Indian Bank Personal Loan

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

Eligibility

• 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.

IB pension loan has been deliberated to provide financial assistance to those pensioners who have urgent requirement of financial assistance. While such a customer does command a special respect, INDIAN BANK pensioner’s loan scheme is deliberated wholly to the pensioners and caters their urgent financial needs.

The Features and benefits of INDIAN BANK Loan to Pensioner Scheme are:

• Nil processing fee loans up to Rs.25000/- , and for loan amount above Rs.25000 processing fee would be charged @ Rs.254.
• Nil margins for pensioner loan scheme.
• Maximum age at the time of loan application for regular Pensioner is 75 years and the maximum exit age should be 78 years.
• Maximum age at the time of loan application for Family Pensioner is 70 years and the maximum exit age should be 73 years.
• The repayment tenor for Regular Pensioner under this scheme could be Maximum 60 months subject to exit age at 78 yrs
• The repayment tenor for Family Pensioner under this scheme could be Maximum of 36 months subject to exit age at 73 yrs.
• The guarantee from spouse shall be accepted for a family pensioner, however for cases where the spouse is not available, in lieu, any suitable guarantee from legal heir or family member / third party guarantee can be accepted.
• For cases where the bank is receiving the pension’s credit only, applicants need to furnish a binding deceleration that he/she shall not transfer their pension to any other bank.

Eligibility

Pension loan scheme is not available to each and every customer's banking with the Indian Bank. Bank has certainly positioned convention for the availability of amount. Below mentioned pensioners may apply for a loan under this scheme.

• Pensioners drawing a pension from any central or State government undertaking.
• Senior citizen receiving the family pension.
• Retirees from Indian bank (both under VRS & superannuation) , who are maintaining their pension account with Indian Bank.
• A pensioner who has been reemployed post retirement from one employer.
• CRS retirees and EPF Pensioners are not eligible for a pension loan.

Indian Bank Personal Loan Amount

The quantum of IB personal loan amount depends on the nature of pensioners

• For an applicant under the regular pension scheme, the maximum amount could be 15 months` pension subject to a maximum of   Rs.6.00 lakhs.
• For an applicant under Family pension scheme, the maximum amount could be 12 months` pension subject to a maximum of Rs.2.00 lakhs.

The Indian Bank has a Base Rate of 9.65 % p. a. with effect from 07.10.2015

IB Clean Loan

Tenure	Rate of Interest (BR + Spread + TP)
Up to 36 months	BR + 5.00% + 0.25% = 14.90% Fixed
Above 36 months up to 60 months	BR + 5.00% + 0.50% = 15.15% Fixed
Above 60 months	BR + 5.00% + 0.75% = 15.40% Fixed

Pension Loan

Tenure	Rate of Interest (BR + Spread + TP)
Repayment of 12 months	BR+3.00% =12.65%
Repayment above 12 months up to 36 months	BR+3.50%+0.25%=13.40%
Repayment above 36 months up to 60 months	BR+3.50%+0.50%=13.65%

Processing Fees:

0.51% of loan amount with a maximum of Rs.510

The documents required to be submitted by an individual for availing the personal loans from Indian bank are:-

The Salary statement and the Income-tax return should be submitted by the individual for assessing the repaying capacity of the borrower so that accordingly the bank can grant loans to him. The individual is also required to pledge the NSC, KVP, relief bonds from RBI or LIC policy bonds if he is availing loans against them. Apart from these, the following need to be submitted;

• Completed Application Form with 2 passport size photograph
• Salary Certificate for self for 6 months IT returns/Form 16 for 3 years from the individual borrowers
• Proof of Identity such as Aadhar Card / PAN Card / Voter’s ID/Passport/Driving License.
• Proof of residence such as Recent Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voter`s ID
• Proof of Employment for salaried class
• Salary slips for the last 6 months
• Statement of account for the past 6 months
• Post dated cheques to be obtained
• Suitable third party guarantee is desirable

Important Terms & Conditions for IB Personal Loan

• For cases of any delayed payment in EMI, written communications, telephonic reminders or visits by the Bank’s representatives to the borrower’s place or residence will be used as an IB personal loan follow-up measure.
• A prior written notice will be given before resorting to legal or other recovery measures including re-possession of securities. In the said notice, it may be stipulated that the borrower / guarantor / mortgagor ought to repay IB personal loan within one week of issuing notice failing which further recovery action will be initiated. Bank will follow all procedures as required under Law for recovery / repossession of securities.
• In accounts / cases which are entrusted to Recovery Agents, keeping in tune with principles of natural justice, a notice will be sent to the borrower / guarantor / mortgagor informing that as the borrower has failed to repay the dues, the portfolio of recovery of dues in the account have been entrusted to Recovery Agents specifying their names, who would be assisting the Bank in effecting recovery.
• In the notice to be issued to the borrower/mortgage it may be indicated that Bank will take steps to retrieve / obtain back the documents from Court / DRT and within seven days of receipt of title deeds from Court / DRT, the same will be handed over to the borrower.
• Indian Bank  retains the right to alter any charges or fees from time to time or to introduce any new charges or fees, as it may deem appropriate, with due intimation to the customer.
• Fees and Charges are subject to change from time to time at the sole discretion of Indian Bank.
• Indian Bank is authorized to disclose from time to time any information relating to the loan to any credit bureau (existing or future) approved by Government of India and Reserve Bank of India without any notice to the borrower. Indian Bank is also authorized to make inquiries with the Credit Information Bureau of India (CIBIL) and get the applicants Credit Information Report.

Loans against OD/Against NSC/KVP/Relief Bonds Of RBI/LIC Policies

Eligibility for the Indian Bank personal loan against OD:

The individual applying for the personal loan should be properly introduced to the bank by any existing customer and should have the capability to repay the loan amount along with the interest as required by the banks to offer personal loans to him.

Amount of IB Personal Loan sanctioned for Indian Bank personal loan:

The personal loan amount sanctioned by the Indian bank is Rs.10000/- as the minimum amount and the loan sanctioned against overdraft facility is the minimum of Rs.200000/-.

Margin money for the Indian Bank personal loan:

The 25% of the value of the interest accrued NSC, KVP, relief bonds of RBI or the surrender value of the LIC policies is taken as margin money against the loans provided by the Indian bank.

Processing fees for the personal loan:

The processing fees charged for the IB personal loan is 0.306% of the loan amount with a minimum of Rs.306.

Repayment of the personal loan:

The repayment of the Indian bank personal loan has to be done within 5 years for the loans taken against OD, NSC, KVP or the relief bonds of RBI and it is 6 years for the loans taken against LIC policies.

Security for the personal loan:

The Indian bank takes security against the personal loan availed from it. The Indian Bank takes NSC, KVP, relief bonds from RBI, or LIC bonds with a surrender value as a security against the loan given by it.

The security pledged with the bank can restrain the above documents in case the loan amount is not repaid within the stipulated period.

Documents required to be submitted for applying for the loan:

The documents required to be submitted by an individual for availing the personal loans from Indian bank are:-

The Salary statement and the Income-tax return should be submitted by the individual for assessing the repaying capacity of the borrower so that accordingly the bank can grant loans to him.

The individual is also required to pledge the NSC, KVP, relief bonds from RBI or LIC policy bonds if he is availing loans against them.

Salient features of Indian bank personal loan:

The important feature of IB personal loan is that the borrower can avail loan from the bank against the security of NSC, KVP, relief bonds from RBI or LIC policies.

The loan can be taken for meeting any personal needs of the borrower.

Loan/OD against Deposits:

Eligibility for applying for Indian bank personal loan:

This type of Indian bank personal loan is available only to the term deposit holders of the bank. So only the term deposit holders can apply for this loan.

Amount allowed for the loan:

The loan amount to be sanctioned totally depends on upon the deposits made by the individual with the bank. The loan granted by the bank is 90 % of the accrued value of the deposits of the individuals.

Margin money required for availing the Indian bank personal loan:

The margin money is required to be paid by the borrower who is an availing loan from the Indian bank. The margin percentage set by the bank is 10% of the accrued amount of the deposits made by the individual with the bank.

Repayment terms for the personal loan:

The repayment terms for the IB personal loan are very flexible. The maximum term for the repayment extends up to the maturity date of the deposits.

Prepayment charges:

The interest rate of 2% over the applicable rate of the pledged deposits is taken as a prepayment charge by the Indian bank.

Security taken against the Indian bank personal loan:

The Indian Bank personal loan is sanctioned against the pledge of the term deposits of the individual made with the bank. The IB personal loan amount is totally based upon the value of the term deposits held by the individual.

Salient features of loans from Indian bank:

The IB personal loan against deposits is available to the borrower only against the pledge of term deposit with the bank and can only be utilized for the bankable purpose.

Base rate and IB personal loan interest rates:

The interest rates for personal loans are charged on the loans taken as base rate plus interest rate @ 10.45% onwards.

Gramin Mahila Sowbhagya Scheme:

Purpose or objective of the loan:

The purpose of this kind of IB personal loan is to provide the women residing in rural areas with the facility of purchasing consumer goods like mixie, gas, stove, 50cc and less two wheelers.

Eligibility for the loan:

The eligibility for availing this loan from Indian bank are:

The women availing this loan should be a married women residing in rural, semi-urban and urban women who is engaged in agriculture or activities related to the agriculture.

The women applying for this loan should be aged between 18 years and 55 years of age.

The minimum family income should be Rs.2500 p.a.

Amount of loan:

The amount of loan that is available to the women are:

The loan amount ranges between Rs.5000 to Rs.15000 it totally depends on upon the land holding of her.

Margin money on the loan:

The margin money depends on upon the project cost. The 5% of the project cost is taken as a margin money.

Interest rates on loan:

The interest rate on the Gramin Mahila Sowbhagya scheme is base rate + BPLR i.e. 9.65% p.a. in additional of the BPLR of 14.20% p.a.

Repayment of the loan:

The Loan taken under this scheme has to be paid in 12 quarterly installments without any holiday period taken.

Security on the loan:

The women who want to apply for an IB personal loan has to give some security against the loan taken:

Hypothecation of the asset for which the loan has been taken with the loan amount.

Guarantee of the spouse or the family member of the women who owns the land has to be given for availing this loan.

Doctor Plus:

Eligibility for the personal loan from Indian bank:

Registered partnership firms/ limited companies/ the individuals or trusts are eligible for this loan. The key promoters or the spouse should be the medical practitioners having a good track record.

IB personal loan amount eligibility:

The minimum of Rs 1.00 lakhs is given as loan with no ceiling for the maximum amount. The individual can apply for any amount of loan depending upon the repaying capacity of the loan.

Margin money on the loan:

The margin money on the loan amount taken are as follows:

The margin money for the loan taken in urban areas:

For the amount up to Rs.5 lakhs is 10% of the loan amount.

For the amount above Rs.5 lakhs is 20% of the loan amount.

For the semi-urban and rural areas.

The margin money for both the slabs of the loan amount is 15% for both the categories.

Interest rates:

The interest rates on the loan taken under this scheme is base rate+ BPLR i.e 9.65%+14.20% p.a .

Repayment of the loan:

The maximum repayment term for the loan taken is 120 months it includes the moratorium period of 12 months.

Security for the loan

For the loans up to Rs.10 lakhs:

Hypothecation of the asset for which the loan is taken. No collateral security is required and no third party guarantee is taken but should be covered under CGS of CGTMSE.

For the loans above Rs.10 lakhs:

Hypothecation of the asset for which the loan was taken and the LIC policy assigned in favor of the bank or any other collateral security so as they comply with the loan guidelines of the bank for the security policy.

Salient features of the loan:

The main objective of this loan is to finance the qualified medical practitioners to set up the clinic, clinic cum residence, nursing home, hospital, x-ray or pathological labs, medical stores, purchase of vehicles, ambulance etc. the loan can also be availed for repairing, renovation, expansion or modernization of the existing premises.

Q. Who can avail the Indian bank personal loan?

A. Anyone can avail the IB personal loans including permanent salaried employees with minimum service/ experience of three years with Govt. /Quasi -Government, various companies and Industrial Establishments etc

Q. For what purpose can the IB personal loans be taken?

A. The Indian bank personal loan can be availed for meeting Marriage/Educational and medical bill payments and wedding, or any other household expenses.

Q. What are the fees and processing charges for the Indian bank personal loan?

A. The processing fee is charged @ 0.508% on the loan amount with a min of Rs 508/-.

Q. What is the repayment tenure of the Indian bank personal loan?

A. The repayment tenure for the personal loan is 36 EMI’s.

Q. What can be the maximum loan amount that can be availed?

A. The loan amount could be up to a maximum five times the gross salary (at most Rs.50000/-) for existing account holders salary is credited in the branch account or7 times of gross salary (maximum Rs.1 lakh).

Q. What security is required by the bank for the disbursement of the loan?

A. The IB personal loan is given against the following securities:

• Employer's sponsorship.
• Authorization to debit SB account.
• Third party guarantee and/or profitable collateral security.
• Post dated cheques.

Q. What is the eligibility for availing this loan?

A. Any resident Quasi-govt/endowments/individual employed with govt. reputed companies/ Corporate Industrial Establishments etc with a minimum 3 years of work experience with the company.

Post deduction of proposed IB personal loan EMI, the applicant must be prepared to pay no more that 40% of the take-home salary.

The individual should have no history of any default in any previous credit relationship with any other lender.

Q. What are the documents required for the Indian bank personal loans?

A. The following are the documents for availing this loan:

• Completed Application Form with 2 passport size photograph.
• Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
• Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt/Passport / Voter`s ID
• Proof of Employment for salaried class.
• Salary slips for the last 6 months.
• Statement of Bank account of the applicant(s) for 6 months.
• IT returns/Form 16 for 3 years from the individual borrowers
• Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
• Post Dated cheque

FAQ’S FOR IB PENSION LOAN

Q. What should be the age of the pensioner at the time of applying for an IB personal loan?

A. The maximum age of the pensioner should be 75 years and the exit age should be maximum of 78 years .

Q. What should be the age of the family pensioner?

A. The maximum age of the family pensioner should be 70 years at the time of loan application while the exit age at the time of loan maturity is a maximum of 73 years.

Q. What is the repayment tenure for the pensioner applying for the Indian bank personal loan?

A. The repayment tenure for the personal loan by the pensioner cannot exceed 60 months.

Q. What is the repayment tenure for the family pensioner for the Indian bank personal loan?

A. The repayment tenure for the family pensioner cannot exceed 36 months.

Q. Who are eligible for pension loan from Indian bank?

A.

• Pensioners drawing a pension from any central or State government undertaking.
• Senior citizen receiving the family pension.
• Retirees from Indian bank (both under VRS & superannuation) , who are maintaining their pension account with Indian Bank.
• A pensioner who has been re-employed post retirement from one employer.
• CRS retirees and EPF Pensioners are not eligible for a pension loan.

Q. What is the IB personal loan amount sanctioned for pension loan scheme?

A. The amount of loan to be sanctioned under this scheme by the Indian bank depends on upon the following points:

• For an applicant under the regular pension scheme, the maximum amount could be 15 months` pension subject to a maximum of   Rs.6.00 lakhs.

• For an applicant under Family pension scheme, the maximum amount could be 12 months` pension subject to a maximum of Rs.2.00 lakhs.

FAQ’S OF LOAN AGAINST OD/DEPOSITS

Q. Who are eligible for IB personal loans against OD and deposits?

A. The individuals who have made the term deposits with the bank are eligible for this loan.

Q. What is the margin money for the loan against OD and deposits?

A. The margin money for this loan is 10% of the accrued value of the deposits.

Q. What is the maximum amount that can be sanctioned as loan amount?

A. The loan amount cannot exceed the 90% of the accrued value of the deposits.

Q. What is the repayment tenure for the loan?

A. The repayment loan tenure is flexible and extends up to the maximum date of maturity of the deposit.

Q. For what purpose does the Indian bank offer personal loans?

A. This loan can be utilized for any bankable purposes.

Q. What are the prepayment charges taken by the bank?

A. The prepayment charges are charged @2% over the applicable rate of the term deposits.

FAQ’S FOR THE LOAN AGAINST NSC/KVP/RELIEF BONDS FROM RBI/LIC POLICIES

Q. Who are eligible for this loan?

A. Any individual, who has been properly introduced by an existing account holder and is capable of repaying the loan along with the interest on the due date.

Q. What is the loan amount that can be applied for?

A. The loan facility is given with a minimum amount of Rs.10000 and the OD facility can be provided with a minimum loan amount limit of Rs.200000/-

Q. What is the margin money for the loan applied under this scheme?

A. The margin money under this scheme is 25% of the interest accrued on the bonds and deposit bonds.

Q. What is the loan repayment tenure for the loan?

A. The loan tenure is 5 years for the loan taken against NSC/KVP/ relief bonds etc and it extends up to 6 years for the LIC policies.

Q. What are the documents required for availing this IB personal loan?

A. The documents required for availing this loan are:

• Salary certificate.
• IT returns copy.
• Original NSC/KVP/relief bonds/LIC policies etc.