Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Loans for Lawyers in India

    Unlike salaried individuals, self-employed professionals do not have a fixed monthly income. Doctors, Chartered Accountants, Lawyers, Dentists, Architects, all fall under the ambit of self-employed professionals. So, in spite of having robust incomes, sometimes banks and financial institutions hesitate to extend loans to professionals.

    The worst victims of this veiled discrimination are perhaps lawyers and advocates, especially if they are still in early days of their careers. In fact, the situation was so grave around 5 years back that lawyers had to take it upon themselves to look out for their own. The Bar Council of Maharashtra and Goa formed a multi-state multi-purpose co-op credit society to help young lawyers get small loans.

    Professional/Business Loans For Lawyers

    Experienced lawyers can, however, easily get professional loans from numerous banks and financial institutions. Most banks have a provision to extend professional loans to individuals with non-salaried income, sometimes also termed as business loans.

    Key Features of Professional Loans

    • Professional loans are mostly term loans.
    • Only self-employed non-salaried individuals are eligible for this loan.
    • The reason for availing this loan can be for purchase of equipment, machinery, computers, furniture, vehicles and office equipment.
    • This loan can be taken to fund foreign trips, organize seminars and conferences.
    • Most banks require applicants to have a business/professional record of 3 to 4 years.
    • The tenure for loan repayment is usually 60 months with a holiday period of 6 months.

    Loans for Lawyers available at some banks

    Bank/Loan Max Amount Rate of Interest Moratorium Period Repayment Period (Max) Processing Fees
    HDFC’s Loans for professionals Rs.20 lakh 14.50% to 15.50% NA 60 months Up to 2.50% of the loan amount
    Karur Vasya Bank’s Loan for Working Professionals Rs.1 crore MCLR + 3.35% = 13.25% 6 months 60 months 0.30% of loan amount
    OBC’s Scheme for Loans to Professionals (Other than Doctors) Rs.20 lakh 11.45% to 13.45% 6 months 84 months 0.50% of loan amount
    ICICI’s Business Instalment Loan Rs.15 lakh (without audited financials) Rs.40 lakh (with audited financials) 11.49% to 18.49% NA 60 months 2.5% of loan amount
    Andhra Bank Professional Loan Rs.10 lakh 13.5% 1 year 60 months 0.50% of loan amount

    Eligibility Criteria for Professional Loan for Lawyers

    • Between 25 to 65 years of age.
    • Annual income of more than Rs.1 lakh.
    • 3 to 5 years of experience as a working professional.
    • Registered member of the Bar Council.
    • Assesse under Income Tax at least for the last 2 years.
    • Individual law practitioner, proprietor, a partner in a law firm or the owner of a legal business.
    • Earning a profitable income in the profession for the past 2 years.

    Documentation Requirements

    • Qualification proof of the highest degree in law.
    • PAN Card – For Company/Firm/individual.
    • Identity Proof: Aadhar Card/Voters ID/Passport/Pan Card/Driving License.
    • Address Proof: Aadhar Card/Voters ID/Passport/Driving License.
    • Bank Statement for the last 6 months.
    • Latest IT returns with computed income, profit and loss account for the past 2 years, and balance sheet for the last 3 months and audited/CA certified financials.
    • Other Mandatory Documents (Sole Propriety Declaration/Certified Copy of Partnership Deed.
    • Copy of Law Firm registration certificate/Membership certificate of Bar Council.

    Please note that the list of documents provided is indicative. Different banks might require you to submit other kind of documents.

    Lawyers can use the money got through professional loan to establish a new practice, set up an office, present papers at prestigious law seminars and fulfill all other professional needs. So don’t hesitate to apply for a loan in fear of rejection if you are hard up for cash.

    Personal Loan Reviews

    • Axis Bank Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have applied for Axis Bank Personal Loan through online .The agent clearly explained the process of the loan.The rate of interest was as ok and the processing fee was also ok. while submitting the documents not yet faces any issues .The documentation part was more.The loan amount got on time .The loan amt was sufficient s well .The Overall Service is Good.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I came to know about Bank bazaar through advertisement only.Then i have checked for credit score .Bank bazaar is providing very good service as of now need to avoid calling the same person frequently.Then i have tried to apply for Tata Capital Personal loan .The agent clearly explained the process of the loan and not yet faced any issues as of now.The rate of interest was little bit high and the processing fee was acceptable .The Overall Service is Good .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have applied for Tata capital Personal Loan.I have not faced any issues. The rate of interest was littile bit high and the processing fee was little bit acceptable.The agent clearly explained the process of the loan.I have not faced any issues till now .The Overall Service is Good and satisfactory .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "GOOD PORTAL TO USE"
      0.5 4.0/5 "Great!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience also i am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good and responsive. by explaining the details of the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the personal loan with the ICICI since from last few years the loan amount with them was good also the documentation process was simple and it was hassle free to use. The rate of interest with this nominal added on that the service is very good with this bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the ICICI BANK the loan amount with this bank what they have offered was satisfactory. The rate of interest with this bank was nominal also i am using it since from last one year and it is good to use.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "ONE STOP SOLUTION"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i have been using it since from last few months and i have a very good experience i have been using it through the mobile application as the application is user friendly also it is convenient to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • IndusInd Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan with the INDUSIND BANK. The loan amount was good and the rate of interest was 10.5% which is nominal when compared to the others. The documentation process was easy and it is comfortable.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about Bank bazaar through online only .The Bank bazaar is the only online website giving all details about the banking products .I have applied for Tata Capital Personal Loan and not yet faced any issues .The agent clearly explained the process and not yet faced any issues as of now.The Overall Service is Good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Tata capital Personal Loan. No clue on the rate of interest and charges levied by them,The agent clearly explained the process .I have not faced any issues till now .I have cancelled the plan of taking the personal loan since not require the personal loan .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The reason for taking the personal loan with the KOTAK MAHINDRA BANK is i am an existing customer customer with this bank. The loan amount was good also the rate of interest was 11.5% with this loan and the duration is for 48months for repaying he loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience with the Bankbazaar.com. I am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It is the best loan that i have taken with the EarlySalary when compared to the other so i have taken this loan. The documentation process was simple and and also i got a loan within a day after the documents. The loan amount was lesser with this loan as they have given also the rate of interest was lesser.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the HDFC BANK and have been using it since from last few years and the documentation process was simple and it is easy procedure to get the loan. I got the loan within 10-15 days with this bank. The rate of interest was lesser with 11.5% with 4 years of duration.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i am using it from last one year and i have a good experience and i am using it through the mobile application as well as the website both are easy and user friendly portal to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The loan amount was lesser along with that it is with lesser duration which is comfortable so taken the personal loan with the EarlySalary. The documentation process was simple and the documents collected at the doorsteps. I got the loan within 8-10days with this loan also, the loan amount is good with 12-13% of rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Axis Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the consumer durable loan with the AXIS BANK they have offered with the good loan amount also the documentation process was simple to get the loan. I have taken the MOBILE PHONE with this bank, the duration for repaying the loan is for 9 months.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "CONVENIENT PORTAL"
      0.5 4.0/5 "Great!"
      Bankbazaar.com this is the first time experience as i have been using it through the website the portal is convenient also it is user friendly to access.The customer service is good and also they are good by explaining the details of the loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      The documentation process was good with the EarlySalary where i have applied for the personal loan. The loan amount was good also the processing fee was nominal. The rate of interest was higher with this loan when compared to the other loans.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Personal Loan Early Salary. The agent clearly explained the process .The rate of interest was nominal and the processing fee was nominal. I have got loan amount on time .The loan amount was sufficient and not yet faced any difficulties.The Overall Service is Good and Satisfactory .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 24, 2019
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