Check Indian Bank Personal Loan Eligibility Criteria?

Indian Bank Personal Loan offered to salaried individuals and retirees to cover personal needs such as education, medical bills, the purchase of household products or electronics, and so on. If you match the eligibility conditions, you may apply for the loan online from the convenience of your own home or workplace, and it will be approved quickly. The interest rate on an Indian Bank Personal Loan begins at 9.05% per annum, however variable rates may apply depending on the applicant’s profile. 

Features and Benefits of Indian Bank Personal Loan  

Given below are the features and benefits of Indian Bank Personal Loan:  

• Loan amount: The loan amount varies depending on whether you are a salaried professional or a retiree, and it is tailored to meet your specific needs. 
• A tenure that can be changed: Depending on the sort of personal loan you take out from Indian Bank, the repayment period can last up to 84 months. 
• Application over the internet: You can apply for an Indian Bank Personal Loan Online and receive immediate funding after completing a few simple steps. 
• Documentation required at a minimum: The documentation needed to apply for an Indian Bank personal loanis minimal, ensuring the applicant’s convenience. 

How to apply for a Personal Loan for Indian Bank? 

You can now apply for a personal loan either online or in-person at your nearest Indian Bank location. 

• Online Method: Every bank, including Indian Bank, has an internet portal. The applicant need to provide information such as their name, income, employment, and property documents. Once you submitted your application, the bank will review it and decide whether or not to grant the personal loan. It can be easy for the applicants to follow the progress of the personal loan application both online and offline by following a few simple steps. 
• Offline Method: You can visit the bank, fill out the application, and then submit it with the necessary documents. In general, processing and approval/rejection of your application can take up to 30 days. You can also apply for a personal loan by calling the customer service number. 

Types of Indian Bank Personal Loans  

IB Clean Loan  

• The maximum loan amount is equal to 20 times the monthly gross wage. 
• The amount of the processing charge will be determined by the bank. 
• The rate of interest is starting from Rs.9.20% up to 13.65% per annum.

IB Pension Loan  

• Interest rates as high as 11.75% p.a. are available. 
• The maximum borrowing amount is equivalent to 15 months of pension.

Loan/OD Against Deposits  

• The maximum lending amount is 90% of the total deposit value. 
• Repayment terms are flexible. 
• A term deposit must be pledged as collateral. 

Loan/OD Against NSC/KVP/Relief Bonds of RBI/LIC Policies  

• A maximum loan repayment period of six years is available. 
• A fee of 1% of the loan amount is applied as a processing fee. The processing cost would be Rs.100 as a minimum. 
• The minimum loan limit for a loan is Rs.10,000, and the maximum loan limit for an overdraft is Rs.2 lakh. 

Indian Bank Personal Loan Eligibility Criteria 

The following are the requirements that prospective borrowers must achieve in order to obtain the Indian Bank Personal Loan Eligibility Criteria: 

IB Clean Loan Eligibility (To Salaried individuals) 

• Must be a full-time employee of the government or quasi-government organizations, endowments, corporate industrial establishments, reputable companies, or boards, among other things. 
• Before applying for the loan, you must have worked for a minimum of three years. 
• Following the servicing of the suggested EMI, you must earn a minimum take-home wage of 40% of your gross salary.

IB Pension Loan Eligibility 

• This loan is offered to Central and State Government employees, family pensioners, re-employed pensioners, and retired Indian Bank employees. This loan is not for EPF pensioners or CRS retirees. 
• The maximum age for the loan is 75 years, and the maximum age for leaving is 78 years.

Loan/OD against deposit eligibility 

• You must be the owner of an Indian Bank Term Deposit.   

IND Loan / OD Against NSC / KVP / RBI Relief Bonds / LIC Policies Eligibility 

• Offered to the applicants who have been appropriately introduced and who have the financial means to repay the loan and pay the interest are evaluated. 

Indian Bank Personal Loan Documents  

Customers must have these following papers to obtain a personal loan from Indian Bank: 

• A copy of your Aadhaar/PAN/Voter ID/Passport/Driving License, etc. Photo Identity Proof 
• Proof of Income: The most recent Form 16 or six months’ worth of payslips showing all deductions (duly attested by the employer) 
• A copy of your Ration Card / Electricity Bill (not older than 3 months) / Passport will suffice as proof of address. 
• Employment Proof: A copy of the employment order, employee number, employer-issued Photo Identity Card, and so on.  

Additional documentation for an IB Clean Loan is required: 

• PAN ITR/Form 16 ITR/Form 16 ITR/Form 16 ITR/ (mandatory) 
• Authorization to deduct funds from a savings account/ECS/NACH is mandatory.  

Additional documents required for IB Pension Loan customers: 

• Authorized to deduct monthly loan payments from the SB Account into which the pension is deposited easily. 
• PPO part for retirees. 
• Ensures that your spouse is qualified for a family pension with documents. If the spouse is not there, a legal heir or family member/third party guarantee is required (acceptable to bank).  

Conclusion  

Different interest rates and costs should be researched online before applying for a personal loan to get the best deal. Indian Bank Personal Loan eligibility criteria need their borrowers to covers the entire cost of the loan. Interest isn’t the only expense you’ll have to cover. Other fees, such as processing fees, prepayment fees, late payment fees, and so on, maybe considered when choosing a personal loan. Borrow only what you require and can repay. Don’t borrow just because you’re qualified for a larger loan.