Indusind Bank Personal Loan for Lawyers

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IndusInd Bank introduces a Personal Loan specifically crafted for lawyers. The solution comes with competitive interest rates and flexible payment terms, simplifying the borrowing process. Lawyers can look forward to a straightforward application process requiring minimal paperwork, no need for collateral, and swift access to funds. This loan is aimed at helping lawyers manage personal expenses while balancing their professional duties and emotional financial stability. For more information on the loan, just read through the text below.

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Table of Content

1. IndusInd Bank Personal Loan For Lawyers Highlights

2. Compare Lawyers Loans From Other Banks

3. IndusInd Bank Personal Loan For Lawyers Fees And Charges

4. IndusInd Bank Personal Loan For Lawyers Documents Required

5. IndusInd Bank Personal Loan For Lawyers Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IndusInd Bank Personal Loan For Lawyers – Highlights

Features	Description
Who Are Eligible?	Salaried and self-employed Lawyers with a minimum of 5 years of experience.
Maximum Loan Amount	Up to ₹50 lakhs.
Loan Tenure	Up to 7 years
Margin	N/A
Upfront Fee	Up to 3% processing fee.
Collateral/Security	Not required.

Compare Lawyer’s Loans From Other Banks

Banks/NBFCs	Interest Rates (p.a.)
State Bank of India	11.15% – 15.30%
Axis Bank	10.49% onwards
ICICI Bank	10.65% onwards
Kotak Mahindra Bank	10.99% onwards
Tata Capital	10.99% onwards
HDFC Bank	10.50% onwards

IndusInd Bank Personal Loan For Lawyers – Fees And Charges

Here is a structured table for fees and charges of IndusInd Bank personal loans for salaried and self-employed Lawyers:

Type of Fees	Amount
Processing Fees	Up to 3.5% of loan amount + GST
Prepayment Charges	4% of the principal outstanding after repayment of 12 EMIs + GST
Payment Dishonor Charges	Rs 450/- per instance + GST
Cheque / ECS / SI Swapping Charges	Rs 500/- per event + GST
Duplicate No Dues Certificate	Rs 250/- per event + GST
Loan Re-Booking / Rescheduling Charges	Rs 1000/- per event + GST
Penal Charges	2% + GST on total overdue (Principal + Interest) or 100 + GST whichever is higher
Loan Cancellation Charges	Rs 1000/- per event + GST
Legal Charges	As per Actuals Stamp Duty As per State laws

IndusInd Bank Personal Loan For Lawyers – Documents Required

Here is a comprehensive list of documents Lawyers need for a personal loan:

For Salaried Lawyers:

Proof of Identity (Aadhaar, PAN, Passport)
Proof of Residence (Utility bills, Rent agreement)
Proof of Income (Salary slips, Bank statements)
Registration Certificate
Educational Certificates

For Self-Employed Lawyers:

Proof of Identity (Aadhaar, PAN, Passport)
Proof of Residence (Utility bills, Rent agreement)
Income Proof (ITRs, Profit & Loss statements, Bank statements)
Registration Certificate
Educational Certificates

IndusInd 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 IndusInd Bank:

Salaried Lawyers:

Employment: Must be employed in a government or private sector of law
Experience: A minimum of 5 years of post-qualification experience is required.
Income: A consistent income, evidenced by salary slips and bank statements.
Age: Between 25 to 65 years at loan maturity.
Credit Score: 750(preferred)

Self-employed Lawyers:

Professional Stability: Must have been practising for at least 5 years post-qualification.
Income Proof: Income should be verifiable through ITR filings, bank statements of the practice, and any other relevant financial documents.
Age: The age range is usually between 25 to 65 years at the time of loan maturity.
Business Stability: The practice should be profitable and run for a minimum period as defined by the bank.
Creditworthiness: A healthy credit score is essential to demonstrate a good track record of credit usage and repayments.