IB Clean Loan to Salaried
Purpose: Regular personal loan scheme for meeting medical, educational, marriage, family functions and other household expenses of individuals employed in government sectors or private salaried borrowers (other than speculative purposes)
Loan Amount:
- No check-off/undertaking available and salary credited in Indian Bank- Up to 20 times of monthly gross salary. The maximum limit is capped at Rs 50 lakhs.
- Check-off/undertaking available and salary may or may not be credited in Indian Bank- Up to 20 times of monthly gross salary
- Home loan is already availed by the customer and salary is credited in the Indian Bank- Up to 20 times of monthly gross salary
Tenure: Up to 7 years (loan closure 3 months prior to superannuation)
Overdraft:
- No check-off/undertaking available and salary credited in Indian Bank-
- The overdraft limit is equal to 1 month’s gross salary of the applicant subject to a maximum of Rs 2 lakhs
- The limit is for a tenure of 1 year
- The maximum limit is up to Rs 50 lakhs
- Check-off/undertaking available and salary may or may not be credited in Indian Bank (or) Home loan is already availed by the customer and salary is credited in the Indian Bank
- For limits up to Rs 5 lakhs – Maximum 5 years
- For limits above Rs 5 lakhs – Maximum 7 years
Processing Fee: 1% on the loan amount
IB Pension Loan Scheme
Purpose: Pension loan offered to pensioners/family pensioners for meeting their various financial requirements like marriage, education, family functions, medical, etc.
Loan Amount:
- For Regular Pensioners: Up to 18 times of pension credited monthly
- For Family Pensioners: Up to 12 times of pension credited monthly
Tenure: Up to 10 years with respect to the exit age criteria
Processing Fee:
- Up to Rs 25,000- NIL
- Up to Rs 25,000- Rs 250
IB Professional
Purpose: Indian Bank offers personal loan to professionals for personal purposes such as household articles, setting up or renovation of office, to celebrate family functions, purchase of consumer durables and other personal/household expenses etc.
Loan Amount:
The maximum loan amount is to be lower of the following
- 2.50 times of lowest Gross Annual Income during the last 2 years
- Rs 30 lakhs
Tenure: Maximum 84 equated monthly instalment
IB Insta Cash – Overdraft Facility in Savings Bank Salary Account
Purpose: Indian Bank offers overdraft facility in savings accounts to employees of eligible organisations whose salaries are credited in a savings bank account maintained with Indian Bank
Loan Amount:
The maximum loan amount is to be lower of the following
- Minimum overdraft amount – Rs 25,000
- Maximum overdraft amount – Rs 2 lakhs or 2 month’s salary, whichever is lesser
- Minimum NTHP (after servicing interest of the overdraft facility) should be 40%
Tenure: The overdraft facility is available for a period of 1 year
