Rejection of loan due to profession.

Anindo Mukherjee (Querist) 26 September 2012 This query is : Resolved
Dear experts,
Please solve my query.
My cousin brother is a advocate practicing in district courts & High Court of Delhi. He wants to purchase a new car, but every time he gets rejected with application of loan from banks. The only reason for rejection that bank gives is his profession.
Is there anything like a advocate can not get loan from any bank?

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R.K Nanda (Expert) 26 September 2012
no,there is no such thing.apply in another bank.

Rajeev Kumar (Expert) 27 September 2012
No there is no such thing which bar an advocate from taking loan. Apply at other bank or other branch of bank.

Guest (Expert) 27 September 2012
Not on account of profession, but may be on account of likely fear of the banker that the debtor by virtue of his legal background may not create some legal problem for the banker even on petty grounds in near future.

ajay sethi (Expert) 27 September 2012
some banks are reluctant to grant credit cards , loans to lawyers . they fear that recovery of loans wuld be aproblem in event of any dispute with the bank and lawyer wouldnt mind a long messy legal battlle

Guest (Expert) 27 September 2012
I appreciate honest opinion of Shri Sethi. In fact, just to serve some petty interest, a few persons tend to make lose credibility of the whole of their community.

R.K Nanda (Expert) 27 September 2012
the attitude of banks is also not fair to lawyers.

JANAK RAJ VATSA (Expert) 27 September 2012
the legal fraternity is the most law abiding entity , then why should others fear

Anindo Mukherjee (Querist) 27 September 2012
I thanx to all experts who have solved my query.

Regards
Anindo Mukherjee

V R SHROFF (Expert) 27 September 2012
As income is irregular, and we are not employee having fixed regular income, majority of financial institutes avoided Advocates.

However the trend is changing now. Few Co-op Banks advancxe Loans to Adv Profession

Anindo Mukherjee (Querist) 07 October 2012
ok.
Thnx a lot Mr Shroff.
its so kind of you that you shared ur thoughts which has helped me in solving my query.
Regards
Anindo Mukherjee