Indian Bank COVID-19 Personal Loan

Coronavirus has been a huge threat and created severe financial implications all over the world including in India. Banks in India on order to ensure their customers do not face any further problems have introduced COVID-19 personal loans valid for a specific period which will allow people to take care of their needs in current times. Indian Bank has introduced a host of personal loans which we will have a look at.

Indian Bank COVID-19 Personal Loan Interest Rates

Indian Bank COVID-19 Personal Loan Schemes

Indian Bank provides 9 personal loan schemes which will allow their customers to take care of their needs during the period when lockdown is in effect due to Coronavirus and has caused financial implications. We will have a look at what each COVID-19 personal loan scheme has to offer.

IND-COVID Emergency Salary Loan

• Minimum entry age of 21 years.

• Valid till 30 June 2020.
• The repayment of loan will be fixed in a manner that the loan will be completely adjusted 3 months prior to the superannuation of the customer.
• 20 times the monthly salary subject to a maximum of Rs.20 lakh

IND COVID Emergency Pension Loan

• Maximum entry age of 68 years for both regular and family pensioners and maximum exit age of 75 years and 73 years for regular and family pensioners respectively.
• Repayment period of 3 years including a moratorium period of 3 months.
• The loan scheme will be valid till 30 June 2020.

IND-MSE COVID Emergency Loan

• Loan amount you can avail will be 10% of the total working capital subject to a maximum of Rs.50 lakh.
• Maximum repayment period of 3 years for a loan amount of up to Rs.25 lakh and maximum repayment period of 5 years for a loan amount ranging above Rs.25 lakh.
• Moratorium period of 6 months.

SHG COVID Sahaya Loan

• Maximum loan amount of Rs.5,000 per member and a maximum ceiling loan amount per group of Rs.1 lakh.
• Repayment period of 3 years.
• Moratorium period of 3 months.

• Scheme will be valid till 30 September 2020.

IND COVID Emergency Agro Proc Loan (ICEAPL)

• Loan amount will be 10% of the working capital fund subject to a maximum of Rs.50 lakh or 10% of the composite loan subject to a maximum of Rs.10 lakh.
• Repayment period of 5 years.
• Moratorium period of 6 months.

• This scheme will be valid till 30 September 2020.

IND COVID Emergency Poultry Loan (ICEPL)

• Loan amount will be 10% of the working capital fund subject to a maximum of Rs.50 lakh or 10% of the composite loan subject to a maximum of Rs.10 lakh.
• Repayment period of 5 years.
• Moratorium period of 6 months.

• This scheme will be valid till 30 September 2020.

IND COVID KCC Sahaya Loan (ICKSL)

• Loan amount will be 10% if existing KCC limits subject to a minimum of Rs.5,000 and a maximum of Rs.1 lakh. In case you are required to avail a loan amount higher than Rs.1 lakh, then you will have to approach the Zonal Officer.
• Repayment period of 6 half-yearly installments.
• This scheme will be valid till 30 September 2020.

IND COVID Emergency Credit Line

• The loan amount will be 10% of the total fund and non-fund based capital limits subject to a maximum of Rs.1 crore.
• This scheme is valid till 30 September 2020.
• Repayment tenure of 3 years.

• Moratorium period of 6 months.

IND-GELCS-COVID-19

• Loan amount you can avail will be 20% of the outstanding credit as on 29 February 2020 subject to a maximum of Rs.5 crore.
• Maximum repayment tenure of 4 years.
• Moratorium period of 1 year.

Eligibility Criteria

IND-COVID Emergency Salary Loan

• Minimum entry age of 21 years.
• Government, Quasi Government, Board, MNCs, and other reputed company employees can apply for this loan scheme.

• Existing accounts which fall under ‘Standard Category’ excluding the SMA1 and SMA2 category are eligible to apply for this scheme.

IND COVID Emergency Pension Loan

• Regular and family pensioners who previously have been central and state government employees including employees of Indian Bank are eligible for this loan scheme.
• Existing borrowers can apply for this loan scheme whose net home take pay is 40% or 30% post the deduction of proposed and existing EMIs.

• Existing accounts which fall under ‘Standard Category’ excluding the SMA1 and SMA2 category are eligible to apply for this scheme.
• Maximum entry and exit age for regular pensioners is 68 years and 75 years respectively, while maximum entry and exit age for family pensioners is 68 years and 73 years respectively.

IND-MSE COVID Emergency Loan

• All micro and small borrowers who hold a composite loan or working capital limit with the bank can apply for this loan scheme.

• The account should fall under the ‘Standard Category’ and not under any SMA category.

SHG COVID Sahaya Loan

• Self-Help Groups who have a satisfactory track record of repaying the loan on time and have availed at least two doses of category can apply for this loan scheme.
• All the existing account should fall under the ‘Standard Category’ and have no default in payments whatsoever.

IND COVID Emergency Agro Proc Loan (ICEAPL)

• Borrowers who have availed the Agro Proc Loan from the bank can apply for this loan scheme.
• The loan account should fall under the ‘Standard Category’ and not under the SMA category.

IND COVID Emergency Poultry Loan (ICEPL)

• Borrowers who have availed the poultry loan from the bank can apply for this loan scheme.
• At the time of the sanctioning of the loan, the account should fall under the ‘Standard Category’ and not under the SMA category.

IND COVID KCC Sahaya Loan (ICKSL)

• Existing Kisan Credit Card (KCC) borrowers can apply for this loan scheme.
• There should be no default in payment from the borrower's end. The account should fall under the ‘Standard Category’.

IND COVID Emergency Credit Line

• Existing medium and corporate units who fall under the ‘Standard Category’ can apply for this loan scheme.

IND-GELCS-COVID-19

• Borrowers who belong to MSME, business enterprise, and PMMY category can apply for this loan scheme.
• The total outstanding credit should not be more than Rs.2 crore as of 29 February 2020.
• The account should not fall under the NPA or SMA category.

• The annual turnover should not be more than Rs.100 crore for the fiscal year 2019-2020.
• It is mandatory to get the GST registration done.
• The borrower’s outstanding credit should not be more than Rs.25 crore and the account should not fall under NPA or SMA2 category if they have a facility with another bank or financial institution.

Documents required

The list of documents you will have to submit in order to apply for any one of the existing personal loan mentioned above are given below:

• Duly signed application form.
• Proof of income such as Form 16, or salary slip for the last six months attested by the employer.
• Asset and Liability form.
• Employment proof such as identity card issued by your employer, employee number, a copy of the employment order, etc.

• PAN Card.
• Form 16.
• KYC documents like Aadhaar Card, Passport, Ration Card, etc.
• Authorisation to debit SB account / ECS / NACH mandate.
• Copy of group resolution (For IND COVID Sahaya Loan).

How to apply

Given below are the steps you will have to follow in order to apply for any one of the personal loan schemes mentioned above:

• You can download the COVID-19 Emergency personal loan application form and Assets and Liability Statement from the official website of Indian Bank if you are a new customer. Make sure you carefully fill all the details required carefully.
• You can submit the application form along with the required documents by either visiting the nearest branch of the bank or sending it by email to ibCOVIDresponse@indianbank.co.in.

• You can also call the numbers +91-7305898992 and +91-9931094920 which are the bank’s helpline numbers. A customer care executive will help you with the process of applying for any one of the Covid-19 personal loan scheme offered by Indian Bank.

These are some of the personal loan schemes offered by Indian Bank during the lockdown period. It is important to note that these schemes will be valid for only a limited period of time, and hence you must check the validity date and your requirement before applying for a personal loan scheme. You must check what the loan scheme has to offer and whether you meet the eligibility criteria or not. If you meet all the requirements, you can go ahead and apply for a loan scheme as per your suitability.