ICAI Tie Up With Corporation Bank

When the Institute of Chartered Accountants of India [ICAI] Tie up With Corporation Bank?

[Kiran Chandar]

The Institute of Chartered Accountants of India [ICAI] signed a MoU with Corporation Bank, a premier public sector bank 13th October 2010.

This MoU will offer a specially designed scheme (Corp CA) to cater to various financial needs of Chartered Accountants.

Through the scheme, eligible Chartered Accountants can avail finance for construction of office premises including cost of furniture/fixture/office equipments-computers and other accessories.

Eligibility:

Chartered Accountants, individually/jointly or Proprietorship Concern or a Partnership Firm/ Partnership with Limited Liability

Age of the candidate shall not exceed 65 years.

The candidate are registered with Institute of Chartered Accountants of India (ICAI) and also holding valid certificate/license for carrying out the practice.

The candidate’s/firm’s name shall not appear in the RBI defaulters list/CIBIL report.

In case of Firms, all partners shall join as co applicants.

The applicants/firms should not have been subjected to disciplinary action by the Institute.

Quantum of loan:

Applicable For Freshers: ( Experience below 3 years)-

Metro Urban Other Centres
Maximum eligibility:
TL/DL * Out of which: Rs. 20 lacs Rs. 15 lacs Rs. 10 lakhs
For office premises Rs. 15 lacs Rs. 12 lacs Rs. 8 lacs
For furnishing & Other assets Rs. 5 lacs Rs. 3 lacs Rs. 2 lacs
For Working capital requirement Rs. 2 lacs Rs. 1 lac Rs. 1 lac

MoU-ICAI and Corporation Bank