If you are staring at an urgent financial crisis, one of the most feasible options is to raise a personal loan from a bank. Whether it is a wedding at home, an emergency or plan for vacation abroad, you can rely on a personal loan to meet your financial requirements.
And when it comes to raising personal loans, you can rely on a government bank as well as a private lender.
Here we give a lowdown on personal loan interest rate details of Indian Bank
It offers personal loans for a variety of purposes such as marriage/ educational and medical expenses, to celebrate family functions, for other household expenses or any other bankable purpose.
However, the state lender does not offer loan for speculative purposes.
Documents required for personal loan
1. Proof of income (last six months’ Salary Slips showing all deductions or latest Form 16) duly attested by the employer
2. Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc)
6. Authorization to debit SB account / ECS / NACH mandate.
Indian Bank Personal Loan Interest Rates 2024:
Indian Bank offers personal loan at an interest rate of 10.90 per cent to 11.40 percent (lean Loan to Salaried Class), as on September 8, 2024.
Indian Bank Personal Loan Interest Rate Fees & Charges:
On clean salary loan overdraft: For government/ PSU Employees: Nil For others: 1 per cent on the Loan amount; Maximum : Rs.10000.00
Pre-approved Personal Loan: ₹470
Indian Bank Personal Loan Eligibility:
1 Permanent Employees with minimum service/ experience of two years with Government /Quasi-government / Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc.
2. Minimum age should be 21 years but it should end at least three months before the superannuation.
3. The net monthly pay (after the deduction of EMI) should not be less than 40 per cent of the gross salary
Maximum limit of Indian Bank Personal Loan:
I. When salary is credited to Indian Bank savings account:
Term loan: 20 times of the monthly gross salary
Repayment tenure: Maximum 84 months
Overdraft: Limit equal to 1 month’s gross salary of the applicant subject to maximum of Rs.2.00 Lakh
Maximum limit is capped at ₹50 lakhs (term Loan and overdraft together)
II. When salary is not credited to Indian Bank:
Term Loan / Overdraft: Maximum of 20 times of monthly GROSS salary
Maximum limit: No cap
Repayment tenor of Term Loan: Max 84 month
Indian BANK Personal Loan EMI Calculator
At the time of taking a personal loan, borrowers generally use a personal loan EMI calculator which helps them streamline finances. The EMI calculator calculates the monthly instalment based on three inputs: loan amount, tenure of loan and rate of interest.
You can access the Indian Bank EMI calculator here:
The four categories of personal loan given by Indian Bank are: 1. Clear loan to salaried class. 2. IB Pension Loan 3. Overdraft facility in savings bank account. 4. Personal loan for professionals such as doctors, engineers, architects, CAs, CS, designers, management or financial consultants, cost accountants.
The bank gives personal loans 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.
Minimum age to raise a personal loan from Indian Bank is 21 years.
The key criteria is that the take home pay (after proposed EMI should not be less than 40 percent of the gross salary.
The maximum repayment tenor is 84 months (i.e., 7 years).
The maximum limit is capped at ₹50 lakhs (term loan and overdraft together). Also, salaried persons cannot raise more than 20 times of the monthly gross salary.
The key documents include a proof of monthly 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, KYC documents (such as Passport, Aadhar Card, Ration Card, Election ID, Driving License etc) and authorization to debit SB account / ECS / NACH mandate.
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