Personal Loan

Personal Loan For A CA: What You Need To Know


Personal loans are a great way to fulfil any financial need when you are broke. It is now common for banks to approve personal loans for CAs and other professionals. Personal loans are applied for and approved at a faster rate than ever before, thanks to the debt culture. You can use a personal loan to

  • Renovate your home or office.
  • Purchase furniture for the home or office.
  • Go on a vacation.
  • Buy a cellphone, electronics, or appliance.
  • Pay the school or college fee.
  • Pay medical bills.

Some other factors that make a personal loan a better option for professionals than other loans are

  1. Easy application: It is easier to apply for a personal loan because most banks now allow their customers to do so online. The loan application process can be done from home without visiting the bank.
  2. Faster processing: Personal loans are processed faster as there are fewer steps to be followed. Most banking transactions are conducted online, so getting a personal loan has become easier. You can apply for a personal loan through the bank’s website and receive the loan amount within a few hours.
  3. No collateral: To get approved for a personal loan, you do not need to offer any collateral. The bank will only check your financial stability and ability to pay back the loan when the loan is being processed.
  4. Freedom: When you take out a personal loan, you can use the loan amount for any purpose. There are no restrictions on how you choose to spend your loan amount.

What will your bank check

Most banks consider CAs to be low-risk as they are considered to be financially stable. As a CA, you will be expected to have the proper financial discipline and the responsibility to repay your loan on time. But getting approved for a personal loan is also not too simple because there are some things the bank needs to be satisfied with.

Before approving a loan, banks typically check the applicant’s credit history and repayment ability. The same criteria apply to all professionals applying for a personal loan. Here are a few things that your bank will check for while processing your personal loan application.

  1. CIBIL Score: As personal loans are disbursed without submitting any collateral, there is always a risk for the bank. The bank will check your CIBIL score while processing your loan application to minimise this risk. You should maintain a high CIBIL score to get approved faster. The best way to get a high CIBIL score is to repay your instalments on time and avoid late fees or defaults.
  2. Income: Banks will also check your source of income to understand your repayment capability. If you are an employee, then you can submit your salary slips as proof of your income. If you have your own practice, then you can submit your bank statements, tax receipts, and invoices as income proof.
  3. Employment type: Checking the employment type is also an important criterion for approving a personal loan. Banks will check if you are self-employed or a salaried employee to understand your repayment capability. As a CA, your applicant will probably be approved because most bankers think CAs are good with money.

A CA’s Personal Loan Application Process

The personal loan application and disbursal processes are the same for every applicant. There is no special consideration for professionals who are applying for a personal loan. The entire personal loan process is usually divided into four stages.

  1. Submitting the loan application: You must complete and submit a loan application with your preferred bank. Most banks are now offering personal loans for their existing account holders online. You can simply log in to your account and apply for a personal loan from the bank’s website or app. The submitted loan applications are checked to ensure that they have been filled out correctly and that all necessary documents have been attached. If your loan application is incomplete or has the wrong details, it will not be processed.
  2. Document submission and verification: While submitting your loan application to the bank, you also need to submit some documents. For faster loan approval, you should be ready with government-issued documents that can be used as ID, income, and address proof. If you are applying online, you can upload these documents online for verification. Aadhar cards, passports, voter ID cards, and electricity bills are accepted as ID and/or address proof by the banks.
  3. Loan offer: After your loan application and documents have been verified and approved, you will receive a loan offer. This is an agreement between you and the bank where the loan details, like terms and interest rates, are mentioned. After receiving the loan offer, you can use the information in it to compare the loan offers at other banks. Delaying the acceptance of the loan offer will cause a delay in loan disbursal. If you accept the loan offer quickly, you can access the funds faster.
  4. Loan disbursement: This is the last step in getting a personal loan. After you sign the loan offer, your approved loan amount will be credited to your account.


Personal loans offer a quick fix for professionals who are facing financial stress. These loans have a simple application process and are processed faster than other loans. The best thing about taking a personal loan is that you don’t need to show any collateral for it. Many professionals, like CAs, opt for a personal loan to enjoy financial freedom at lower interest rates. To learn more about personal loans for professionals, visit