisations may cover up to 100% of a student's education loan for CA, based on the amount borrowed and the CA institution. For a CA student loan up to INR 4 lakhs, most banks do not require collateral or margin money, though. For loans between INR 4 lakh and INR 7.5 lakh, a third-party guarantee is necessary even though collateral is not. However, students are required to furnish collateral for loans greater than INR 7.5 lakhs.
Steps to Apply for an Education Loan For CA
In contrast to the typically time-consuming procedure of applying for a study loan for a CA, UniCreds helps applicants streamline the process and make it simpler for students at every point - from application to payout. The following are the steps to apply for an education loan for CA -
- After reviewing the eligibility requirements for an education loan for CA students, they must decide which bank they wish to utilise for their loan application. Alternatively, they can contact one of our trained loan specialists
- Candidates can then submit their online CA loan application in its entirety
- Additionally, UniCreds counsellors advise making a customised list of the applicant's necessary documentation so that it can be added to the application
- After receiving the full application and all necessary supporting documents, the lenders will review and evaluate it before deciding whether to approve it and release the loan funds
Repayment of Education Loan for CA
One year after getting their CA degree, or six months after seeking work, whichever comes first, students should begin repaying their education loan for CA. This period of reprieve is known as the moratorium period. The typical payback period is between 5 and 7 years, however, it may be longer considering the terms and conditions of the bank.
Frequently Asked Questions
