Indian Bank Personal Loan - Frequently Asked Questions

Q. Who can avail the Indian bank personal loan?

A. Anyone can avail the IB personal loans including permanent salaried employees with minimum service/ experience of three years with Govt. /Quasi -Government, various companies and Industrial Establishments etc

Q. For what purpose can the IB personal loans be taken?

A. The Indian bank personal loan can be availed for meeting Marriage/Educational and medical bill payments and wedding, or any other household expenses.

Q. What are the fees and processing charges for the Indian bank personal loan?

A. The processing fee is charged @ 0.508% on the loan amount with a min of Rs 508/-.

Q. What is the repayment tenure of the Indian bank personal loan?

A. The repayment tenure for the personal loan is 36 EMI’s.

Q. What can be the maximum loan amount that can be availed?

A. The loan amount could be up to a maximum five times the gross salary (at most Rs.50000/-) for existing account holders salary is credited in the branch account or7 times of gross salary (maximum Rs.1 lakh).

Q. What security is required by the bank for the disbursement of the loan?

A. The IB personal loan is given against the following securities:

Employer's sponsorship.

Authorization to debit SB account.

Third party guarantee and/or profitable collateral security.

Post dated cheques.

Q. What is the eligibility for availing this loan?

A. Any resident Quasi-govt/endowments/individual employed with govt. reputed companies/ Corporate Industrial Establishments etc with a minimum 3 years of work experience with the company.

Post deduction of proposed IB personal loan EMI, the applicant must be prepared to pay no more that 40% of the take-home salary.

The individual should have no history of any default in any previous credit relationship with any other lender.

Q. What are the documents required for the Indian bank personal loans?

A. The following are the documents for availing this loan:

Completed Application Form with 2 passport size photograph. 

Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License. 

Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt/Passport / Voter`s ID 

Proof of Employment for salaried class.

Salary slips for the last 6 months. 

Statement of Bank account of the applicant(s) for 6 months.

IT returns/Form 16 for 3 years from the individual borrowers

Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years 

Post dated cheque

Indian Bank Personal Loan in Delhi/NCR through LoanMoney

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Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

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A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.

Disclaimer: LoanMoney is not a Loan Providing Organization. We are facilitating the Loan Process from various Banks & NBFC. The rate, eligibility criteria, term & conditions of various banks are subject to change as per bank discretion. We try our best to keep the data up-to-date, but we can't guarantee the accuracy of data provided in this site. LoanMoney help you to embark on your dream at the right time with many Banks/NBFC's Loan opportunities available! Follow a few simple steps to help LoanMoney team understand your requirements.

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