Clean Personal Loans for Salaried Class
Salary Loan – IB Clean Loan to Salaried Class
| Loan Criteria | Details |
|---|---|
| Eligibility | Permanent Employees with minimum service/ experience of 2 years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. |
| Purpose | For meeting Marriage/Educational and medical expenses, to celebrate family functions, for other household expenses or any other bankable purpose, but not for speculative purposes. |
| Age | Minimum Entry Age 21 years |
| Margin | Nil |
| Net Take Home Pay | Take home pay (after proposed EMI) should not be less than 40% of the gross salary |
| Interest Rates | Click here |
| Processing fee | Click here |
| Guarantee | Guarantee of spouse (wherever applicable) and or PF/Gratuity/NPS Nominee |
| Takeover of Liability | If salary is credited with us, takeover is permitted subject to compliance of norms of the Bank |
| Closure of loan | Repayment tenor will be fixed such that the loan is getting closed 3 months prior to superannuation |
| Documents to be submitted by the applicant | · Proof of income (last six months’ Salary Slips showing all deductions or latest Form 16) duly attested by the employer
· Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc) · Form 16 / ITR · PAN Card (mandatory) · KYC documents (like – Passport, Aadhar Card, Ration Card, Election ID, Driving License etc). · Authorization to debit SB account / ECS / NACH mandate. |
Category 1: Salary of the employee is credited in Indian Bank and no Check-off/ Undertaking is available:
- Term Loan:
- Maximum of 20 times of the monthly GROSS salary
- Repayment tenor: Max 84 months
- Overdraft:
- Limit equal to 1 month’s gross salary of the applicant subject to maximum of Rs.2.00 Lakh
- Limit is valid for a period of one year
- Maximum limit is capped at Rs.50.00 lakhs (Term Loan and Overdraft together)
- Subject to the condition that the employer will obtain NOC from us for change of salary account
Category 2: Salary of the employee may or may not be credited in Indian Bank and Check-off / Undertaking is available (or) Customer has already availed Home Loan with us, account is regular, and salary is credited in our Bank:
- Term Loan / Overdraft: Maximum of 20 times of monthly GROSS salary
- Maximum limit: No cap
- Repayment tenor of Term Loan: Max 84 months
- Overdraft under this category is sanctioned on a monthly reduction basis with Repayment Tenor of:
- For limits upto Rs.5 lakhs – Max 60 months
- For limits above Rs.5 lakhs – Max 84 months
- At any point in time a customer is allowed to take either term loan or overdraft and cannot have both the facilities at the same time.
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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