SBI Personal Loan for Lawyers

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Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

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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.

Unlike salaried individuals, lawyers often face financial challenges as they do not have a fixed monthly income. Due to the unpredictable nature of their income, banks and financial institutions sometimes hesitate to extend loans to such cases. To end this problem, the State Bank of India (SBI) has provided a special personal loan scheme for lawyers. The SBI Lawyers Personal Loan scheme enables the banks to offer a specially designed personal loan scheme, catering to their financial needs for various purposes. From meeting business requirements to pursuing higher education, SBI Lawyers instant loan plan has your back.

SBI Lakh Personal Loan for Lawyers – Highlights

Explore the features of SBI lawyer’s personal loan in the table below.

Feature	Details
Loan Amount	Up to Rs. 5 lakhs
Tenure	Up to 5 years
Interest Rate	Starting from 9.55% p.a.
Processing Fee	Up to 2% of the loan amount
Moratorium Period	Up to 6 months
Online Application	Available

Compare Lawyer’s Loan From Other Banks

Exploring SBI lawyer’s Personal loan interest with offerings from some other banks, highlighting the key differences in amount and terms –

Bank	Loan Amount	Interest Rate	Processing Fee
SBI	Up to Rs. 5 lakhs	Starting from 9.55% p.a.	Up to 2%
HDFC Bank	Up to Rs. 2 lakhs	Starting from 10.50% p.a.	Up to 2.5%
ICICI Bank	Up to Rs. 3 lakhs	Starting from 11.50% p.a.	Up to 3%

SBI Lakh Personal Loan for Lawyers – Fees and Charges

Learn about the associated fees and charges with an SBI lawyer’s personal loan, ensuring transparency for prospective borrowers:

Processing fee – Up to 2% of the loan amount
Foreclosure charges – 2% of the outstanding loan amount
Late payment charges – 2% of the outstanding loan amount
Duplicate statement charges – Rs. 100

SBI Lakh Personal Loan for Lawyers – Documents Required

Discover the necessary SBI lawyer’s Personal loan Documents for the loan application process, simplifying the application procedure for lawyers.

Application form – Duly filled and signed application form
Identity proof – Copy of PAN card, Aadhaar card, or voter’s ID card
Residence proof – Copy of electricity bill, telephone bill, or rental agreement
Income proof – Salary slips, income tax returns, or Form 16 for the last 2 years
Bank statement – Copy of bank statements for the last 6 months
Certificate of practice – Certificate of Practice from the Bar Council

SBI Lakh Personal Loan for Lawyers – Eligibility Criteria

Understand the SBI lawyer’s Personal loan eligibility criteria. This will ensure clarity for potential applicants:

Age – Between 25 to 65 years
Nationality – Indian citizen
Income – Minimum annual income of Rs. 1 lakh.
Occupation – Lawyer with at least 3 years of experience
Credit score – Good credit score