|Permanent Employees with minimum service/ experience of 2 years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc.
|For meeting Marriage/Educational and medical expenses, to celebrate family functions, for other household expenses or any other bankable purpose, but not for speculative purposes.
|Minimum Entry Age 21 years
|Net Take Home Pay
|Take home pay (after proposed EMI) should not be less than 40% of the gross salary
|Guarantee of spouse (wherever applicable) and or PF/Gratuity/NPS Nominee
|Takeover of Liability
|If salary is credited with us, takeover is permitted subject to compliance of norms of the Bank
|Closure of loan
|Repayment tenor will be fixed such that the loan is getting closed 3 months prior to superannuation
|Documents to be submitted by the applicant
|· Proof of income (last six months’ Salary Slips showing all deductions or latest Form 16) duly attested by the employer
· Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc)
· Form 16 / ITR
· PAN Card (mandatory)
· KYC documents (like – Passport, Aadhar Card, Ration Card, Election ID, Driving License etc).
· Authorization to debit SB account / ECS / NACH mandate.
Category 1: Salary of the employee is credited in Indian Bank and no Check-off/ Undertaking is available:
- Term Loan:
- Maximum of 20 times of the monthly GROSS salary
- Repayment tenor: Max 84 months
- Limit equal to 1 month’s gross salary of the applicant subject to maximum of Rs.2.00 Lakh
- Limit is valid for a period of one year
- Maximum limit is capped at Rs.50.00 lakhs (Term Loan and Overdraft together)
- Subject to the condition that the employer will obtain NOC from us for change of salary account
Category 2: Salary of the employee may or may not be credited in Indian Bank and Check-off / Undertaking is available (or) Customer has already availed Home Loan with us, account is regular, and salary is credited in our Bank:
- Term Loan / Overdraft: Maximum of 20 times of monthly GROSS salary
- Maximum limit: No cap
- Repayment tenor of Term Loan: Max 84 months
- Overdraft under this category is sanctioned on a monthly reduction basis with Repayment Tenor of:
- For limits upto Rs.5 lakhs – Max 60 months
- For limits above Rs.5 lakhs – Max 84 months
- At any point in time a customer is allowed to take either term loan or overdraft and cannot have both the facilities at the same time.
( अंतिम संशोधन Dec 16, 2023 at 05:12:10 PM )