Kotak Bank Personal Loan for Lawyers

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Kirti Bansal
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.
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Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

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.

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