Indian Bank Personal Loan for Lawyers

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Set up a new practice, expand your existing services, or address personal financial obligations. Indian Bank’s personal loan scheme for lawyers is here to assist. The scheme offers a hassle-free process to streamline fund requirements for legal professionals for various purposes and needs. Moreover, with an interest rate ranging from 10.25% to 10.50% p.a., the loan schemes are friendly on the pocket and help balance personal expenses and professional duties. To learn more, Scroll down and read about the various features of Indian Bank Personal Loan for Lawyers.

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Table of Content

1. Indian Banks Personal Loan for Lawyers Key Highlights

2. Comparison of Interest Rates of Different Banks

3. Indian Bank Personal Loan For Lawyers Fees And Charges

4. Indian Bank Personal Loan For Lawyers Documents Required

5. Indian Bank Personal Loan For Lawyers Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

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.

Indian Bank’s Personal Loan for Lawyers – Key Highlights

The table below depicts the key highlights of the Indian Bank’s loan scheme for lawyers.

Features	Description
Eligibility	Lawyers with at least 2 years of experience. At least 1 year with current employer/business.
Maximum limit	Upto 70 Lakhs
Loan Tenure	Minimum- 6 months Maximum- 60 months
Margin	N/A
Upfront fee	1% of the loan amount
Collateral/Security	Not required

Comparison of Interest Rates of Different Banks

A comparison of interest rates for lawyers of different banks has been showcased below:

Name of the Banks:	Interest Rate:
Indian Bank	10.25% onwards
State Bank of India	11.15% – 15.30%
Axis Bank	10.49% onwards
ICICI Bank	10.8% onwards
Kotak Mahindra Bank	10.99% onwards
Tata Capital	10.99% onwards
HDFC Bank	10.50% onwards

Indian Bank Personal Loan For Lawyers – Fees And Charges

Check the table below to learn more about the loans, fees, and charges for salaried and self-employed lawyers.

Type of Fees	Amount
Processing Fees	Up to 1% of loan amount + GST
Loan Re-Booking / Rescheduling Charges	Rs 1000/- per event + GST
Legal Charges	As per State laws

Indian Bank Personal Loan For Lawyers – Documents Required

Keep the following documents ready if you wish to avail an Indian Bank personal loan for lawyers:

Proof of income
Proof of Employment.
Form 16 or certified Income Tax Return (ITR) for the past 2 years
PAN Card (Permanent Account Number)
KYC Documents: Aadhar Card, Passport, Election ID, Ration Card, Driving License, etc.
Authorisation to Debit Loan EMIs: This authorisation allows you to deduct loan EMIs from your Savings Bank (SB) account or through the Electronic Clearance System (ECS) or National Automated Clearing House (NACH).
Guarantee: This involves the assurance of another employee within the same organisation with either the same or a higher pay scale or, where applicable, the spouse.

Indian Bank Personal Loan For Lawyers – Eligibility Criteria

Here’s a look into the eligibility criteria and requirements for law practitioners seeking a personal loan with Indian Bank:

Salaried Lawyers:

Employment: Must be employed within the governmental or private sector in law.
Experience: A minimum of 1 year of experience is required.
Income: A minimum income between Rs 4000 – Rs 20,000 per month
Age: Lawyers between 21 to 65 years of age are eligible to apply
Credit Score: 750 (preferred)

Self-employed Lawyers:

Professional Stability: Self-Employed/In-business for at least 3 years
Income Proof: ITR filings, bank statements of the venture, or any alternative financial documents.
Age: Legal Practitioners between 21 to 65 years of age are eligible to apply.
Creditworthiness: A trust-worthy credit score showcases the applicant’s positive history of loan repayments.