Indian Bank Personal Loan

Indian bank

Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has 20,661 employees, 2594 branches and is one of the top performing public-sector banks in India. It has overseas branches in Colombo and Jaffna in Sri Lanka, and in Singapore, and 223 correspondent banks in 71 countries. Since 1969 the Government of India has owned the bank.

What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Indian Bank Personal Loans

Being one of the largest bank in India, Andhra Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Andhra Bank.

Advantages of Indian Bank

• Low interest rate
• No hidden costs and administrative charges
• Less paperwork
• Long tenure
• Minimum Income Requirement
• Pensioners get attractive offers

Documentation Required for Indian Bank Personal Loans

Important documents to be submitted while applying for personal loans with Andhra Bank

• Completed loan application
• 3 Passport size photographs
• Statement of Bank Account/ Pass Book for last six months
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• IT returns for the three years for self-employed professionals
• Form 16/IT returns for the last two financial years for salaried employees

Indian Bank Personal Loans

Catering to the needs of various sections of people, tailor-made Andhra Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Key Highlights

Indian Bank Clean Loan

Purpose / Objective

For meeting Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses

Target Group

Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.

Eligibility

Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.

Amount of Loan

Eligible amount is calculated at five times the gross salary (maximum of Rs.50000/-) for account holders whose salary is credited in the branch account or at 7 times of gross salary (maximum Rs.1 lakh) with employer sponsorship with undertaking letter from the employer to recover EMI from salary and remit to Bank.

Margin: Nil

Processing fee

0.51% on loan amount with a max. of Rs.510

Repayment

36 Equated Monthly Instalments (EMI)

Security

(a) Employer's sponsorship

(b) Authorization to debit SB account (or)

(c) Third party guarantee and/or en-cashable collateral security, (d)Postdated cheques

Indian Bank Pension Loans

Purpose / Objective

To meet any expenses like Medical, Education, Family & Domestic Functions, Marriage etc.

Target Group

• Central & State Government Pensioners, Family Pensioners, Re-employed Pensioners, Indian Bank Retirees (both under VRS & superannuation) whose Pension SB accounts are maintained at our Bank’s Branch. 
• CRS retirees and EPF Pensioners are not eligible for pension loan.

Amount of Loan

Age Group

Margin:

Nil

Processing fee

Nil for Loans upto Rs.25000/-. Rs.255/- for Loans above Rs.25000/-

Interest Rates

Repayment

Regular Pensioner: Maximum 60 months subject to exit age at 78 yrs. Family Pensioner: Maximum of 36 months subject to exit age at 73 yrs.

Security

• Guarantee of spouse eligible for family pension. 
• If spouse is not available, suitable guarantee from legal heir or family member / third party guarantee – acceptable to Bank.

Other terms and conditions

• Where Branch is receiving credit of Pension only - Pensioner’s portion of PPO should be retained with documents. The Pensioner should furnish an irrevocable undertaking that he / she will not shift pension credited account to other banks during the currency of our pension loan. 
• Where Branch is disbursing & crediting pension - A Xerox copy of Pensioner’s half to be kept with documents

EMI Payment Methods

Your Indian Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Indian Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Indian Bank account you specify.

Electronic Clearing Service (ECS):

his mode can be used if you have a non-Indian Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Indian Bank account at your nearest Indian Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Indian Bank Personal Loans Overview

Indian Bank provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 0.51% on loan amount with a max. of Rs.510 which is among the lowest fees in the industry. Low interest rate with no hidden charges makes Indian Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Indian Bank personal loans do not impose much burden on the customers.

Indian Bank Personal Loan FAQs