Indian Bank Personal Loan

IB Clean Loan for Salaried Individuals

Purpose: This personal loan is designed to assist salaried individuals, both in government and private sectors, with their various financial needs such as medical expenses, educational costs, marriage expenses, family functions, and other household expenditures. Note: Speculative purposes are not covered.

Loan Amount:

• Without Check-off/Undertaking: Up to 20 times the borrower's monthly gross salary, provided their salary is credited to Indian Bank.




• With Check-off/Undertaking: Up to 20 times the borrower’s monthly gross salary, regardless of whether the salary is credited to Indian Bank or not.




• Existing Home Loan and Salary Credited: Up to 20 times the borrower's monthly gross salary, if they already have a home loan with Indian Bank.

Tenure: Repayment period of up to 7 years, with the loan needing to be closed 3 months before the borrower’s retirement.

Processing Fee: 1% of the total loan amount.

IB Pension Loan Scheme

Purpose: This scheme caters to pensioners and family pensioners, helping them cover various expenses such as medical bills, educational fees, family events, and more.

Loan Amount:

• For Regular Pensioners: Loans up to 15 times the monthly pension credited to the account, with no minimum or maximum limits specified.




• For Family Pensioners: Loans up to 12 times the monthly pension credited, with a cap of ₹2 lakhs on the total loan amount. There is no minimum loan amount limit.

Tenure: Up to 10 years, aligned with the borrower’s exit age criteria.

Processing Fee:

• For loan amounts up to ₹25,000: Nil

• For loan amounts exceeding ₹25,000: ₹250

IB Pension Loan Scheme

Eligibility:

• Eligible Individuals:

  
  
  • State and Central government pensioners
  • Family pensioners
  • Re-employed pensioners
  • Indian Bank retirees (both under superannuation and VRS)
  
  

• Ineligible Individuals:

  
  
  • EPF pensioners
  • CRS retirees




• Age Limits:

  
  
  • Regular Pensioners:
    
    • Entry Age: Up to 75 years
    • Exit Age: Up to 78 years
    
    
  
  
  • Family Pensioners:
    
    • Entry Age: Up to 70 years
    • Exit Age: Up to 73 years




• Minimum Entry Age: No specific minimum entry age requirement.

Required Documents:

• Pension Payment Order (PPO) copy
• Intimation to Pension Payment Agency (PPA)
• Authorization for EMI recovery from the pension-credited savings account
• Suitable guarantor as per the bank’s acceptance criteria

IB Clean Loan for Salaried Individuals

Eligibility:

• Employment Criteria:
  
  • Permanent employees of government, quasi-government, reputed companies, endowments, or large corporate industrial establishments with at least 2 years of experience.
  
  
  • Employees of reputed private sector organisations (e.g., large MNCs or corporates with a turnover exceeding ₹100 crores) where the employer is rated “A” or higher (rating not older than 12 months).
  
  
• Minimum Entry Age: 21 years


• Credit Score: Minimum CIBIL score of 700 required

Income Verification:

• Recent salary slips for the past six months, including tax deductions.
• Form 16 or Income Tax Returns (ITR) as applicable.
• Employer-attested proof of income.

Identification Proof:

• PAN Card (required).
• Any of the following KYC documents: Aadhar Card, Ration Card, Driving License, or Voter ID.

Employment Verification:

• A copy of the employment ID card, employment order, or proof of employee number.

Authorization:

• An authorization for the automatic deduction of EMI from your savings bank account (SB account).
• NACH mandate or ECS (Electronic Clearing Service) details.

Pension Documents: Pension Payment Order (PPO) copy.

Bank Authorization: Authorization for EMI recovery from the savings bank account where your pension is deposited.

Guarantor: A guarantor who meets the bank's criteria for acceptance.