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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.
Interest Rate | 7.50% p.a. - 9.50% p.a. |
Processing Fee | Nil |
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
Interest Rate | 9.50% p.a. |
Processing Fee | Nil |
IND COVID Emergency Pension Loan
Interest Rate | 8.75% p.a. |
Processing Fee | Nil |
IND-MSE COVID Emergency Loan
Interest Rate | 8.75% p.a. |
Processing Fee | Nil |
SHG COVID Sahaya Loan
Interest Rate | 8.25% p.a. |
Processing Fee | Nil |
IND COVID Emergency Agro Proc Loan (ICEAPL)
Interest Rate | 8.60% p.a. |
Processing Fee | Nil |
IND COVID Emergency Poultry Loan (ICEPL)
Interest Rate | 8.60% p.a. |
Processing Fee | Nil |
IND COVID KCC Sahaya Loan (ICKSL)
Interest Rate | 8.10% p.a. |
Processing Fee | Nil |
IND COVID Emergency Credit Line
Interest Rate | 8.10% p.a. |
Processing Fee | Nil |
IND-GELCS-COVID-19
Interest Rate | Up to 8.40% p.a. |
Processing Fee | Nil |
IND-COVID Emergency Salary Loan
IND COVID Emergency Pension Loan
IND-MSE COVID Emergency Loan
SHG COVID Sahaya Loan
IND COVID Emergency Agro Proc Loan (ICEAPL)
IND COVID Emergency Poultry Loan (ICEPL)
IND COVID KCC Sahaya Loan (ICKSL)
IND COVID Emergency Credit Line
IND-GELCS-COVID-19
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:
Given below are the steps you will have to follow in order to apply for any one of the personal loan schemes mentioned above:
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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