Thinking of a Personal Loan to pare down your debts?

Take a look at Indian Bank Personal Loan Scheme referred to as Clean Loan to Salaried Class.

Indian Bank Clean Loan to Salaried Class (Personal Loan)

This loan helps borrowers to get funds to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. But what most people do not know is that this personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts.

Features of Indian Bank Clean Loan to Salaried Class

Why this Loan?

  • The Indian Bank Clean Loan to Salaried Class is meant for permanent employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least three years of service who need financial assistance to meet urgent personal needs other than speculative purposes
  • This is a collateral-free loan

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to a maximum of twenty times the monthly gross salary of the borrower

Interest

  • As of October 2020, the interest rate applicable to this loan ranges from 9.05% to 9.80%

Repayment

  • This loan must be repaid within 7 years in EMIs. The loan must be closed three years before superannuation (retirement)

Eligibility

  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least three years of service even if they do not have a salary account with the bank

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
  • The bank asks for employer’s sponsorship, authorisation to debit savings bank account and third-party guarantee to secure this loan

Processing Charges

  • The bank charges 0.512% of the loan amount up to a maximum of Rs. 500 for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Authorisation to debit Savings Bank account

Reference Facts

  • Indian Bank Website: www.indianbank.in
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Toll-Free Number: 1800 425 00 000