Personal loans from IB is available to permanent salaried employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc.
- The compass of IB Clean Loan covers the requirements ranging from meeting Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses.
- The processing fee is charged @ 0.508% on the loan amount with a min of Rs 508/-.
- The tenure for IB personal loan repayment is for a maximum of 36 EMIs.
- The IB personal loan amount could be up to a maximum five times the gross salary (maximum of Rs.50000/-) for account holders whose salary is credited in the branch account or7 times of gross salary (maximum Rs.1 lakh) with employer sponsorship with undertaking letter from the employer to recover EMI from salary and remit to Bank.
- The final IB personal loan amount, however, is derived on the basis of repayment capacity of the applicants. Repayment is a statistical figure computed basis age, income, liability, asset and current financial commitment of the applicant.
- Security required in the IB clean loan is acceptable as ;
- Employer's sponsorship
- Authorization to debit SB account
- Third party guarantee and/or marketable collateral security
- Post-dated cheques
- Any resident individual employed with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc can give personal loan requests to the bank.
- Minimum 3 years of work experience is a must requirement for personal loans from an Indian bank.
- Post deduction of proposed EMI, the applicant should be able to take away minimum 40% on the monthly take home salary.
- No history of any default in any previous credit relationship with any lender.