Indian Bank Personal Loan for Lawyers

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.

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.

Comparison of Interest Rates of Different Banks

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

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.

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.