OVERDRAFT FACILITY IN SB SALARY A/C“IB INSTA CASH”
OVERDRAFT FACILITY IN SB SALARY A/C“IB INSTA CASH”
| Target Group | Regular Employees of Govt./ State Govt./PSUs/Listed Companies/ Autonomous Bodies whose salaries are credited in savings accounts maintained with our Bank and where salary credits are received for at least past One month and minimum monthly salary credited in the account is Rs 25000/. Other Organisations/Institutions having more than 50 salary accounts with our bank can also be covered under the scheme. |
| Purpose | Overdraft facility in SB account to be allowed to employees of eligible organisations/institutions whose salaries are being credited in SB a/cs maintained with our Bank |
| Quantum of loan |
|
| Facility |
|
| Margin | Nil |
| Moratorium Period | Nil |
| Period | One Year |
| Repayment |
|
| Security | NIL |
| Documentation | a) OD application by the borrower (SB a/c holder).
b) Copy of Salary Slip. c) Demand Promissory Note, signed by the borrower. d) Letter accepting all the terms and conditions of sanction of the loan. e) Intimation to the employer. |
| Other terms and conditions |
|
Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Personal Loan.
1. What is a Personal Loan?
A Personal Loan is an unsecured loan offered by Indian Bank to meet personal financial requirements such as medical emergencies, education, travel, weddings, home renovation, or other legitimate expenses.
2. Who is eligible to apply for an Indian Bank Personal Loan?
Eligibility depends on factors such as age, employment type, income, repayment capacity, and compliance with the bank's lending criteria.
3. What is the current Personal Loan interest rate at Indian Bank?
The applicable interest rate varies based on the loan scheme and applicant profile. Please refer to the Interest Rates section for the latest details.
4. What documents are required to apply for a Personal Loan?
Applicants generally need identity proof, address proof, income proof, salary slips or business income documents, bank statements, PAN, Aadhaar, and passport-size photographs.
5. How can I calculate my Personal Loan EMI?
You can use the Indian Bank Personal Loan EMI Calculator to estimate your monthly EMI based on the loan amount, interest rate, and repayment tenure.
6. How much Personal Loan can I avail from Indian Bank?
The loan amount depends on your income, repayment capacity, credit profile, and the applicable loan scheme.
7. Can I apply for an Indian Bank Personal Loan online?
Yes. You can apply online through the Indian Bank website or visit your nearest branch for assistance.
8. Is collateral or security required for a Personal Loan?
No. Personal Loans are generally unsecured loans and do not require any collateral or security, subject to the bank's terms and conditions.
9. Can I prepay or foreclose my Personal Loan?
Yes. You may prepay or foreclose your Personal Loan as per the bank's applicable terms, conditions, and charges.
10. What is the repayment tenure for an Indian Bank Personal Loan?
The repayment tenure varies depending on the loan scheme and eligibility, as per the bank's prevailing guidelines.
11. What can I use a Personal Loan for?
A Personal Loan can be used for various legitimate personal needs, including medical expenses, education, travel, weddings, home improvement, or debt consolidation.
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