Consolidation Loans from Indian Bank

There’s a consolidation loan for everyone based on their needs

Indian Bank, the seventh-largest bank in India since April 2020, offers a range of financial products to different segments of its customer base. The bank offers different loan options to its business and retail customers. You can choose from a range of loans that are specifically suited for your different needs.

Indian Bank Consolidation Loans

In addition to standard loan options such as home loans, education loans, business loans and so on, Indian Bank offers specially designed loan schemes to its customers for their varied needs. One of these options is the consolidation loan scheme. Like most banks in the country, Indian Bank does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans that can be used to consolidate your debt.

They help Indian Bank customers pay off all their debts and consolidate the debts all into one loan which they can repay by choosing terms as per your preference. These can be unsecured loans like personal loans or secured loans like loans against property, gold or securities.

Here are some of the loan schemes offered by Indian Bank that you can avail as a consolidation loan:

  1. IB Clean Loan to Salaried Class (Personal Loan)
  2. Loan/Overdraft Against NSC/KVP/Relief Bonds of RBI/LIC Page (Loan Against Securities)
  3. Loan Against Deposits
  4. IB Pension Loan
  5. Mortgage Loan
  6. Reverse Mortgage Loan
  7. IB Rent Encash Loan
  8. IB Home Loan Combo
  9. IB Home Loan Plus

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.

Please note that in some cases information is less or simply not available. In such instances, we have not been able to create a page on that loan as yet, but we may do so in the future if information becomes available.

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 Personal Loan

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

Indian Bank Loan/Overdraft (OD) Against NSC/ KVP/ Relief Bonds of RBI/ LIC Policies

This scheme helps borrowers get access to funds by pledging their securities such as National Savings Certificates (NSCs), Kisan Vikas Patra (KVP), Relief Bonds of RBI, Life Insurance Policies, etc. to the bank. While the main purpose of this loan is to help the borrower to meet any contingencies and personal needs such as a wedding, overseas travel and so on, it can also be used to consolidate the borrower’s high-interest debts thereby acting as a consolidation loan.

Features of Indian Bank Loan/OD Against NSC/KVP/Relief Bonds of RBI/LIC Policies

Why this Loan?

Indian Bank Loan Against Deposits

This loan helps borrowers get access to funds against their term deposits made with the bank. The main purpose of this loan is to help the borrower to meet any contingencies and personal needs such as a wedding, overseas travel and so on. This loan can also be repurposed to pay off the borrower’s high-interest debts thereby consolidating their debts.

Features of Indian Bank Loan Against Term Deposits

Why this Loan?

  • The Indian Bank Loan Against Deposits is meant for borrowers who want to avail financial assistance by pledging term deposits to deal with financial emergencies. They can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
  • The maximum loan amount sanctioned under this loan scheme is up to 90% of the accrued value of deposit
  • The interest rate applicable to this loan is 2% higher than the applicable interest rate for the Term Deposit pledged with the bank

Indian Bank IB Pension Loan

This loan helps pensioners and family pensioners get access to funds to meet their personal needs. While this loan can be used to meet expenses for overseas travel, medical exigencies, child education and so on, it can also be used to consolidate high-interest debts. This loan cannot be availed for speculative purposes. The maximum loan amount sanctioned by the bank under this loan depends on the monthly pension drawn by the borrower.

Features of Indian Bank Pension Loan Scheme

Why this Loan?

  • The Indian Bank IB Pension Loan is designed to help Central and State Government pensioners, family pensioners, Re-employed pensioners, Indian Bank retirees (other than dismissed staff) maintaining pension accounts with Indian Bank who want to avail financial assistance for personal needs
  • Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts

Indian Bank IND Mortgage Loan Scheme

This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs such as a wedding, foreign travel, medical treatment, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off your high-interest debts.

Features of Indian Bank Mortgage Loan

Why this Loan?

  • The Indian Bank IND Mortgage Loan is meant for borrowers who want to avail financial assistance by pledging their property to the bank to meet their urgent financial needs other than for capital market or speculative purposes
  • Being a secured loan, borrowers can pay off their high-interest credit card debts and loans, thereby using this loan for consolidating their debts

Indian Bank Reverse Mortgage Loan

This loan helps senior citizens get access to funds by mortgaging their self-occupied residential property and convert it into liquid cash flows to meet their living expenses. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts. This loan cannot be availed for trading or speculative purposes.

Features of Indian Bank IND Reverse Mortgage Loan for Senior Citizens

Why this Loan?

  • The Indian Bank IND Reverse Mortgage Loan is meant for senior citizens who want to generate liquid cash flow to meet their living expenses or supplement pension income by pledging their self-occupied, residential property used as a primary permanent residence for this loan
  • The borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans

Indian Bank Rent Encash Loan (Loan Against Rent Receivables)

This loan helps property owners who have let out or leased their property situated in metro, urban or semi-urban areas to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. get access to funds to meet their personal needs. This loan can also be used to consolidate debts. It cannot be used for trading, capital market or speculative reasons.

Features of Indian Bank Loan Against Rent Receivables

Why this Loan?

  • The Indian Bank Rent Encash Loan is let out or leased their property situated in metro, urban or semi-urban areas to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. get access to funds to meet their personal needs
  • This loan can be availed to meet the financial needs for business expansion, education expenses, wedding expenses, purchase of a new property, repayment of existing loans, etc. Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts

Indian Bank IB Home Loan Combo

This is a combo loan scheme through which Indian Bank offers a home loan with an additional loan such as pension loan, personal loan, vehicle loan, etc. to its customers. This is the combo loan scheme since the second loan helps the borrower meet his/her other financial needs.

Features of Indian Bank Home Loan Combo (Home Loan Package with Other Indian Bank Loans)

Why this Loan?

  • The Indian Bank IB Home Loan Combo is meant for people who are looking for a home loan with a room for more financial assistance to meet their personal needs. This saves them from availing multiple loans
  • Borrowers can use the second loan, offered in addition to the home loan, to pay off their high-interest debts

Indian Bank IB Home Loan Plus

This loan helps housing loan borrowers meet their personal needs or pay off their existing loans. This is the perfect loan scheme for Indian Bank home loan borrowers who need additional funds for meeting financial exigencies.

Features of Indian Bank IB Home Loan Plus

Why this Loan?

  • The Indian Bank IB Home Loan Plus is meant for Indian Bank housing loan borrowers who need additional funds for personal needs
  • This is a secured loan and can be used by borrowers to consolidate their debts by paying off all other loans

Important Note: Indian Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for Indian Bank Consolidation Loans

  • The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR)/Repo Linked Lending Rate (RLLR) and Credit Risk Premium. In certain cases, another factor called Spread or Strategy Spread, which is a constant value set by the bank, may be added to the computation of interest rate on certain loans

Documents Needed for Individuals (Salaried and Self-employed)

  • 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
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

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