Personal Loan for Lawyers

A personal loan for lawyers or advocates is a financial solution customised to cater to the specific requirements of legal professionals. It offers a versatile borrowing option that serve various purposes; such as expanding your practice, covering unexpected expenses, or pursuing personal goals.

Buddy Loan is a quick way to access up to ₹15 lakh loan for lawyers with zero collateral from trusted banks and RBI approved lenders. Apply for an instant personal loan for advocates today!

Highlights of Instant Online Personal Loan for Lawyers

Personal loans tailored for lawyers offer flexibility in their profession. Credit history, income, loan amount, tenure, and market conditions all impact interest rates for loans. Understanding these dynamics is crucial to make informed borrowing decisions in the legal field.

Check out below the must-know highlights of personal loan for lawyers:

Interest Rates Starts at 11.9% p.a.
Loan Tenure 6 months to 5 years
Loan Amount Starting from ₹10,000 to ₹15 Lakhs
Minimum Income ₹15,000/-
Document Requirement PAN, Aadhaar, Income proof, Address proof

Personal Loan for Lawyers Interest Rates & Charges

Factors that influence the Interest rates on personal loans for lawyers are; credit scores, income levels, loan amounts, repayment durations, and current state of market. A strong credit score, higher income, and a positive market conditions typically result in more favorable interest rates.

In the following table, we have outlined the interest rates and additional fees associated with personal loans for lawyers:

Interest Rate Starting at 11.9% p.a.
Processing Fee Up to 4% of the loan amount
Pre-closure Charges 2% to 5%
Penalty Charges 2% of the due loan amount

Personal Loans for Lawyers: Eligibility Criteria

Learn about the eligibility requirements to get a personal loan as a lawyer. Ensure, that you meet the criteria designed for legal professionals and help the application process go easier. Given below are the common eligibility requirements to avail a lawyer loan:

  • Age: Must be between 21 and 60 years.
  • Degree: Must have a law degree or diploma certificate.
  • Citizenship: Must be an Indian citizen.
  • Minimum income: ₹15,000 per month.
  • CIBIL Score: 750 or above.

Documents Required for Personal Loans for Lawyers

As you apply for a personal loan, be prepared to provide specific documents that serve as a proof of your application. These documents are important in evaluating your eligibility and financial stability.

  • Address Proof: Submit documents such as electricity bills, bank statements, or rental agreements.
  • Income Proof: Include your recent salary slip, demonstrating your monthly earnings.
  • Tax Returns: Furnish your latest Income Tax Return (ITR) for the most recent financial year.
  • Bank Records: Present a recent bank statement displaying your account balance and transaction history.
  • Photograph: Include a recent passport-sized photograph of the applicant.

Personal Loans for Lawyers: EMI Calculation

Calculating EMIs for personal loans designed for advocates/lawyers is a simple process. By using our user-friendly EMI calculator, you can input their loan amount, chosen tenure, and interest rate to get precise monthly installment in figures.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Manually calculating the EMI is also possible using the formula below:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]


  • EMI is the Equated Monthly Installment.
  • P is the principal loan amount.
  • R is the monthly interest rate (annual rate divided by 12, and converted to decimal).
  • N is the total number of monthly installments (loan tenure in months).

For instance, consider a loan of ₹40,000 with an annual interest rate of 11% and a 5-year tenure (60 months):

Using the EMI formula:

EMI = [₹40,000 x (0.00916667) x (1+0.00916667)^60] / [(1+0.00916667)^60-1]

EMI = [₹40,000 x 0.00916667 x 1.664316] / 0.664316

EMI ≈ [₹366.67 x 1.664316] / 0.664316

EMI ≈ ₹919.86 approximately.

So, for a ₹40,000 loan at an annual interest rate of 11% for a 5-year tenure (60 months), the Equated Monthly Installment (EMI) is approximately ₹919.86 per month.

Personal Loan for Lawyers: Comparison of Loan Lenders

Check out the top RBI approved lenders serve your personal loan requirements. Benefit from competitive interest rates, and a variety of flexible repayment choices. Ensure you secure the ideal financial support that aligns perfectly with your needs.

Lenders Interest Rate (p.a.)
State Bank of India 11% onwards
Bank of Baroda 10.90% onwards
Axis Bank 10.49% onwards
IDFC Bank Starts at 10.49%
Kotak Bank 10.99% onwards

Read More

Read Less

Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Types of Loans Offered to Advocates/lawyers

Lawyers have access to a range of personal loans tailored to meet diverse financial requirements. Whether it's funding for ongoing legal education, consolidating debt, or addressing other financial needs, you can avail a personal loans that caters to your specific needs. Below are kinds of a personal loan you can avail as a lawyer.

  • Education Loans for Legal Studies: Specifically designed for legal professionals pursuing advanced degrees or certifications in law, these loans help cover tuition fees and related expenses.
  • Debt Consolidation Loans: Lawyers can consolidate multiple high-interest debts into a single, more manageable loan with a potentially lower interest rate, streamlining their financial obligations.
  • Professional Development Loans: These loans are aimed at financing legal seminars, workshops, or courses that enhance a lawyer's skills and knowledge, ultimately benefiting their career.
  • Practice Expansion Loans: Lawyers looking to expand their practice, open new offices, or invest in technology and infrastructure can opt for these loans to facilitate business growth.
  • Emergency Funds: Instant loans can serve as a reliable source of quick funds for lawyers in case of unexpected expenses, such as medical bills, home repairs, or urgent legal matters.

Features and Benefits of Instant Loans for Lawyers

For legal practitioners, lawyer loans offer a hassle-free and speedy solution to secure necessary funds. These loans typically do not require collateral, streamlining the qualification process. Check out the various features and benefits of a personal loan for lawyers.

Quick Loan Approval

Get your loan approved
within minutes.

Collateral Free

Secure your loan amount
without risking your assets.

Competitive Interest Rates

Interest rates starting
at just 10.25% p.a.

Multi-use Loan

Use the loan amount for
various purposes.

Flexible Repayment Terms

Choose a preferred repayment
tenure up to 5 years.

No Hidden Charges

Zero hidden charges and

Steps to Apply Only for a Personal Loan With Buddy Loan

In just a few clicks, you can complete you application of personal loan for lawyers with Buddy Loan. Once approved, the loan amount is disbursed to your bank account right away. Follow these steps to apply for a lawyer loan:

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Obtaining a personal loan as a law professional is easy with Buddy Loan. With competitive interest rates beginning at 11.9% p.a. You have flexible repayment options extending up to 5 years. The loan application approval is a hassle free loan process. Turn to Buddy Loan and apply for a personal loan today.

Are you looking for a personal loan?

Frequently Asked Questions

A “personal loan for lawyers” are to mitigate any financial shortcoming. These are for lawyers with a registered practice. For further details, please consent your respective relationship manager, at desk.

You can quickly apply for a lawyer loan via Buddy Loan. Follow the steps given in the article above and apply in minutes.

To avail a personal loan for lawyers, you must fulfill a set of requirements. Check the

To apply for a personal loan as a lawyer, you will need PAN card, income tax returns,bank statement, certificate of practice from the Bar Council. Read the above article to know‌.

The maximum loan amount depends on the borrower’s income and creditworthiness, and the lender. However, you can get up to ₹15 lakhs through Buddy Loan.

You can choose your preferred tenure between 6 to 60 months for a personal loan for lawyers.

The interest rate for an instant lawyer loan comes with an affordable interest rate starting from 11.9% p.a.

Yes, personal loans for lawyers can be used for any purpose, subject to lender's terms and conditions.

Personal loan is usually collateral-free. But it depends on the lender and the amount of loan you are borrowing.

The approval and disbursal time can vary depending on the lender. But typically it may take a minimum of 48 hours for approval.

Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.

Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.