Indian Bank Personal Loan | Interest rates | Eligibility | Information
Indian Bank Personal Loan: Compare online interest rates of personal loans of Indian bank, Indian Banks provides loans as Consumer loan, Salary loan, Smart Loan, Loan to LIC Agents, Doctors loan, Self employed loans, pension loans.
Indian Bank Personal Loan Details
| Interest Rates | 14.80% – 15.30% |
| Loan Amount | 10 Lakh |
| Repayment Period | Upto 3 Years |
| Processing Fees | 0.50% |
| Pre Payment Charges | Nil |
| Minimum Income | 12000 Per Month |
Purpose / Objective
For meeting Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses
Target Group
Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
Amount of Loan
Eligible amount is calculated @ five times the gross salary (maximum of Rs.50000/-) for account holders whose salary is credited in the branch account or @7 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.
Margin
Nil
Security
a). Employer’s sponsorship
(b). Authorisation to debit SB account
(c). Third party guarantee and/or Encashable collateral security
(d)Post dated cheques
Documents to be submitted for processing the application
Proof of employment and salary certificate (salary credit to SB account with branch or employer’s undertaking to recover EMI and remit to bank)———————–
The following documents to be obtained in case of individual borrowers who approach for loan under this scheme directly without employer sponsorship or salary credit . Salary Certificate for self for 6 months IT returns/Form 16 for 3 years from the individual borrowers.. Statement of account for the past 6 months. Post dated cheques to be obtained. Suitable third party guarantee is desirable.
Other Variable Interest Rates of Personal Segment Loan Products
Pension Loan – Repayment of 12 months = 12.55%
Pension Loan – Repayment above 12 months upto 36 months = 13.30%
Pension Loan – Repayment above 36 months upto 60 months = 13.55%
IB Rentencash Repayment Upto 12 months = 11.80%
IB Rentencash Repayment above 12 months Upto 36 months = 12.05%
IB Rentencash Repayment above 36 months Upto 60 months = 12.30%
IB Rentencash Repayment above 60 months = 12.55%
Loan to LIC Agents = 15.05%
Salary Loan = 14.90% – 15.30%
Check Faqs about Personal loan Here
Source: Indian Bank Website