The Chartered Financial Analyst (CFA) designation is one of the most respected and recognised credentials in the world of finance. Whether you're aiming to work in investment banking, portfolio management, or financial analytics, earning a CFA can significantly elevate your career. But pursuing this prestigious programme doesn’t come cheap, especially when you factor in registration fees, exam prep material, and coaching classes. That’s where CFA loans can step in to ease your financial burden.
What Is the CFA Programme?
The CFA programme is a globally recognised certification offered by the CFA Institute, USA. It has three levels of exams that test candidates on topics like ethical and professional standards, quantitative methods, economics, financial reporting, and portfolio management.
Although it is not conducted by a university, the CFA course requires extensive study and preparation. Students often enrol in prep courses or coaching programmes and may even travel for exams. This adds to the cost and makes financial planning essential.
Is an Education Loan Available for CFA in India?
Yes, you can get an education loan for CFA in India. While most education loans are traditionally associated with college degrees, like an MBA or engineering, many financial institutions now offer loans for certification-based programmes like the CFA. The key is ensuring that the expenses you’re planning to cover, like registration, training fees, travel, or coaching, are documented.
In most instances, you'll have to produce evidence of registration, coaching admission, or related expenses to be eligible for a CFA loan.
Documents Required for Education Loan for CFA
To facilitate a hassle-free loan sanction process, ensure you have all the required documents in hand. A list of documents you would be required to provide along with your education loan application is given below.
| Document Type | Details |
|---|---|
| Application Form | Filled and signed loan application form. |
| Photographs | Two passport photographs of the applicant and co-applicant. |
| Photo ID (Any one) | PAN Card, Voter’s ID, Passport, Driving License, Aadhaar Card (for both applicant and co-applicant). |
| Proof of Residence | Passport, Driving License, Aadhaar Card, Voter’s ID (for both applicant and co-applicant). |
| Educational Documents | 12th Marksheets, Marksheets of higher studies (e.g., B.E., B.Com., B.Sc..), Entrance exam result (if any), Scholarship documents (if any). |
| Proof of Admission | Admission/offer letter of the institute on its letterhead, along with the address of the institute. |
| Bank Statements | Co-applicant's last 6 months' bank statements (salary/business receipt a/c). |
| Proof of Income | Salaried: 3 recent salary slips, 2 years' Form 16 or ITRs, other income evidence. Self-Employed: 2 years' ITRs, audited accounts, office evidence. |
| Documents of Collateral | Property title deed, registered sale deed, municipal allotment letter, latest maintenance/property tax invoices, NOC of society, building plan, etc. |
Eligibility Criteria for CFA Education Loan
If you're planning to pursue the CFA programme and need financial support, here's what you should know about the basic eligibility requirements for an education loan:
| Criteria | Description |
|---|---|
| Nationality | The applicant must be an Indian citizen residing in the country. |
| Age Limit | Individuals applying should typically fall within the age group of 18 to 65. |
| Work Status | Salaried professionals employed in private or public sector organisations, as well as self-employed individuals with valid income proof, are eligible. |
| Co-applicant Requirement | If the applicant is not salaried, a financially stable family member may be required as a co-applicant to strengthen the application. |
How to Apply for an Education Loan for CFA in India
Here's a step-by-step process to apply:
- Step 1: Research & Compare: Compare different lenders and eligibility criteria.
- Step 2: Gather Documents: This includes KYC, proof of income, education records, CFA registration or coaching admission proofs.
- Step 3: Apply Online or Offline: Submit an online form, or you can even visit a local branch if you prefer an in-person process.
- Step 4: Get Sanctioned: After due verification, the sanction letter is handed over.
- Step 5: Get the funds: Get the loan amount disbursed as per your requirement.
Things to Keep in Mind Before Applying for an Education Loan for CFA
Before applying for a loan to fund your CFA, make note of the following:
- Loan Type: You can get both secured and unsecured loans to study CFA.
- Course Eligibility: Though CFA is not a degree programme, its international acceptability and professional standing qualify it under most education loan schemes.
- Repayment Period: Select a repayment period suitable for you. Lenders such as Credila offer longer tenures of 15 years.
- Other Charges Included: Opt for a loan that includes ancillary charges, such as exam fees, study material, and travel.
Conclusion
As someone who’s planning to pursue the CFA or study abroad, the financial aspect can be overwhelming. But with the right planning and support, it doesn’t have to hold you back. If you’re planning to pursue studies abroad, Credila offers education loans for abroad studies with flexible repayment plans that make managing finances much easier. Whether it’s covering exam fees, tuition, or other study-related expenses, understanding the requirements of the lender can make the journey smoother and more focused on your goals.
Disclaimer
As of March 31, 2024. T&C apply.
Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Limited)
The education loan facility provided by Credila Financial Services Limited ('The Company') will be at the sole discretion of the Company and within the Company's prescribed credit and underwriting norms/guidelines prevailing at the time of processing and disbursing the education loan. The Company maintains the right to change the interest rate at any time and at its sole discretion, without prior notice.
