Kotak Bank Personal Loan for Lawyers

As the name suggests, this loan is exclusively crafted for lawyers seeking business and personal finance. Kotak Bank understands that, as a lawyer, you’re busy with many responsibilities. That’s why the bank has made the process quick and simple. In essence, you can apply online and potentially secure the necessary funds within a day or two. The maximum loan amount you can obtain is up to ₹15 lakh, depending on your needs and creditworthiness. There’s no need to worry about submitting collateral, as this loan falls under a collateral-free credit option. Furthermore, the bank offers competitive interest rates, flexible repayment options, minimal documentation, and fast fund disbursements. Scroll down to learn more about Kotak Mahindra Bank lawyer’s personal loan.

Kotak Mahindra Bank Personal Loan for Lawyers – Highlights 

The following are the key parameters of Kotak Mahindra Bank’s instant loan for lawyers:

Interest Rates	10.99% p.a. onwards
Loan Amount	Up to Rs 15 lakhs
Loan Tenure	12 months to 72 months
Eligibility	Either practicing or consulting as a lawyer.

Compare Kotak Mahindra Bank Lawyers Loan from Other Banks 

Following is a comparison of Kotak Mahindra Bank’s personal loan for Lawyers with other banks and NBFCs across India:

Bank/NBFC	Interest Rate	Processing Fee	Loan Amount	Tenure
Kotak Mahindra Bank	10.99% p.a. onwards	Up to 2.5% of the loan amount	Up to Rs 15 lakhs	1 – 6 years
HDFC Bank	11.01% p.a. onwards	Up to 2.00% of the loan amount	Up to Rs 50 lakhs	1 – 5 years
ICICI Bank	10.50% p.a. onwards	Up to 2.50% of the loan amount	Up to Rs 50 lakhs	1 – 7 years
Bajaj Finserv	11% p.a. onwards	Up to 3.93% of the loan amount	Up to Rs 55 lakhs	1 – 8 years
Fullerton India	11.99% p.a. onwards	Up to 6% of the loan amount	Up to Rs 25 lakhs	1 – 5 years

Kotak Mahindra Bank Lakh Personal Loan for Lawyers – Fees and Charges 

Let’s examine the fees and charges associated with the Kotak Mahindra Bank Lawyers’ Personal Loan:

Fee/Charge	Amount
Processing fee	Up to 2.5% of the loan amount
Foreclosure charges	Up to 6% of the principal outstanding.
Delayed installment payment charge	24% p.a. on overdue installments.
Cheque swapping charges	Rs 500
Amortisation schedule charges	Rs 200
Cheque bounce charges	Rs 550
Legal/incidental charges	At actual
Stamp duty & other statutory charges	As per applicable laws of the state

Kotak Mahindra Bank Lakh Personal Loan for Lawyers – Documents Required 

The documents required for a Kotak Mahindra Bank Lawyers’ Personal Loan are as follows:

• Proof of Identity: Passport/ Voter ID Card/Driving License/Aadhaar Card
• Proof of Residence: Ration card/ Utility Bills/ Rental Agreement / Passport 
• Proof of Income: Last 3 months’ bank statements, income tax returns, etc.
• Proof of Qualification: LLB degree certificate, registration certificate, etc.

Kotak Mahindra Bank Lakh Personal Loan for Lawyers – Eligibility Criteria

Kotak Mahindra Bank lawyers’ personal loan eligibility criteria are as follows:

• You should be a lawyer with an LLB degree and a registration certificate.
• You should be between 21 and 60 years of age.
• You should have a minimum net monthly income of Rs 30,000 (or Rs 25,000 if you have a Kotak Bank Salary Account).
• You should have a good credit score and a low debt-to-income ratio.
• You should have at least one year of work experience.