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    Indian bank personal loan

    We found 1 Indian bank personal loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.65% to 13.65% Floating
    508 to 0.508% One time fee
    50K Max
    3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    Indian bank personal loan is Rated as "Excellent!" by 15 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Indian Bank is an Indian state-owned financial services company headquartered in Chennai, India. Bank has 22,000 employees, 2100 branches and is one of the big public sector banks of India. Indian Bank provide personal loans to meet Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses of individual. All you have to do is to follow some simple steps to get attractive deals.


    You’re probably eligible for an Indian Bank Personal Loan if you are

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    Indian Bank Personal Loan Minimum Age

    At least 21 years old

    Indian Bank Personal Loan Maximum Age

    Less than 58 years old

    Indian Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Indian Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Indian Bank Personal Loan amount eligibility is based on these factors

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    Indian Bank Personal Loan Minimum Salary

    Salaried with Regular Income

    Indian Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 5 lakhs

    Indian Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Indian Bank Personal Loan amount by these steps

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    02
    Indian Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Indian

    Choose longer tenure loan up to 36 months


    Documentation needed to apply for an Indian Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
        • 6. Documentation for self-employed applicants:

          • Latest Bank statement
          • Latest ITR or Form 16

    Indian Bank Personal Loan Interest RatesUpdated on 26 Mar 2017

    Indian Bank Personal Loan Details
    Interest Rate (Monthly reducing balance) 12.65% to 13.65%
    Processing Fees 0.50% of loan amount
    Loan Tenure 36 months
    Guarantor Requirement Guarantor required

    Overview about Indian Bank Personal Loan

    Indian Banks offers a wide range of personal loan products that are specific to individual needs and requirements. These are the personal loans offered by Indian Bank:

    • IB Home Loan.
    • IB Vehicle Loan.
    • Plot Loan.
    • Loan/OD against Deposits.
    • IND Mortgage.

    IB Home Loan

    Applicants between the ages of 18 and 60 years can apply for the IB Home Loan.

    Features of IB Home Loan:

    • Loan amount - You can apply for an amount of 60 times your Net Monthly Income OR 36 times your Gross Monthly Income, depending on whichever of the 2 is higher. In case of renovations or repairs, you can apply for a loan amount of maximum Rs.5 lakhs.
    • Margin - The margin for this loan are as follows:
      • 10% for loan amount of up to Rs.20 lakhs.
      • 20% for loan amount above Rs.20 lakhs and up to Rs.75 lakhs.
      • 25% for loan amount above Rs.75 lakhs.
      • 30% for renovations and repairs.
    • A processing fee of 0.229% up to Rs.20,381 will be applicable on the loan amount.
    • Repayment tenures for the IB Home Loan are as follows:
      • Purchase or construction of the flat/house – 20 years. This includes the holiday period.
      • Home loans taken for construction of the flat/house, a maximum holiday period of 18 months will be applicable.
      • Renovations and repairs – Maximum loan tenure of 120 months.
    • There are no prepayment charges for this loan.
    • Security for the IB Home Loan – Equitable Mortgage of the purchased or constructed property out of the loan proceeds.
    • 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.

    Value-added feature - Group Insurance Cover:

    • Group Insurance Life Cover can be arranged by the bank at concessional rates/premiums. The applicant will bear the premium payments.
    • The premium will not be financed under this home loan but as a separate loan.

    IB Vehicle Loan

    You can apply for the IB Vehicle Loan for the purchase of a new Two Wheeler, a new Four Wheeler or a used Four Wheeler not older than 3 years as certified by a reputable automobile engineer or value.

    Features of IB Vehicle Loan:

    • Loan amount – You can borrow up to Rs.10 lakhs for the purchase of a Two Wheeler and up to Rs.200 lakhs for the purchase of a Four Wheeler.
    • Margin - The margins for this loan are as follows:
      • 15% margin for the purchase of a new vehicle.
      • 40% margin for the purchase of a used Four Wheeler.
    • A processing fee of 0.229% up to Rs.10,191 will be applicable on the loan amount.
    • Security for the IB Vehicle Loan – You must purchase the hypothecation of your vehicle out of this loan. If your loan amount is above Rs.10 lakhs, you must provide additional collateral/security for amount exceeding Rs.10 lakhs. You can provide additional security such as NSCIs, LIC Policy, Fixed Deposits etc.

    Eligibility Criteria for IB Vehicle Loan:

    • The following segments are eligible to apply for this loan:
      • Salaried class.
      • Businessmen.
      • Professionals.
      • Self-employed persons.
      • Indian Bank staff members/employees.
      • NRIs and Pensioners.
      • Employees from other banks having a “No Objection Certificate” from their employer with whom they have served a minimum of 3 years.
    • Income criteria:
      • In case of purchase of a car, your minimum gross monthly income should be Rs.20,000.
      • Salaried persons – You can borrow up to 20 times your gross monthly income. For a larger loan amount, you can include the income of your spouse. Your net take home pay after the proposed EMI deduction should be 40% of your gross pay.
      • Businessmen and Professionals – You can borrow up to 20 months income. Your income will be calculated as an average income that you have earned in the last 2 earned and your ability/capacity to repay the loan amount.

    Plot Loan

    You can apply for a plot loan when purchasing a House Site on an ownership basis in a Competent Authority approved layout.

    Features of Plot Loan:

    • Loan amount – You can borrow up to Rs.300 lakhs depending on which area the property is purchased (e.g. rural area, semi-urban area, metro etc.)
    • Margin – The margin for a plot loan is 25% on the cost of land.
    • A processing fee of 1.173% will be applicable on the loan amount.
    • The maximum repayment period is 180 days. There is no holiday period applicable on this loan.
    • There are no prepayment charges for early repayment of this loan.
    • Security for Plot Loan – Equitable Mortgage of the purchased property out of the loan proceeds.

    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.

    IND Mortgage

    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.

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