Indian Bank Personal Loan

Comparison of Indian Bank Personal Loan Vs Other Banks

Loan application process has one of the crucial steps & it is to understand the different rates and charges added by different banks. You can refer to the table below and compare different rates before applying to an Indian bank loan.

Indian Bank Personal Loan Eligibility

There are certain criterias you need to meet for an Indian Bank Personal Loan eligibility. Increases your chances of getting approved for a personal loan from Indian Bank with some of the minimum criteria listed below-

Scheme Wise Personal Loans Offered By Indian Bank

Personal loans give individuals an opportunity to use them when they require it the most, Indian Bank offers personal loans cater to several different objectives and needs. Check out the different types of personal loans offered by Indian Bank-

IB Home Loan Combo

A special package offered by Indian Bank wherein customers can avail a home loan along with an additional loan such as a vehicle loan, personal loan, pension loan, or home improvement loan. The second loan helps the borrower meet his/her other financial needs.

Reverse Mortgage

Indian Bank offers a reverse mortgage product called the Senior Citizen Home Loan. It allows homeowners aged 60 years and above to convert their home equity into cash without having to make monthly mortgage payments. Instead, the loan is repaid when the borrower dies, moves out of the home permanently, or sells the home.

Ind Mortgage

Ind Mortgage is a loan product offered by Indian Bank to individuals or businesses who want to purchase a residential or commercial property. This loan covers repairs, renovations, marriage, education, festivals, medical expenses, and other bankable needs (excluding speculation).

Home Loan

IB Home Loan is a loan product offered by Indian Bank to individuals or families who want to purchase a residential property in India.The loan can be used for a variety of purposes, such as:

• Purchase of a new home.
• Purchase of a second home.
• Refinance of an existing loan.
• Home improvement.

IB Home Improve

• For the purchase of household furnishings, kitchen storage, cabinets, TVs, refrigerators, computers, wall paper, lighting, interior accents, air conditioners, kitchen chimneys, modern kitchen gadgets, modular kitchens and piped gas supply.
• For the cost of digging a bore well with appropriate water lifting devices, such as jet pump sets, compressors, solar systems and immersible pump sets.

NRI Plot Loan

• When buying a house site on an ownership basis, the site must be situated in a layout that has been authorised by the appropriate government agency.
• Loans are not allowed to be used to purchase home sites in rural areas.

NRI Home Loan

For the purchase, building, repair, renovation, or alteration of a home or flat. Both non-resident Indians (NRIs) and people of Indian origin (PIOs) are covered under the programme.

IB Home Advantage

Home loans can be used for various purposes, including purchasing/constructing a new house/flat, acquiring a house site and constructing on it, buying an existing house/flat, extending or renovating an existing property, taking over home loans, and reimbursing costs for recent house/flat purchase or construction.

IB Home Enrich

IB Home Enrich is a home loan product offered by Indian Bank to homeowners who are looking to renovate their existing home. The loan is available to both salaried and self-employed individuals.

Jewel Loan

Domestic requirements, consumption, activities related to raising a family, medical costs, and any bankable activity other than speculation.

OD Against Gold Jewels

• OD Against Gold Jewels or Overdraft against Gold Jewels is a loan facility that Indian Bank offers to its customers. Under this facility, customers can avail a loan against the security of their gold jewellery. The loan amount is based on the value of the jewellery and the customer's creditworthiness.
• The interest rate on OD Against Gold Jewels is higher than the interest rate on other types of loans, such as personal loans or home loans. This is because the bank takes on more risk when it lends against gold jewellery, as the jewellery can lose its value over time.

Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals

• Indian Bank offers a loan facility for the purchase of vans, minibuses, buses, and ambulances to institutions, firms, PSUs, companies, and hospitals.
• The loan is available for both new and used vehicles.
• The loan amount is based on the purchase price of the vehicle, the borrower's creditworthiness, and the purpose of the loan.

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Loan Against Lease Rentals

• Loan Against Lease Rentals (IB Rental) is a loan product offered by Indian Bank to individuals or businesses who own commercial or residential properties that are leased out.
• The loan amount is based on the monthly rental value of the property and the unexpired lease period.
• The maximum loan amount is Rs. 5 crores, and the repayment period is up to 180 months.

Scheme-Wise Indian Bank Personal Loan Eligibility

Let’s go through the eligibility criteria for each loan schemes offered by Indian bank from below:

IB Home Loan Combo Eligibility

Individuals and Joint borrowers who have -

• Have taken a home loan from Indian Bank.
• Satisfactory service of Home loan for at least ONE year after the holiday period.
• Has an equitable mortgage.
• Regular payments in home loan accounts ( account to be in standard category).

Reverse Mortgage Eligibility

• Senior citizens above 60 years of age ( including -retired staff from Indian Bank)
• Satisfactory service of Home loan for at least ONE year after the holiday period
• Should own a self acquired residential property ( in India)
• The residual life of the property should be more than 20 years

Ind Mortgage Eligibility

Other Eligibility Criteria for Ind Mortgage Loan-

1. Salaried Class-
   • Permanent Employees of Central / State Govt. / Quasi Govt. Bodies / Public Limited Companies / reputed Private Limited Companies with clear record of paying timely salaries.
   • Applicant should have minimum completed service of 3 years
   • Employees of Indian Bank and other Banks (PSU / Private / Foreign / Co-op) are also eligible.
2. P&SE, Other Individuals, Sole -proprietor and Other Business Class-
   • Professionals / Traders / Businessmen including , Sole Proprietary concern, Firms and Limited companies are eligible based on their income level and cash flow.
3. Pensioners:
   • All Central / State Govt. Pensioners, Family Pensioners, Re-employed pensioners who are drawing their pension through our branches are eligible
   • NRI customers are also included subject to the condition that the end use is for bankable purposes, as permitted by RBI.

IB Home Loan Eligibility

Salaried Class-

• Regular employees of Central Government / State Government / Public Sector Undertakings /Government or Government aided Educational Institutions with salary statements from the existing employer for at least the previous 3 months.
• Regular employees of MNCs/Reputed Companies (Externally rated as BBB or above) with salary statements from the existing employer for at least previous 3-months subject to the condition that they have total experience of minimum 2 years.

Non- Salaried Class-

• For Businessmen, Professional and Self-employed minimum experience of 3 years

Pensioner:

• Should be able to service the loan adequately with the income.

IB Home Improve Eligibility

Existing home loan borrowers (both citizens and non-residents), including our employees, as well as potential borrowers who fall into the salaried class, professional and business categories.

NRI Plot Loan Eligibility

• NRIs who are actively seeking employment and have at least three more years left on their current contract.
• NRI professionals who earn a consistent monthly salary.
• The age limit is 50 years at the time of application and 60 years at the conclusion of the payback period.

NRI Home Loan Eligibility

Eligibility -

• NRIs who are actively seeking employment and have at least three more years left on their current contract.
• NRI professionals who earn a consistent monthly salary.
• The age limit is 50 years at the time of application and 60 years at the conclusion of the payback period.

IB Home Advantage Eligibility

• Residents with stable sources of income, including those in the salaried class, business owners, professionals and self-employed individuals, and pensioners, may also be eligible for home loans on a limited basis.
• Employees of Indian banks and their spouses are both eligible to apply for house loans. In these circumstances, the Guarantee of Spouse or Staff is required.

IB Home Enrich Eligibility

• Individuals who are residents or NRIs and who have a residential dwelling unit registered in their names must provide a copy of the most recent tax payment certificate, sale deed, gift deed, mutation certificate, or partition deed.

Salaried Class, Businessman, Professional and Self- employed people, Pensioners-

• A steady source of income
• who have accumulated a minimum of three years' worth of verified service or experience (including previous employment or experience and verified current employment).

Jewel Loan Eligibility

• individuals including Senior Citizens

OD Against Gold Jewels Eligibility

Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals Eligibility

Eligibility - Indian Bank home loans are available to the general public, women applicants, and COVID Warriors, including healthcare professionals, sanitation staff, police staff, Anganwadi and ASHA workers, Dak Sewaks, fire staff, ex-servicemen, and NSS volunteers.

Loan Against Lease Rentals Eligibility

Eligibility - Property owners, both commercial and residential, who have leased or intend to lease their properties to qualified lessees or tenants.

Indian Bank Loans Offers

1. IB Home Loan Combo

The following are the benefits of IB Home Loan Combo:

• Concessional interest rate: The borrower is entitled to a concessional interest rate on the additional loan, subject to repayment capacity and other eligibility criteria.
• Reduced processing charges: The borrower is entitled to a reduction in processing charges on the additional loan, subject to repayment capacity and other eligibility criteria.
• Single loan account: The borrower only needs to maintain a single loan account for both the home loan and the additional loan. This helps to simplify the repayment process and reduces the risk of default.

Applicable Interest Rates and Processing charge concessions

Indian Bank Personal Loan Documents Required

The following documents are required to apply for an Indian Bank Personal Loan:

• Proof of Identity: Aadhaar Card, PAN Card, Passport, or Voter ID Card.
• Proof of Address: Copy of your electricity bill, water bill, or gas bill.
• Proof of Income:This can be a copy of your salary slips for the last 3 months, or your Form 16.
• Bank Statement:This can be a copy of your bank statement for the last 3 months.
• Photograph:You will need to submit a recent passport-size photograph.

If you are a self-employed individual, you will also need to provide the following documents:

• IT Returns:You will need to provide a copy of your IT Returns for the last 2 years.
• Balance Sheet: You will need to provide a copy of your Balance Sheet for the last 2 years.
• Profit and Loss Statement: You will need to provide a copy of your Profit and Loss Statement for the last 2 years.

Features of Indian Bank Personal Loan

Indian bank personal loan has exclusive features and benefits that can be used to benefit various purposes of loan, some of which are listed below-

4 Easy Steps to Apply for Indian Bank Personal Loan with Buddy Loan

Here’s the step-by-step process that you can follow to apply for Indian Bank personal loan on Buddy Loan:

• Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
• Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
• Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
• Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
• Step 5: Enter your work details (Including company name, years of service and Designation)
• Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
• Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.