National Toll Free No1800 425 00 000
 
National Toll Free No1800 425 00 000

IB Clean Loan (to Salaried Class)

IB Clean Loan (to Salaried Class)

Purpose / Objective For meeting Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses
Target Group Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
Eligibility Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
Amount of Loan Eligible amount is calculated @ five times the gross salary (maximum of Rs.50000/-) for account holders whose salary is credited in the branch account or @7 times of gross salary (maximum Rs.1 lakh) with employer sponsorship with undertaking letter from the employer to recover EMI from salary and remit to Bank.
Margin Nil
Interest Rates Please see the Lending Rates link on Bank website home page
Processing fee 0.51% on loan amount with a max. of Rs.510
Repayment 36 Equated Monthly Instalments (EMI)
Security a). Employer’s sponsorship (b). Authorisation to debit SB account or (c). Third party guarantee and/or Encashable collateral security, (d)Post dated cheques
Documents to be submitted for processing the application Proof of employment and salary certificate (salary credit to SB account with branch or employer’s undertaking to recover EMI and remit to bank)

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The following documents to be obtained in case of individual borrowers who approach for loan under this scheme directly without employer sponsorship or salary credit . Salary Certificate for self for 6 months IT returns/Form 16 for 3 years from the individual borrowers.. Statement of account for the past 6 months. Post dated cheques to be obtained. Suitable third party guarantee is desirable.