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Learn how a Mudra loan can fund your legal practice with ease—eligibility, benefits, application steps, and key documentation explained.
Getting your legal practice off the ground or taking it to the next level often depends on access to quick and reliable funding. A Mudra loan for advocates gives you up to ₹20 Lakhs without any collateral, helping you cover essential costs like office space, legal tools, or staff salaries.
Whether you're a new lawyer starting fresh or an experienced one aiming to grow, the Mudra loan for lawyers simplifies how you fund your goals. With fast approval and minimal paperwork, this government-backed scheme is a smart choice for self-employed professionals in the legal field.
You can access funding up to ₹20 Lakhs with no need to pledge property or assets as security under the Mudra loan for lawyers scheme.
There are no processing fees involved, making the Mudra loan for advocates more affordable right from the start.
Choose from Shishu, Kishore, or Tarun loan options based on how much funding your legal practice requires.
Even small financing needs are covered, as the scheme imposes no minimum loan requirement.
Here is a detailed breakdown of applicable interest rates and processing fees to help you understand the true cost of a Mudra loan for advocates:
Loan Type |
Loan Amount Range |
Interest Rate Formula |
Effective Interest Rate |
Processing Fee |
Working Capital |
Up to ₹5 Lakhs |
RLLR + 2.25% + BSS |
11.80% p.a. |
Nil |
Above ₹5 Lakhs up to ₹10 Lakhs |
RLLR + 2.25% + BSS |
11.80% p.a. |
0.35% p.a. |
|
Above ₹10 Lakhs up to ₹20 Lakhs |
RLLR + 2.00% + BSS |
11.55% p.a. |
0.35% p.a. |
|
Term Loan |
Up to ₹5 Lakhs |
RLLR + 2.25% + BSS |
11.80% p.a. |
Nil |
Above ₹5 Lakhs up to ₹10 Lakhs |
RLLR + 2.25% + BSS |
11.80% p.a. |
1% of sanctioned limit |
|
Above ₹10 Lakhs up to ₹20 Lakhs |
RLLR + 2.00% + BSS |
11.55% p.a. |
1% of sanctioned limit |
Note: The current Repo Linked Lending Rate (RLLR) stands at 9.05% per annum, which forms the base for calculating Mudra loan interest rates. Additionally, a Business Strategy Spread (BSS) of 0.50% per annum is applied by the lender.
Here are the conditions you must meet to qualify for a Mudra loan for advocates without delays or rejection:
You must be a practising advocate or run a legal business such as a sole proprietorship, partnership, or private limited firm
Your entity can be registered as a proprietary concern, partnership firm, private limited company, or any other legally recognised business type
You must not be a defaulter with any bank or financial institution and should have a clean credit track record
Your CIBIL score or credit history must reflect responsible repayment behaviour over time
You should have the required skills, experience, or basic knowledge relevant to running a legal practice
If your legal activity demands specific qualifications, you may need to show proof such as a Bar Council certificate
The loan must be used for eligible business purposes such as renting office space or buying legal equipment
Applicants seeking a Mudra loan for lawyers must be engaged in non-farm income-generating activities, including legal and consultancy services
You must be an Indian citizen with valid identity and address proof to apply
The age limit and income documentation required may vary by lender but generally apply to all legal borrowers
Here is a complete list of documents you need to submit when applying for a Mudra loan for lawyers, based on the loan amount category:
Document Type |
Shishu Loan (Up to ₹50,000) |
Kishore, Tarun, Tarun Plus (Above ₹50,000) |
|---|---|---|
Proof of Identity |
Voter ID, Driving Licence, PAN Card, Aadhaar Card, Passport, or Government-issued Photo ID |
Voter ID, Driving Licence, PAN Card, Aadhaar Card, or Passport |
Proof of Residence |
Aadhaar Card, Voter ID, Passport, recent utility bills, property tax receipt, or bank passbook |
Aadhaar Card, Voter ID, Passport, recent utility bills, or property tax receipt |
Recent Photographs |
Two coloured passport-sized photos (not older than 6 months) |
Two coloured passport-sized photos (not older than 6 months) |
Business Identity Proof |
Licences, registration certificates, or any legal proof of business ownership and address |
Licences, registration certificates, or any legal proof of business ownership and address |
Quotation for Purchase |
Supplier’s name, item/machinery details, and price quotation |
Covered under project report |
Legal Entity Documents |
Partnership Deed or similar (if applicable) |
Memorandum & Articles of Association or Partnership Deed (if applicable) |
Creditworthiness Declaration |
Not required |
Written confirmation that applicant is not a defaulter with any bank or financial institution |
Bank Statement |
Not required |
Last six months' account statement from the existing banker (if any) |
Financial Statements |
Not required |
Last two years’ audited balance sheets with income/sales tax returns (for loans ₹2 lakh and above) |
Projected Financials |
Not required |
Forecasted balance sheets for loan period (term loan) or one year (working capital) |
Sales Performance |
Not required |
Statement of current year’s sales performance up to the date of application |
Project Report |
Not required |
Detailed project plan covering technical and financial feasibility |
Asset & Liability Statement |
Not required |
Required when there is no third-party guarantor, to assess net worth of borrower and business partners |
Here is a step-by-step guide to help you apply smoothly for a Mudra loan for lawyers through the official Udyamimitra portal:
Visit the official Pradhan Mantri Mudra Yojana website and navigate to the Udyamimitra portal
Click on the ‘Apply Now’ button under the Mudra loan for advocates section
Select your profile type—New Entrepreneur, Existing Entrepreneur, or Self-employed Professional
Enter your full name, email ID, and mobile number, then verify using the OTP sent
After registration, provide personal details such as name, contact information, and professional background
Choose a handholding agency for guidance or go directly to the Loan Application Centre
Select the required loan category—Shishu, Kishore, or Tarun—based on your funding needs
Fill in business details including firm name, activity type, and whether it's trading, manufacturing, or service-based
Provide ownership details, details of any existing bank loans, and your preferred lending institution
Upload all required documents such as ID proof, address proof, business documents, and your recent photo
Review all entries carefully and submit your Mudra loan for lawyers application online
Track your application status using the portal to receive updates from the selected lender
Here are the most practical ways you can use a Mudra loan for advocates to build or grow your legal practice effectively:
Use the loan to rent, renovate, or furnish your legal office with desks, chairs, storage, and other essentials.
Purchase laptops, printers, scanners, or legal software to streamline documentation and case management.
Promote your legal services through digital ads, printed brochures, signage, and local listings.
Use funds to recruit and pay trained legal or administrative staff to manage your operations more efficiently.
Pay for Bar Council enrolments, renewals, or other required memberships for continuing practice.
Enrol in certification courses, workshops, or training programmes to improve your legal knowledge and specialisation.
Cover costs for case filings, document processing, or notarisation fees that are often needed in daily practice.
Fund your travel for client meetings, court appearances, or legal seminars across different regions.
Buy legal journals, reference books, or subscriptions to legal databases for better case preparation.
Use the Mudra loan for lawyers to set up branch offices or offer new legal services in emerging practice areas.
Here are additional government-backed loan schemes you can consider apart from the Pradhan Mantri Mudra Yojana (PMMY) for advocates, based on your funding goals and eligibility:
This widely used scheme offers collateral-free loans up to ₹10 lakh, divided into Shishu, Kishore, and Tarun categories based on business size and funding needs.
Aimed at SC/ST and women entrepreneurs, this scheme provides loans from ₹10 lakh to ₹1 crore for starting new ventures or expanding existing businesses.
This scheme allows advocates to get loans up to ₹2 crore without collateral, with a credit guarantee from the National Credit Guarantee Trustee Company (NCGTC).
A subsidy-linked scheme offering support for self-employment through new micro-enterprises, available in both urban and rural areas.
SIDBI provides schemes like SMILE and CGTMSE that offer collateral-free or low-interest loans tailored to small businesses, including legal service providers.
If your legal services support export firms, these schemes help manage payment risks through credit insurance and export financing options.
States like Tamil Nadu and Maharashtra offer their own financial schemes through bodies like TIIC and MSSIDC to support local service businesses.
Yes, fresh law graduates with valid Bar Council registration can apply for a Mudra loan for advocates, especially under the Shishu or Kishore category for small-scale needs.
Yes, the Mudra loan for lawyers is completely collateral-free for amounts up to ₹20 Lakhs, making it ideal for solo practitioners and small legal firms.
Under the Mudra loan for advocates scheme, the maximum loan limit is ₹10 lakh, based on three categories—Shishu, Kishore, and Tarun—linked to business requirements.
New advocates typically qualify for the Shishu loan (up to ₹50,000), ideal for setting up an office and meeting early-stage legal practice expenses.
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