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About Loans for Advocates
Self-employed professionals are those who have chosen to pursue their chosen profession independently, without having to work with an institution or organization. Such individuals find it hard to fund their business and hence frequently avail of loans from financial institutions. Since personal loans are the cheapest and the fastest to process, most professionals opt for personal loans.Let us take a look at some personal loans for advocates –
Bank of Baroda Personal Loans
Bank of Baroda personal loans are ideal for professionals such as lawyers who need to fund their operations. The loan can be channelled to purchase equipment or premises, fund investigations, or pay office-rent.Bank of Baroda personal loans are secured loans; as such, you would require to mortgage an asset to the bank as security against the loan. You may mortgage the purchased property or equipment or any other asset as collateral against loan.
This is also a secured loan and can be availed for various purchases such as purchasing laptops, purchasing desktops, purchasing business premises, renovation of existing premises, or as working capital loan.
The various limits and terms of Bank of Baroda Personal Loan are as under –
| Maximum Loan Amount | 5 Lakhs |
| Maximum Amount that can be utilized as working capital | 1 Lakh |
| Interest Rate | Based on MCLR ranging from 9.55% to 15% depending on loan amount and purpose |
| Documents Required | Application form, KYC Documents, Demand Promissory Note, Letter of hypothecation of asset |
Karur Vysya Bank Professional Loan
Karur Vysya Bank offers secured loans to professionals such as advocates, accountants, and doctors. Professionals who require loans to purchase equipment, fund their operations, or purchase premises for business can avail of this loan by hypothecating the asset to the bank for the period of the loan. They can also use the loan for other purposes such as funding business trips for attending seminars and conferences – both locally as well as overseas.Lawyers who have been in practice for 3 years or more and having shown a profit for a minimum of 2 years are eligible to apply for Karur Vysya Bank Professional Loan. The terms of the loan are –
| Maximum tenure | 5 years |
| Lock in | 6 months |
| Loan Amount | As per requirement |
| Interest Rate | Currently 13.5% based on MCLR |
| MCLR | 3.35% |
| Documents Required | Application, KYC Documents |
| Other documents that may be requested | Guarantor, Insurance policies or other financial instruments as collateral, Partnership deed, Title deed for asset used as collateral, Other documents as requested. |
ICICI Bank Business Instalment Loan
ICICI Bank offers instalment loans to all professionals no matter which field or industry they belong. The loan is a secured loan, which can be utilized to fund purchase of business premises, equipment, office repairs, or utilized as working capital.
Advocates, lawyers, doctors, accountants, consultants, or any other professional who has set up his or her own business can avail of this loan.
The terms under the ICICI Bank Business Instalment Loan are –
| Maximum tenure | 5 years |
| Maximum Loan Amount | 40 Lakh |
| Documents Required | Application, KYC Documents, any other documents such as title deed that may be requested by the bank authorities |
HDFC Bank Loans for Professionals
HDFC Bank Loans for Professionals is an unsecured loan that is available to all professionals who are working independently. Since the loan is unsecured, you do not have to provide any collateral against the loan.The HDFC Bank Loan for Professionals is available not only for business but also for other purposes such as renovation of office, expansion, working capital, or for personal requirements such as funding the education or wedding of a child.
HDFC Bank Loan for Professionals can also be used to fund repayment for earlier loans such as credit card, vehicle or housing loans.HDFC Bank offers customers a credit protect insurance that will cover their debts in case of unfortunate death during the loan term. The proceeds of the insurance will be utilized to repay the loan and the contract will terminate immediately.
The following are the terms of the loan –
| Tenure | 1 to 5 years |
| Maximum Loan Amount | 20 Lakhs (Up to 50 Lakhs in some cities) |
| Interest Rate | Currently 14.5 to 15.5 percent per annum |
| Additional Provision | Credit Protect Insurance on payment of premium |
| Documents Required | Application, KYC Documents, Any other document required by the bank |
Personal loans are ideal for all professionals such as lawyers, accountants, and other consultants who operate individually and find it difficult to fund their business. The information provided here is not exhaustive – there are other banks and institutions that provide personal loan for professionals.
The information with respect to loan amount, interest rates, and so forth is as per current norms. These are subject to change at any time by the bank authorities.
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