Here are the key points for Indian Bank Personal Loan that a loan agent can highlight:
1. Loan Purpose:
For personal needs like travel,
Medical expenses,
Wedding,
Home renovation,
Or other personal requirements.
2. Loan
Amount
Minimum: ₹50,000
Maximum: Up to ₹20 lakhs, depending on borrower’s eligibility.
3. Eligibility:
Salaried Employees: Permanent employees of government, public sector undertakings, and reputed companies.
Self-Employed Professionals: Doctors, engineers, chartered accountants, etc.
Pensioners: Retired government employees with a regular pension.
4. Interest Rate:
Starts at around 9.10% to 9.50% (may vary based on credit score and market conditions).
5. Tenure:
Flexible repayment terms ranging from 12 to 84 months.
6. Processing Fee:
1% of the loan amount (minimum ₹500), plus applicable GST.
7. Prepayment and Foreclosure:
No prepayment penalty if closed after 6 months.
Foreclosure charges apply if closed before 6 months.
8. Income Requirements:
Minimum monthly income varies based on loan amount but typically around ₹20,000 for salaried individuals.
For self-employed, minimum annual income thresholds apply.
9. Documentation Required:
Identity Proof (Aadhaar, PAN)
Address Proof
Income Proof (salary slips, IT returns)
Bank statements (last 3-6 months)
10. Quick Processing:
Fast approval and disbursal process, especially for pre-approved customers or existing account holders.
11. No Collateral Required:
Unsecured loan, meaning no need for security or collateral.
12. Special Benefits:
Competitive interest rates for Indian Bank customers.
Special schemes for government employees and pensioners.
13. Top-Up Loans:
Available for existing personal loan borrowers with good repayment history.