हिंदी में पढ़े
Indian Bank offers personal loan at an interest rate starting from as low as 9.40% p.a. onwards. Moreover, the loan amount can be used for a variety of purposes, including marriage, education and other household expenses. The documentation requirement for the bank’s personal loans is minimal and disbursal is fast making it a popular choice among those seeking funds for personal purposes.
Indian Bank Personal Loan Documents Required
The list of documents required varies depending on the type of the loan. The following are the key documents required for each type of Indian Bank personal loan:
For Indian Bank Clean Loan (Salaried Individuals)
- Proof of income: This can either include your salary slips for the last six months showing all the deductions or the latest copy of Form 16. Please note that the income proof should be duly attested by the employer.
- Proof of Employment: This can include a copy of the employment order, your employee number or the photo identity card issued by your employer, etc.
- Form 16 or certified Income Tax Return (ITR) for the past 2 years
- PAN Card (Permanent Account Number): Please note that this is a mandatory requirement to avail Indian Bank personal loan.
- KYC Documents: These may include your Aadhar Card, Passport, Election ID, Ration Card, Driving License, etc.
- Authorization to Debit Loan EMIs: This refers to the mandate to debit loan EMIs from either your Savings Bank (SB) account or through Electronic Clearance System (ECS) or National Automated Clearing House (NACH).
- Guarantee: Guarantee of another employee from same organization with same/higher pay scale or spouse, as applicable.
For Indian Bank Pension Loan (Pensioners)
- Authorization Letter: To allow the bank to debit loan EMIs from your savings bank account, where pension is credited.
- Guarantee of the spouse eligible for family pension. In case the spouse is not available, suitable guarantee from the legal heir/ family member/ third party guarantor, acceptable by the bank can be submitted.
For Indian Bank Loan Against NSC/ KVP/ Relief Bonds of RBI/ LIC Policy
- A Copy of Salary Certificate/ Income Tax Return to assess the repayment capability.
- Original NSC/ KVP/ RBI Relief Bond/ LIC Policy.
Important Tips to Improve Personal Loan Eligibility
Follow the tips mentioned below to improve your chances of Indian Bank personal loan approval:
- Know loan Eligibility Criteria: Carefully go through the eligibility criteria and make sure you meet them.
- Credit Score: Always maintain a good credit score, which is a 3-digit number varying from 300-900. It is reflective of your repayment ability, and hence higher the score, the better are the chances of loan approval. Check your credit score at Paisabazaar for free.
- Fixed Obligation to Income Ratio (FOIR): It refers to the ratio of your ongoing loan EMIs and credit card dues to your income. Thus, you should maintain a low FOIR to improve the chances of getting a loan approved.
- Avoid Multiple Loan Applications: You should not apply for a personal loan with multiple lenders at the same time, as this may lead to several hard enquiries of your credit report. These enquiries can further affect your credit score, and decrease the chances of loan approval.
Frequently Asking Questions (FAQs)
1. What is the interest rate for Indian Bank personal loan to salaried individuals?
Ans. The interest rate for Indian Bank personal loan to salaried individuals starts from 9.40% p.a. onwards. It should be noted that the actual rate of interest varies from applicant to applicant depending on the profile.
2. What is the maximum amount with respect to Indian Bank Clean Loan for salaried individuals?
Ans. The maximum loan amount with respect to Indian Bank Clean Loan for salaried individuals corresponds to 20 times of the gross monthly salary. Please note that the take home salary should not be less than 40% of the gross salary.
3. What is the maximum loan amount offered by Indian Bank to pensioners?
Ans. The maximum loan amount offered by Indian Bank to pensioners is as follows:
- For regular pensioners: 15 months’ pension up to a maximum of Rs. 6 lakh
- For family pensioners: 12 months’ pension up to a maximum of Rs. 2 lakh.
4. What is the maximum loan tenure for Indian Bank loan against NSC/ KVP/ LIC Policy/ RBI Relief Bonds?
Ans. The maximum repayment tenure for Indian Bank loan against NSC, KVP and RBI Relief Bonds is 5 years, while that for a loan against LIC Policy is 6 years.
5. What is the maximum loan amount offered under Indian Bank Bala Vidya Scheme?
Ans. The maximum loan amount that can be availed under Indian Bank Bala VIdya Scheme is Rs. 30,000 per family.