Indian Bank Personal Loan Eligibility

Here are the detailed eligibility criteria for Indian Bank Personal Loan according to the loan scheme:

Eligibility Criteria for IB Clean Loan:

• Applicants should be salaried, working with Government/ Quasi Government/ Endowments/ Boards/ Corporate Industrial Establishments/ Reputed Companies.
• The minimum take-home pay must be 40% of the applicant’s gross salary after deducting the proposed EMI.
• The minimum age required is 21 years and maximum is 60 years.
• Applicants must have a minimum of 2 years of work experience.
• Applicants must provide security in the form of employer's sponsorship, third party guarantee, encashable collateral security, authorisation to debit SB account, or post dated cheques.
• Indian Bank Personal Loan requires a good CIBIL score, preferably more than 700.

Eligibility Criteria for IB Pension Loan:

• Applicants must be Central or State Government pensioner, family pensioner, re-employed pensioner, or Indian Bank retiree (under VRS or superannuation) whose pension accounts are held with Indian Bank's branch.
• CRS retirees and EPF pensioners are not eligible for the loan.
• Age requirement:
  • Regular Pensioner: Maximum entry level age is 75 years and maximum exit level age is 78 years.
  • Family Pensioner: Maximum entry level age is 70 years and maximum exit level age is 73 years.
• Applicants must provide the guarantee of the spouse (or legal heir/family member/third party acceptable by the bank, if there is no spouse).

 Eligibility Criteria for IB Home Loan Combo:

• Applicants must be salaried who have already availed of a Home Loan (either individually or jointly) from Indian Bank and has repaid the same satisfactorily for at least 3 years after holiday period
• Applicants should have created an equitable mortgage.
• Applicants should have maintained a security margin of at least 15% for house/ plot purchase or house construction.
• Applicants must have been regular with the Home Loan repayment.

The benefits of Indian Bank personal loans are as follows.

• Available for meeting domestic emergencies like medical expenses, educational needs, and so on
• The bank does not question the reason for availing the personal loan.
• Indian Bank has a transparent pricing policy where they charge competitive rates of interest.
• Indian Bank has a simplified loan application procedure with relaxed eligibility norms.
• The bank charges affordable processing fees.

Indian Bank links the personal loan interest rates to the repo rates announced by the Reserve Bank of India. As on date, the repo rate is 4%.