|Loan Scheme||IB Clean Loan (To Salaried Class)|
|Interest Rate||10.35% p.a. onwards (BPLR)|
|Loan Amount||Up to 20 times of the gross monthly salary|
|Processing Fees||0.51% of the loan amount, subject to a maximum of Rs.512|
Loan or OD against Deposits
You can take a loan or an overdraft against your deposit as per the following:
You must be the holder of the Term Deposit at Indian Bank.
Loan amount – 90% of the accrued value of your deposit.
Margin – 10% of the accrued value of your deposit.
Flexible repayment options are available. The maximum repayment tenure is the maturity date of your term deposit.
Prepayment fee – You will be charged 2% on top of the rate applicable on the deposit you have pledged as a prepayment fee.
Security – You must pledge your term deposit as security for this loan.
You can take a loan against your property with the IND Mortgage loan.
Features of IND Mortgage:
Loan amount – You can take a maximum loan amount of Rs.200 lakhs.
Margin and security – The margin is 50% of the realizable sale value of your property that you have pledged as security for this loan. Agricultural property, disputed property or a property attached to IT authorities will not be accepted as security and will not be applicable for this mortgage loan.
A processing fee of 1.173% will be applicable on the loan amount.
Repayment – You can repay this loan within a maximum of 84 EMIs. Holiday Period is not applicable for this loan.
Prepayment fee – You will not be charged a pre-closure fee if the loan has been terminated using your own funds. However, if the loan is taken over by another bank or financial institution (refinancing), you will be charged 2.25% on your outstanding balance or the applicable drawing limit, depending on whichever of the 2 is higher.
Insurance - You must insure the property (to be offered as collateral) at your own cost with the bank’s clause against flood, fire, earthquake, riots and any other risks that are generally covered under insurance.
Eligibility Criteria for IND Mortgage:
You must be between the ages of 18 years and 60 years to apply for this loan.
Salaried class including permanent employees of state/central government, Quasi government bodies, public and private limited companies are eligible to apply for this loan.
Self-employed persons, businessmen and professionals who meet the income criteria of the bank are eligible to apply for this loan.
You can take your pick from these specific personal loan products that Indian Bank offers to meet your individual financial requirements.
Indian Bank personal loans can be availed by permanent employees of Government and Quasi-Government institutions, boards, reputed companies, endowments, corporate industrial establishments, etc., provided they have work experience of at least 3 years.
A personal loan from Indian Bank can be used to meet education-related expenses, marriage-related expenses, payment of medical bills, or to meet any other household expenses.
Indian Bank charges a processing fee of 0.51% of the loan amount, subject to a maximum of Rs.510 when taking a loan. The amount is deducted from the loan amount at the time of disbursal.
The maximum repayment tenure for an Indian Bank personal loan is set at 36 months, which means that you will have to clear your loan in 36 EMIs.
Indian Bank personal loans can be availed against employer’s sponsorship, post-dated cheques, collateral security that can be encashed, third-party guarantee, or authorisation to debit your savings bank account.
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