BOB Personal Loan for Lawyers

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Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Baroda Personal Loans are tailored exclusively for legal professionals. A personal loan from the Bank of Baroda aims to elevate a lawyer’s financial journey with a customised lending solution designed to meet the unique needs of lawyers. BOB personal loans for lawyers offer competitive interest rates, flexible repayment options, and speedy approval processes, ensuring you have the financial support you need without any hassle. Trust Bank of Baroda to empower your aspirations and provide you with the means to achieve your personal and professional goals. Explore a world of possibilities with our dedicated personal loan offerings for lawyers.

BOB Lawyers Personal Loan – Highlights

Take a look at the highlights of the BOB Personal Loan for lawyers.

Maximum Amount	Rs. 20 lakhs
BOB Lawyers Instant Loan Interest	Starting at 10.35% p.a.
Type of Interest Rate	Fixed and Floating
Loan Tenure	Up to 7 years
Collateral Requirement	NIL

Compare BOB Lawyers Personal Loan with Other Banks

Here is a quick comparison between BOB Personal Loan for lawyers and other banks:

Lender	Rate of Interest (p.a.)	Maximum Loan Tenure
Bank of India	10.25% onwards	7 years
State Bank of India	10.55% onwards	6 years
Citibank	10.75% onwards	5 years
TATA Capital	10.99% onwards	6 years
Bajaj Finserve	11% onwards	8 years

BOB Lawyers Personal Loan – Fees & Charges

Following are the fees & charges required for a BOB personal loan for lawyers.

Processing Fee: Usually 1-2% of the loan amount plus GST. Government employees with a salary account at the Bank of Baroda enjoy zero processing fees.
Goods and Services Tax (GST): A standard 18% GST applies to all loan-related services.
Penal Interest: A 2% penalty is charged on the outstanding loan amount.
Other Charges: Additional fees such as stamp duty, verification charges, and similar fees may be applicable.

BOB Lawyers Personal Loan Documentation

Following are the required documents for the BOB Personal Loan for Lawyers:

Income Proof: Copy of Form 16, last 3 months’ bank account statements, or salary certificate/salary slips from the account where the salary is credited.
Identity Proof: Copy of PAN card, Aadhar card, voter’s ID card, or driving licence.
Address Proof: Copy of driving licence, utility bills, bank statement, or Aadhar card.
Employment Proof: Copy of job appointment letter, contract, company’s/HR’s email ID, or official identity card.
Residence Ownership Proof: Copy of property documents, maintenance bill, and electricity bill of the residence.
Investment Proof (if any): Copy of receipts of fixed deposits or mutual funds.
Photograph: Latest coloured passport-size photograph.

BOB Lawyers Personal Loan Eligibility

Following are the eligibility criteria for a BOB personal loan for lawyers.

Age Eligibility: Individuals aged between 25 to 65 years.
Income Criteria: Annual income exceeding Rs. 1 lakh.
Professional Experience: 3 to 5 years of experience as a working professional.
Bar Council Membership: Must be a registered member of the Bar Council.
Income Tax Assessment: Assessed under Income Tax for at least the last 2 years.
Legal Professional Status: Eligible categories include individual law practitioners, proprietors, partners in a law firm, or owners of a legal business.
Consistent Income: Demonstrated profitable income in the legal profession for the past 2 years.

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Frequently Asked Question (FAQs)

Can a lawyer get a personal loan from BOB?

Yes, if they meet the eligibility criteria and provide all the important documents, a lawyer can get a personal loan from BOB.

How much of a BOB personal loan can lawyers get?

A lawyer can apply for a loan up to 20 lakhs.

What is the CIBIL score for lawyers for BOB?

A healthy CIBIL score that can help in the seamless processing of loans is INR 20 lakh.

How can lawyers get loans in BOB instantly?

If they meet the basic eligibility criteria and have proper documentation, it will by default speed up the process for them to get an instant BOB loan.