Indian Bank - Doctor Plus
Target segment :
* Individuals/Partnership/Ltd.Co./Trust.
* Promoters should have minimum MBBS/BAMS/BDS/BHMS & registered practitioners.
* Key promoters should be qualified doctors.
Purpose:
To finance qualified medical practitioners for
* Buying equipment
* Setting up clinic or clinic-cum-residence or nursing homes
* Setting up Xray lab, pathological clinics, polyclinics
* Setting up Drug/Medical Stores
* Purchase of vehicles, ambulance, computers
* Expansion/renovation/Modernisation of existing premises
* Any other activities related to medical profession
Note:The above activities can be taken individually or as a combination also.
Loan amount
* Minimum Rs.1.00 lakh
* Maximum Rs.50.00 lakhs
Margin
Loan slab Urban & Metro Semi-urban & Rural
Upto Rs. 5 lakhs 10% 15%
Over Rs. 5 lakhs 20% 15%
Repayment Period
* Maximum period up to 10 years.
* Maximum moratorium 3 months.
Security :
Loan upto Rs. 1.00 Lakh: No security except to the extent of Assets created out of loan amount.
Loans above Rs. 1.00 Lakh: Hypothecation of assets + LIC Policy in the name of the borrower to be taken and assigned in Bank’s favour to the extent of shortfall of security coverage or Collateral Security.
Insurance
* Insurance of assets purchased out of Bank Loan and in respect of vehicles,comprehensive insurance as laid down
Processing charges:
* Upto Rs.10,00,000: Nil for the first time borrowers
* Above Rs.10,00,000 : Rs.250/- per lakh or part thereof
Rate of Interest (Applicable with montly rest) Working Capital/ Term loan
Working Capital Term Loan
9.50 % 9.50 %
Penal interest : 2% on delayed payment of instalments.
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Friday, January 23, 2009
Indian Bank Shanti Niketan Loan Scheme
IB-Shanthi Niketan - A new loan scheme for financing of Hostels
Target segment
* Registered Trust/NGO/Individual owning Property/registered firms/schools and colleges/HUFs/Individuals running 'paying guest' facility.
* Preference to be given to Females for running working women hostel or student hostel for girls.
Purpose
1. Extension/renovation of hostel for working women/men/students(school/college).Capacity of the hostel could range from 5 rooms to 60
rooms.
2. For furnishing the living rooms, common room and office like for purchasing beds,study tables, chairs, fans, curtains, mattresses etc.
3. For Purchasing kitchen items like chimney, gas strove, refrigerator etc.
4. For purchasing computer, computer peripherals and modem for internet connectivity for the office use/ commercial purpose in the hostel premises.
5. Working Capital.
Extent of Finance
Rs 2 lakhs (minimum) to Rs 25 lakhs (Maximum)
Margin
Term Loan – 10 %
Working Capital – 25%
Repayment Period
36 months to 60 months. EMI based on cash flow
Interest
Term Loan- 12.50 %
Working Capital – 12.00 %
(0.5% lesser interest rate for borrowers who are
women entrepreneurs.)shall be charged.
Security
Equitable mortgage of the land & building in case of selfowned property. In case of property on lease an additional security by way of any other property of equivalent value of loan to be taken.
• Hypothecation of asset financed, personal
guarantees of the promoters is to be insisted.
• Third party guarantee is preferable.
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Target segment
* Registered Trust/NGO/Individual owning Property/registered firms/schools and colleges/HUFs/Individuals running 'paying guest' facility.
* Preference to be given to Females for running working women hostel or student hostel for girls.
Purpose
1. Extension/renovation of hostel for working women/men/students(school/college).Capacity of the hostel could range from 5 rooms to 60
rooms.
2. For furnishing the living rooms, common room and office like for purchasing beds,study tables, chairs, fans, curtains, mattresses etc.
3. For Purchasing kitchen items like chimney, gas strove, refrigerator etc.
4. For purchasing computer, computer peripherals and modem for internet connectivity for the office use/ commercial purpose in the hostel premises.
5. Working Capital.
Extent of Finance
Rs 2 lakhs (minimum) to Rs 25 lakhs (Maximum)
Margin
Term Loan – 10 %
Working Capital – 25%
Repayment Period
36 months to 60 months. EMI based on cash flow
Interest
Term Loan- 12.50 %
Working Capital – 12.00 %
(0.5% lesser interest rate for borrowers who are
women entrepreneurs.)shall be charged.
Security
Equitable mortgage of the land & building in case of selfowned property. In case of property on lease an additional security by way of any other property of equivalent value of loan to be taken.
• Hypothecation of asset financed, personal
guarantees of the promoters is to be insisted.
• Third party guarantee is preferable.
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Indian Bank Annapoorna and Aroghya Scheme
Indian Bank Annapoorna and Aroghya Scheme
Target Group
Mid sized Hotels/Restaurants/Food joints/Bakeries/Fast Food outlets catering to the growing "Middle Class" segment of the population
Motels/Highway Inns/Restaurants/Kiosks/Mess/ Canteens and Tea Stalls located within 6 to 7 Km radius from the branch, which are catering to "commuters on the highways"
Caterers of all kinds who supply food to schools/colleges or for domestic functions like Birthdays, Marriages, parties etc. and staff canteen in established organisations.
Refreshment stalls in Railway stations/Bus stations/
Fast food centres situated in important Tourism centres, Temple towns, National Highways (in places like Ooty, Simla, Kodaikanal, Agra, Kancheepuram, Madurai, Tirupati, Shirdi, Mathura etc.)
Borrowers shall preferably be running/having existing units with the potential to improve/expand the existing business.
New entrepreneurs with requisite technical back up such as "Diploma/Degree in catering technology" with minimum of 3 years experience in hospitality industry/hotel industry in Metro Cities shall also be considered.
Purpose
The purpose of the loan shall be:
# Renovation of the premises, viz., refurnishing, carrying out major repairs in civil structure, interior design/decoration, replacing the old furniture/kitchen equipments.
# Installation of/replacing AC/Air cooler systems, freezers, Exhaust fans, Van/Tempo, purchase of delivery tri-cycles etc.
# For taking up "franchise selling" of branded eatables/ice-cream/"Fast Food"/Pizzas/Bakery Products/"Amul"/"Arun"
# For purchase of hot packs, installation of Acqua Guard System, Utensils, serving trays, tumblers, crockeries etc.
# For provision of musical system/musical instruments in the hotel premises
# For setting up of Bar-Restaurants
# For financing premises to be acquired on lease basis for setting up new hotels. Loan for rent advance upto a maximum of Rs.2.00 lakhs shall also be considered. This is to encourage Diploma/degree holders in Hotel Management/Catering Technology
Eligibility
* Units in own premises/Units in leased premises with un-expired lease covering the repayment period.
* Units having licence to conduct Hotel business/Catering from Municipal/Local Administration
Quantum of Loan:
Need based assessment keeping in view the existing turnover and the projected turnover. The per borrower cap/ceiling shall be as follows:
Location Maximum Amount:
Units in Urban Centres Rs.15 Lakhs
(Term Loan Rs.10 lakhs & Working Capital Rs.5 lakhs)
Units in Metros Rs.25 Lakhs
Loan amount shall be linked to "Major Capital" expenditure proposed after deducing the margin/owner's contribution
Margin on loan :
Purpose : For creation of assets viz., standard equipments such as Refrigerators/AC systems/Air Coolers etc.
Margin : 15%
Purpose : For Franchisee, Fees/Advance money payments
Margin : 15%
Purpose : For all other items/renovation/starting New Venture
Margin : 15%
Interest rate :
* 11.50 % floating - For Working Capital
* 12.00 % floating - For Term loan
In case of loans given to Women entrepreneurs holding Diploma/Degree in Hotel Management/ Catering Technology the rate of interest shall be reduced by 1.0% (from the date of advance) at the end of the repayment period if the account is repaid promptly.
Repayment :
Based on the "income/surplus" projected subject to a maximum period of 5 years inclusive of a holiday period not exceeding 3 months.
Processing Charges :
One time processing charge of Rs.250/- per lakh or part thereof for loan limits above Rs.2 lakhs.
Additional Security and Third Party Guarantee.
In addition to the hypothecation of the assets including assets created out of bank loan, additional security by way of EM of immovable property such as the "premises of Hotel Unit" or in case that is not possible any other property, the marketable value of which may not be less than 100% of the loan amount.
In case third party properties are offered, Guarantee of the third party shall also be obtained.
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Target Group
Mid sized Hotels/Restaurants/Food joints/Bakeries/Fast Food outlets catering to the growing "Middle Class" segment of the population
Motels/Highway Inns/Restaurants/Kiosks/Mess/ Canteens and Tea Stalls located within 6 to 7 Km radius from the branch, which are catering to "commuters on the highways"
Caterers of all kinds who supply food to schools/colleges or for domestic functions like Birthdays, Marriages, parties etc. and staff canteen in established organisations.
Refreshment stalls in Railway stations/Bus stations/
Fast food centres situated in important Tourism centres, Temple towns, National Highways (in places like Ooty, Simla, Kodaikanal, Agra, Kancheepuram, Madurai, Tirupati, Shirdi, Mathura etc.)
Borrowers shall preferably be running/having existing units with the potential to improve/expand the existing business.
New entrepreneurs with requisite technical back up such as "Diploma/Degree in catering technology" with minimum of 3 years experience in hospitality industry/hotel industry in Metro Cities shall also be considered.
Purpose
The purpose of the loan shall be:
# Renovation of the premises, viz., refurnishing, carrying out major repairs in civil structure, interior design/decoration, replacing the old furniture/kitchen equipments.
# Installation of/replacing AC/Air cooler systems, freezers, Exhaust fans, Van/Tempo, purchase of delivery tri-cycles etc.
# For taking up "franchise selling" of branded eatables/ice-cream/"Fast Food"/Pizzas/Bakery Products/"Amul"/"Arun"
# For purchase of hot packs, installation of Acqua Guard System, Utensils, serving trays, tumblers, crockeries etc.
# For provision of musical system/musical instruments in the hotel premises
# For setting up of Bar-Restaurants
# For financing premises to be acquired on lease basis for setting up new hotels. Loan for rent advance upto a maximum of Rs.2.00 lakhs shall also be considered. This is to encourage Diploma/degree holders in Hotel Management/Catering Technology
Eligibility
* Units in own premises/Units in leased premises with un-expired lease covering the repayment period.
* Units having licence to conduct Hotel business/Catering from Municipal/Local Administration
Quantum of Loan:
Need based assessment keeping in view the existing turnover and the projected turnover. The per borrower cap/ceiling shall be as follows:
Location Maximum Amount:
Units in Urban Centres Rs.15 Lakhs
(Term Loan Rs.10 lakhs & Working Capital Rs.5 lakhs)
Units in Metros Rs.25 Lakhs
Loan amount shall be linked to "Major Capital" expenditure proposed after deducing the margin/owner's contribution
Margin on loan :
Purpose : For creation of assets viz., standard equipments such as Refrigerators/AC systems/Air Coolers etc.
Margin : 15%
Purpose : For Franchisee, Fees/Advance money payments
Margin : 15%
Purpose : For all other items/renovation/starting New Venture
Margin : 15%
Interest rate :
* 11.50 % floating - For Working Capital
* 12.00 % floating - For Term loan
In case of loans given to Women entrepreneurs holding Diploma/Degree in Hotel Management/ Catering Technology the rate of interest shall be reduced by 1.0% (from the date of advance) at the end of the repayment period if the account is repaid promptly.
Repayment :
Based on the "income/surplus" projected subject to a maximum period of 5 years inclusive of a holiday period not exceeding 3 months.
Processing Charges :
One time processing charge of Rs.250/- per lakh or part thereof for loan limits above Rs.2 lakhs.
Additional Security and Third Party Guarantee.
In addition to the hypothecation of the assets including assets created out of bank loan, additional security by way of EM of immovable property such as the "premises of Hotel Unit" or in case that is not possible any other property, the marketable value of which may not be less than 100% of the loan amount.
In case third party properties are offered, Guarantee of the third party shall also be obtained.
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IB Jala Nidhi Scheme
Indian Bank Jalanidhi Loan Scheme
Apply Jala nidhi Loan Online
Target Group
Existing Flat / House / Office Commercial Establishment Premises Owners
Purpose
For establishing rain water harvesting structure
Quantum of Loan
Max. Rs. One lakh
Margin on loan
* NIL up to Rs.25,000
* 20% for loans above Rs.25,000
Interest Rate - Floating
Category Rate of Interest
Agriculturists 9.00% (Fixed) *
Others 10.00% (Fixed) *
* Presetly BPLR 11%
EMI Rs.465.96 for Sr.10,000/- for 24 months
Repayment
Category Period of repayment
Agriculturists 4 half-yearly instalments
Non Agriculturists 24 EMI
EMI for 24 months for every 10,000/- - Rs. 465.96
Loan Amount : Upto Rs.2500
Security : Pledge of LIC Policies/NSCs/ Indhra Vikas Patra/ Government Bonds - worth 100% Value
Loan Amount : Above Rs.25000
Pledge of LIC Policies/NSCs/ Indhra Vikas Patra/ Government Bonds - 100% Value or EM of Property - worth 100% Value
Other conditions
* 40% take home pay for salaried/40% of gross income for others to be maintained after recovery of proposed EMI.
* Property tax receipt to be produced in proof of ownership of the applicant.
* In case of loans for flats, if by-laws of the Flat Owners' Association / Society permit availment of loan, loan can be sanctioned in the name of the Association/ Society with guarantees (@125% of the proportionate share in the total loan amount) from all the flat owners
List of Focus Branches for Jala Nidhi Loan Scheme
Name of the Circle
Chennai
Coimbatore
Cuddalore
Dharmapuri
Kancheepuram
Kumbakonam
Madurai
Pondicherry
Salem
Thanjavur
Tirunelveli
Trichy
Vellore
Name of the Branch
1. Kumbakonam
2. Mannargudi
3. Mayiladuthurai
4. Thiruthuraipoondi
5. Tiruvarur
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Apply Jala nidhi Loan Online
Target Group
Existing Flat / House / Office Commercial Establishment Premises Owners
Purpose
For establishing rain water harvesting structure
Quantum of Loan
Max. Rs. One lakh
Margin on loan
* NIL up to Rs.25,000
* 20% for loans above Rs.25,000
Interest Rate - Floating
Category Rate of Interest
Agriculturists 9.00% (Fixed) *
Others 10.00% (Fixed) *
* Presetly BPLR 11%
EMI Rs.465.96 for Sr.10,000/- for 24 months
Repayment
Category Period of repayment
Agriculturists 4 half-yearly instalments
Non Agriculturists 24 EMI
EMI for 24 months for every 10,000/- - Rs. 465.96
Loan Amount : Upto Rs.2500
Security : Pledge of LIC Policies/NSCs/ Indhra Vikas Patra/ Government Bonds - worth 100% Value
Loan Amount : Above Rs.25000
Pledge of LIC Policies/NSCs/ Indhra Vikas Patra/ Government Bonds - 100% Value or EM of Property - worth 100% Value
Other conditions
* 40% take home pay for salaried/40% of gross income for others to be maintained after recovery of proposed EMI.
* Property tax receipt to be produced in proof of ownership of the applicant.
* In case of loans for flats, if by-laws of the Flat Owners' Association / Society permit availment of loan, loan can be sanctioned in the name of the Association/ Society with guarantees (@125% of the proportionate share in the total loan amount) from all the flat owners
List of Focus Branches for Jala Nidhi Loan Scheme
Name of the Circle
Chennai
Coimbatore
Cuddalore
Dharmapuri
Kancheepuram
Kumbakonam
Madurai
Pondicherry
Salem
Thanjavur
Tirunelveli
Trichy
Vellore
Name of the Branch
1. Kumbakonam
2. Mannargudi
3. Mayiladuthurai
4. Thiruthuraipoondi
5. Tiruvarur
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IB Loan For Purchase of Van/ Bus By Eduacational Institutions
Loan for Purchase of Van/Bus by Educational Institutions
Purpose
Purchase of New Vehicles and second hand vehicles not more than 5 years old by reputed Educational Institutions with sound financials and smooth cash flow
Interest rate w.e.f 10.11.2008
BPLR + TP + 0.50% i.e. 14.25% floating
Eligible Amount
Max. : Rs.10 lakh for bus with capacity of 45 (approx.)
Max. : Rs. 7 lakh with 21 seater capacity
Max. : Rs. 5 lakh, if it is Mahindra Van
Margin
For new vehicles: 20% on the cost of vehicle
For Second Hand Vehicle: Additional Margin of 5% for each year to be brought in by the applicant according to age of the vehicle. (e.g. if a vehicle is 4 years old, with 20% extra margin( i.e. 5% x 4) the total margin will be 40%)
Repayment
* Repayment in 60 equated monthly instalments (EMI of Rs. 222.16 for Rs. 10,000/-)
Service charges
1.15% on limit sanctioned
Security
Hypothecation of vehicle to be purchased
Insurance
Vehicle to be insured and policy to be renewed annually with bank Clause at Borrower's cost
Lien
Bank's lien should be noted in RC Book
Other conditions
* Documents to be taken as per documentation manual as applicable for Vehicle Loan.
* Educational Institution to maintain a Current Account with the Branch at which the loan is disbursed and all their fee collections and other income to be routed through the account.
* Amount should be disbursed by a crossed DD /BPO direct to the authorised dealer.
* Wherever collateral security / guarantee is available, and if considered necessary by the Sanctioning Authority, a suitable condition may be stipulated at his discretion.
* If second hand vehicle is financed, collateral security or suitable personal guarantee to be insisted upon.
* Repayment capacity to be verified through Cash Flows and Income / Expenditure Statements of the School. Loans to be extended only in respect of Educational Institutions where the salary payment to the staff / teachers is regular and upto date and the cash flows of the Educational Institutions permit such repayment.
* In case of Educational Institutions having borrowing facilities with other Banks, satisfactory credit Reports must be obtained.
In the case of second hand vehicles :
* The road-worthiness and valuation should be vouched by an Automobile Engineer / Valuer.
* Loan quantum will be based on the value as above with additional margin of 5% for each year to be brought in by the applicant according to age of the vehicle.
* The Track Record of insurance claims of the past should be verified to ensure that the vehicle has not met with any major accident in the past.
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Purpose
Purchase of New Vehicles and second hand vehicles not more than 5 years old by reputed Educational Institutions with sound financials and smooth cash flow
Interest rate w.e.f 10.11.2008
BPLR + TP + 0.50% i.e. 14.25% floating
Eligible Amount
Max. : Rs.10 lakh for bus with capacity of 45 (approx.)
Max. : Rs. 7 lakh with 21 seater capacity
Max. : Rs. 5 lakh, if it is Mahindra Van
Margin
For new vehicles: 20% on the cost of vehicle
For Second Hand Vehicle: Additional Margin of 5% for each year to be brought in by the applicant according to age of the vehicle. (e.g. if a vehicle is 4 years old, with 20% extra margin( i.e. 5% x 4) the total margin will be 40%)
Repayment
* Repayment in 60 equated monthly instalments (EMI of Rs. 222.16 for Rs. 10,000/-)
Service charges
1.15% on limit sanctioned
Security
Hypothecation of vehicle to be purchased
Insurance
Vehicle to be insured and policy to be renewed annually with bank Clause at Borrower's cost
Lien
Bank's lien should be noted in RC Book
Other conditions
* Documents to be taken as per documentation manual as applicable for Vehicle Loan.
* Educational Institution to maintain a Current Account with the Branch at which the loan is disbursed and all their fee collections and other income to be routed through the account.
* Amount should be disbursed by a crossed DD /BPO direct to the authorised dealer.
* Wherever collateral security / guarantee is available, and if considered necessary by the Sanctioning Authority, a suitable condition may be stipulated at his discretion.
* If second hand vehicle is financed, collateral security or suitable personal guarantee to be insisted upon.
* Repayment capacity to be verified through Cash Flows and Income / Expenditure Statements of the School. Loans to be extended only in respect of Educational Institutions where the salary payment to the staff / teachers is regular and upto date and the cash flows of the Educational Institutions permit such repayment.
* In case of Educational Institutions having borrowing facilities with other Banks, satisfactory credit Reports must be obtained.
In the case of second hand vehicles :
* The road-worthiness and valuation should be vouched by an Automobile Engineer / Valuer.
* Loan quantum will be based on the value as above with additional margin of 5% for each year to be brought in by the applicant according to age of the vehicle.
* The Track Record of insurance claims of the past should be verified to ensure that the vehicle has not met with any major accident in the past.
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IB Pensioners Loan Scheme
Indian Bank PENSIONERS LOAN SCHEME :
Eligibility/Target Group
Central & State Pensioners, Family Pensioners, Re-employed Pensioners, IB Retirees under VRS
Purpose
Expenses towards Medical, Education, Family function, Domestic function
Quantum of Loan
10 months pension with a maximum of Rs.60,000/-
Rate of Interest w.e.f 10.11.2008
BPLR minus 0.50% i.e. 12.75 % floating
Repayment
24 months including interest (30 EMI on a case to case basis)
Margin - Nil
Security
* Authorisation to recover from pension
* Undertaking from legal heir/nominee
* Pensioners' PPO
* Intimation to PPA
Service Charges
Rs 250/- if loan amount is more than Rs 25,000/-
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Eligibility/Target Group
Central & State Pensioners, Family Pensioners, Re-employed Pensioners, IB Retirees under VRS
Purpose
Expenses towards Medical, Education, Family function, Domestic function
Quantum of Loan
10 months pension with a maximum of Rs.60,000/-
Rate of Interest w.e.f 10.11.2008
BPLR minus 0.50% i.e. 12.75 % floating
Repayment
24 months including interest (30 EMI on a case to case basis)
Margin - Nil
Security
* Authorisation to recover from pension
* Undertaking from legal heir/nominee
* Pensioners' PPO
* Intimation to PPA
Service Charges
Rs 250/- if loan amount is more than Rs 25,000/-
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Indian Bank Trade Finance Scheme
IB - Trade Finance
Indian Bank has been financing Wholesale & Retail Trade through various schemes.
Recognizing the growing importance of Trade Sector in the economy and need for bank finance in this regard, the Bank has come out with new flexible scheme of financing trade.
Salient features of the Scheme "TRADE WELL"
Target Group
Wholesale and Retail Traders with 4 to 5 years of satisfactory track record
Purpose
Working capital needs of stock in trade, receivables/infrastructure
Term Loan:
* Showcases, Basic Office amenities like Computer Hardware
* Furniture layout for storage/display of goods traded, cold storage facilities
* Neon Lighting, Hoarding, Display panels
* Billing Equipment, Safety Equipment etc.
* Front elevation and beautification of layout
* Other facilities aimed at Customer convenience like Air-conditioning, purchase of Delivery Van, Trolley etc.
Eligible Amount
Scheme I
Secured OD upto Rs.10 lakh
Security
security for Scheme I:
Against immovabale property, NSC, KVP, IVP
(The securities viz., immovabale property, NSC, KVP, IVP
lodged for the full limit has to be retained with the Bank till complete adjustment of the facility)
Collateral : stocks in trade
Personal Guarantee of Directors for loans to Private and Public Ltd. companies
Scheme II
OCC Above Rs.10 lakhs upto Rs.100 lakh
SEcurity for Scheme II:
Primary: Against Stocks and Book Debts
Collateral: 100% of OCC limit in terms of value of Immovable property, NSC/ KVP/ IVP/Agricutural Land.
Personal Guarantee of Directors for loans to Private and Public Ltd. companies.
Term Loan:
Max. upto Rs.10 lakh
Security for Term Loan:
Hypothecation of items purchased/infrastructure created, Collateral 100%.
Personal Guarantee of Directors for loans to Private and Public Ltd. companies
Interest rate on working capital:BPLR Presently12.50%
Interest rate on Term Loan:BPLR+TP Presently 13.30%
Margin
I Working Capital:
For limits upto Rs.10 lakh:
Immovable Property - 33%
NSC/KVP/IVP etc. - 10%
Agricultural Land - 50%
For limits above Rs.10 lakh and upto Rs.100 lakh:
Primary Security - 15% on paid stocks/book debts (90 days)
Collateral Security - 100%
II Term Loan: 20%
Repayment:
Term Loan: Repayable in 48 equated monthly instalments
Service Charges: Rs.250/- per lakh or part thereof
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Indian Bank has been financing Wholesale & Retail Trade through various schemes.
Recognizing the growing importance of Trade Sector in the economy and need for bank finance in this regard, the Bank has come out with new flexible scheme of financing trade.
Salient features of the Scheme "TRADE WELL"
Target Group
Wholesale and Retail Traders with 4 to 5 years of satisfactory track record
Purpose
Working capital needs of stock in trade, receivables/infrastructure
Term Loan:
* Showcases, Basic Office amenities like Computer Hardware
* Furniture layout for storage/display of goods traded, cold storage facilities
* Neon Lighting, Hoarding, Display panels
* Billing Equipment, Safety Equipment etc.
* Front elevation and beautification of layout
* Other facilities aimed at Customer convenience like Air-conditioning, purchase of Delivery Van, Trolley etc.
Eligible Amount
Scheme I
Secured OD upto Rs.10 lakh
Security
security for Scheme I:
Against immovabale property, NSC, KVP, IVP
(The securities viz., immovabale property, NSC, KVP, IVP
lodged for the full limit has to be retained with the Bank till complete adjustment of the facility)
Collateral : stocks in trade
Personal Guarantee of Directors for loans to Private and Public Ltd. companies
Scheme II
OCC Above Rs.10 lakhs upto Rs.100 lakh
SEcurity for Scheme II:
Primary: Against Stocks and Book Debts
Collateral: 100% of OCC limit in terms of value of Immovable property, NSC/ KVP/ IVP/Agricutural Land.
Personal Guarantee of Directors for loans to Private and Public Ltd. companies.
Term Loan:
Max. upto Rs.10 lakh
Security for Term Loan:
Hypothecation of items purchased/infrastructure created, Collateral 100%.
Personal Guarantee of Directors for loans to Private and Public Ltd. companies
Interest rate on working capital:BPLR Presently12.50%
Interest rate on Term Loan:BPLR+TP Presently 13.30%
Margin
I Working Capital:
For limits upto Rs.10 lakh:
Immovable Property - 33%
NSC/KVP/IVP etc. - 10%
Agricultural Land - 50%
For limits above Rs.10 lakh and upto Rs.100 lakh:
Primary Security - 15% on paid stocks/book debts (90 days)
Collateral Security - 100%
II Term Loan: 20%
Repayment:
Term Loan: Repayable in 48 equated monthly instalments
Service Charges: Rs.250/- per lakh or part thereof
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Indian Bank Aayushmaan Scheme
IB - Aayushmaan Scheme
Target Groups
Premium : Premium category Gyms/fitness centre in the organised sector are financed towards the expansion of network/renovation of existing centres & for new equipments
Eligibility : Minimum of 2 years experience with qualified staff & instructors in Premium
Loan Amount : Min - Rs. 1.00 crore
Max - Rs. 5.00 crore
(Finance to Land & Bldg not to exceed 50% of the project cost)
Interest Term loan : - 13.50 %
Working Capital - 11.50 %
Repayment : 36 to 60 months
Economy :Gyms/fitness centre in an unorganised sector run by Individuals/partners
Eligibility :
Promoter/borrower to have experience in the field. Trained instructors & approval for operating Gym/fitness centre should be available
Loan Amount : Min - Rs. 1.50 lakhs
Max -Rs. 25 lakhs
Interest : Term loan - 12.50 %
Working Capital - 11.50%
Repayment : 36 months
Home : Individuals who prefer to have their own gym in their house.
Eligibility : Individuals with regular income, Business people & Professionals
Loan Amount : Min - Rs. 6000
Max -Rs. 2.00 lakhs
Interest : Term loan - 13.50 %
Repayment : 36 to 60 months
Purpose :
For construction of Gym/fitness centre, renovation of existing ones, purchase or replacment of fitness equipment, purchase of land & building for setting up of a new fitness centre/home gym and Working Capital requirments such as salaries, maintenance expenses, electricity bills etc.,
Margin
* Land & Building - 50 %
* Equipment etc - 10 %
* Working Capital - 25%
(For home category borrower the margin will be 15% of the cost of equipment)
Security :
* Charge by way of hypothecation of financed assets
* Collateral security - EM of land & building to be purchased
* Personal Guarantee of Promoters
* Third Party Guarantee for HOME CATEGORY borrowers
Documents :
* Audited Balance Sheet for 2 years
* IT returns for 3 years
* Estimate approved by Panel Engineer for renovation of the existing premises
* Quotation from the reputed dealer for purchase of equipments/vehicles
* Panel Engineer Valuation & Panel Lawyer opinion on Title deeds
* Salary certificate/IT returns.
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Target Groups
Premium : Premium category Gyms/fitness centre in the organised sector are financed towards the expansion of network/renovation of existing centres & for new equipments
Eligibility : Minimum of 2 years experience with qualified staff & instructors in Premium
Loan Amount : Min - Rs. 1.00 crore
Max - Rs. 5.00 crore
(Finance to Land & Bldg not to exceed 50% of the project cost)
Interest Term loan : - 13.50 %
Working Capital - 11.50 %
Repayment : 36 to 60 months
Economy :Gyms/fitness centre in an unorganised sector run by Individuals/partners
Eligibility :
Promoter/borrower to have experience in the field. Trained instructors & approval for operating Gym/fitness centre should be available
Loan Amount : Min - Rs. 1.50 lakhs
Max -Rs. 25 lakhs
Interest : Term loan - 12.50 %
Working Capital - 11.50%
Repayment : 36 months
Home : Individuals who prefer to have their own gym in their house.
Eligibility : Individuals with regular income, Business people & Professionals
Loan Amount : Min - Rs. 6000
Max -Rs. 2.00 lakhs
Interest : Term loan - 13.50 %
Repayment : 36 to 60 months
Purpose :
For construction of Gym/fitness centre, renovation of existing ones, purchase or replacment of fitness equipment, purchase of land & building for setting up of a new fitness centre/home gym and Working Capital requirments such as salaries, maintenance expenses, electricity bills etc.,
Margin
* Land & Building - 50 %
* Equipment etc - 10 %
* Working Capital - 25%
(For home category borrower the margin will be 15% of the cost of equipment)
Security :
* Charge by way of hypothecation of financed assets
* Collateral security - EM of land & building to be purchased
* Personal Guarantee of Promoters
* Third Party Guarantee for HOME CATEGORY borrowers
Documents :
* Audited Balance Sheet for 2 years
* IT returns for 3 years
* Estimate approved by Panel Engineer for renovation of the existing premises
* Quotation from the reputed dealer for purchase of equipments/vehicles
* Panel Engineer Valuation & Panel Lawyer opinion on Title deeds
* Salary certificate/IT returns.
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Indian Bank Bpo Finance
IB-BPO Finance
Target Groups
* Individuals,firms & Companies existing in the field with a minimum of 3 years of satisfactory operations OR Technically
qualified promoters
Purpose
Term loan
Setting up of New office;renovation/replacement of old premises, equipment etc
Working Capital Loan
To meet expenses such as salaries, rent, power,internet access etc.,
Margin
* Working Capital - 40%
(for receivables 30%)
* Term Loan - 25%
Loan amount (Rs. in Lakhs)
Loan amount (Rs. in Lakhs)
Office Capacity Working Capital Term Loan(Existing) Term Loan(New entrants)
(A)For 25 seater 20 10 30
(B)For 50 seater 35 35 45
(C)For 100 seater 50 40 75
Repayment Period
* A & B Category < 36 months
* C Cateogry - Max :60 months.
Security
* Hypothecation of current assets for Working Capital
* Hypothecation of assets created out of Term Loan
* Hypothecation of existing assets as collateral
* Personal Guarantee of all promoters
Interest
Working Capital
BPLR - 2% i.e.9.5%
BPLR for new entrants i.e.11.50%
Term Loan
< 36 months
BPLR - 2% i.e. 9.5%
BPLR for new entrants i.e. 11.5%
36 months & Above
BPLR + T.P. - 2% i.e. 10.00%
BPLR + T.P for new entrants i.e. 12.00%
Documents
* Proof of professional qualification, previous experience
* Audited Balance Sheet for previous 3 years for existing Units
* Project Report for the proposed new unit including projected income
* Estimate approved by the Panel Engineer for renovation of the existing premises
* Quotation from a reputed dealer for purchase of equipment/vehicle
* if EM of land & building is given, then valuation of the property, Legal opinion from approved Lawyer to be obtained.
* NIL EC for 13 years and copy of parent document for 30 years are to be obtained.
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Target Groups
* Individuals,firms & Companies existing in the field with a minimum of 3 years of satisfactory operations OR Technically
qualified promoters
Purpose
Term loan
Setting up of New office;renovation/replacement of old premises, equipment etc
Working Capital Loan
To meet expenses such as salaries, rent, power,internet access etc.,
Margin
* Working Capital - 40%
(for receivables 30%)
* Term Loan - 25%
Loan amount (Rs. in Lakhs)
Loan amount (Rs. in Lakhs)
Office Capacity Working Capital Term Loan(Existing) Term Loan(New entrants)
(A)For 25 seater 20 10 30
(B)For 50 seater 35 35 45
(C)For 100 seater 50 40 75
Repayment Period
* A & B Category < 36 months
* C Cateogry - Max :60 months.
Security
* Hypothecation of current assets for Working Capital
* Hypothecation of assets created out of Term Loan
* Hypothecation of existing assets as collateral
* Personal Guarantee of all promoters
Interest
Working Capital
BPLR - 2% i.e.9.5%
BPLR for new entrants i.e.11.50%
Term Loan
< 36 months
BPLR - 2% i.e. 9.5%
BPLR for new entrants i.e. 11.5%
36 months & Above
BPLR + T.P. - 2% i.e. 10.00%
BPLR + T.P for new entrants i.e. 12.00%
Documents
* Proof of professional qualification, previous experience
* Audited Balance Sheet for previous 3 years for existing Units
* Project Report for the proposed new unit including projected income
* Estimate approved by the Panel Engineer for renovation of the existing premises
* Quotation from a reputed dealer for purchase of equipment/vehicle
* if EM of land & building is given, then valuation of the property, Legal opinion from approved Lawyer to be obtained.
* NIL EC for 13 years and copy of parent document for 30 years are to be obtained.
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Indian Bank Bavishya Prakash Scheme
IB BAVISHYA PRAKASH - for professionals to go abroad for gainful employment
Target Group
Qualified professional(s) like Doctors, MCA,Qualified Nurses, who have completed 1. B.Sc. Nursing or 2. Diploma in general nursing or 3. B.Sc. Physiotherapy etc.
Those who have already availed educational loan from us can avail this facility.
Age not exceeding 35 years
Purpose
For going abroad for gainful employment on job visas. Loan can be considered for meeting expenses for migration abroad for employment.
Registration expenses,Test & interview expenses,Agency commission, Visa charges,Air Fare & any other related expenditure in connection with employment abroad.
Eligible Amount
Rs.1.00 lakh for Middle East countries
Rs.1.50 lakh for U.K./Europe
Rs.2.00 lakh for U.S.A.
Security
* EM of property worth not less than the loan amount, along with the guarantee of parent or spouse.
Interest Rate w.e.f 10.11.2008
BPLR+TP minus 2.00 % i.e. 11.75% floating
Prepayment charges - Nil
Margin - 10 %
Repayment 36 EMI or in Lump sum
Service Charges
0.30% on loan amount with minimum of Rs. 300
other terms
75% of the expenses like registration charges,agency commission etc will be reimbursed after getting selection based on the declaration from the applicant and also on production of selection document.
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Target Group
Qualified professional(s) like Doctors, MCA,Qualified Nurses, who have completed 1. B.Sc. Nursing or 2. Diploma in general nursing or 3. B.Sc. Physiotherapy etc.
Those who have already availed educational loan from us can avail this facility.
Age not exceeding 35 years
Purpose
For going abroad for gainful employment on job visas. Loan can be considered for meeting expenses for migration abroad for employment.
Registration expenses,Test & interview expenses,Agency commission, Visa charges,Air Fare & any other related expenditure in connection with employment abroad.
Eligible Amount
Rs.1.00 lakh for Middle East countries
Rs.1.50 lakh for U.K./Europe
Rs.2.00 lakh for U.S.A.
Security
* EM of property worth not less than the loan amount, along with the guarantee of parent or spouse.
Interest Rate w.e.f 10.11.2008
BPLR+TP minus 2.00 % i.e. 11.75% floating
Prepayment charges - Nil
Margin - 10 %
Repayment 36 EMI or in Lump sum
Service Charges
0.30% on loan amount with minimum of Rs. 300
other terms
75% of the expenses like registration charges,agency commission etc will be reimbursed after getting selection based on the declaration from the applicant and also on production of selection document.
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Indian Bank Professional Loan
Indian Bank Professional Loan
Novel Scheme for Professionals
Target Group
Qualified professional(s) like Chartered Accountants, Architects/ Interior Decorators, Qualified caterers etc. who are practicing in Metropolitan/ Urban/semi-urban areas, with minimum of 3 years experience (including internship).
The scheme is generally applicable only to resident Indians (either individual or Registered Firm) not above 60 years.
Doctors are covered under IB Doctor Plus Scheme
Purpose
For purchase of necessary tools / equipments, vehicles (ambulance/jeep for office use), upgradation of existing equipments/renovation of Office building including Air-conditioners, furnishings, reference books, purchase of new vehicles (even if new vehicle /equipment has already been purchased out of own sources, reimbursement can be allowed, if it was acquired within 6 months).
Eligible Amount
* Max. Rs. 5 lakhs with an overall ceiling of 12 months gross monthly projected income with the previous year’s income as indication.
* Loan restricted to 50% of the eligible amount if experience is less than 3 years.
Security
* Assets created, if any, out of the loan amount will be the security for the advance upto Rs.1 lakh.
* For limits exceeding Rs 1.00 lakh, hypothecation of Equipments/assets purchased out of the loan amount will be the security.
* Where creation of tangible security is not involved like furnishings/renovation, payment of advance rent etc., (without adequate primary/collaterals), LIC Policy in the name of the professional to be assigned in favour of the Bank, to the extent of shortfall in security coverage.
Interest Rate (w.e.f. 1.6.06)
12.00 % floating
Margin
No margin for loan upto Rs.1 lakh. For limit in excess of Rs.1 lakh, a margin of 20% is to be brought in.
Repayment
60 EMI with an option for holiday period of 6 months(max).
Service Charges
Rs.250/- per lakh or part thereof
Prepayment
Allowed without penalty but no concession in contracted rate is permissible.
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Novel Scheme for Professionals
Target Group
Qualified professional(s) like Chartered Accountants, Architects/ Interior Decorators, Qualified caterers etc. who are practicing in Metropolitan/ Urban/semi-urban areas, with minimum of 3 years experience (including internship).
The scheme is generally applicable only to resident Indians (either individual or Registered Firm) not above 60 years.
Doctors are covered under IB Doctor Plus Scheme
Purpose
For purchase of necessary tools / equipments, vehicles (ambulance/jeep for office use), upgradation of existing equipments/renovation of Office building including Air-conditioners, furnishings, reference books, purchase of new vehicles (even if new vehicle /equipment has already been purchased out of own sources, reimbursement can be allowed, if it was acquired within 6 months).
Eligible Amount
* Max. Rs. 5 lakhs with an overall ceiling of 12 months gross monthly projected income with the previous year’s income as indication.
* Loan restricted to 50% of the eligible amount if experience is less than 3 years.
Security
* Assets created, if any, out of the loan amount will be the security for the advance upto Rs.1 lakh.
* For limits exceeding Rs 1.00 lakh, hypothecation of Equipments/assets purchased out of the loan amount will be the security.
* Where creation of tangible security is not involved like furnishings/renovation, payment of advance rent etc., (without adequate primary/collaterals), LIC Policy in the name of the professional to be assigned in favour of the Bank, to the extent of shortfall in security coverage.
Interest Rate (w.e.f. 1.6.06)
12.00 % floating
Margin
No margin for loan upto Rs.1 lakh. For limit in excess of Rs.1 lakh, a margin of 20% is to be brought in.
Repayment
60 EMI with an option for holiday period of 6 months(max).
Service Charges
Rs.250/- per lakh or part thereof
Prepayment
Allowed without penalty but no concession in contracted rate is permissible.
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Thursday, January 22, 2009
Indian Bank Education Loan
Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation's quest for success is ably supported, paving way for Generation Banking.
Apply Indian Bank Education Loan Online
Eligibility
* The applicant should be an Indian National.
* He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process.
* Age of the Student - 15 to 30 Years (For Studies in India)
* Age of the Student - 18 to 35 Years (For Studies in Abroad)
Purpose
# To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.
# Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.
# Insurance premium for student borrower.
Course of Study
Studies in India
1. Diploma/Graduation/Post-graduation courses in various disciplines.
2. Computer certificate courses of reputed institutes accredited to The Department of Electronics.
Studies Abroad
1. Job-oriented professional/technical courses offered by reputed universities.
2. MCA, MBA, MS etc.
3. Courses conducted by CIMA – London, CPA in USA etc.
Maximum Permissible Amount of Loan
* For Studies in India - Rs.10.00* lakhs
* For Studies Abroad - Rs.20.00* lakhs
* Higher quantum of loan also can be considered in deserving and meritorious cases.
Place of availment
The loan can be availed from the branch nearest to the place of domicile.
Margin
* Upto Rs.4.00 lakhs - NIL
* Above Rs.4.00 lakhs
For Studies in India - 5%
For Studies Abroad - 15%
Rate of Interest
* Upto Rs.4.00 lakhs -12.50 % p.a. at present
* Rs.4.00 lakhs upto Rs.20 lakhs -13.00 % p.a. at present
* Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.
Holiday Period & Repayment
The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.
Repayable in 5– 7 years.
Insurance
Life Insurance cover available to the student borrowers under 'IB Jeevan Vidya' Insurance Scheme.
Security
Documents should be executed both by the student and parent / guardian as joint borrower.
1. Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3. Above Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.
* In case of receipt of application for more than one loan from students from a family, the 'family' as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
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Apply Indian Bank Education Loan Online
Eligibility
* The applicant should be an Indian National.
* He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process.
* Age of the Student - 15 to 30 Years (For Studies in India)
* Age of the Student - 18 to 35 Years (For Studies in Abroad)
Purpose
# To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.
# Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.
# Insurance premium for student borrower.
Course of Study
Studies in India
1. Diploma/Graduation/Post-graduation courses in various disciplines.
2. Computer certificate courses of reputed institutes accredited to The Department of Electronics.
Studies Abroad
1. Job-oriented professional/technical courses offered by reputed universities.
2. MCA, MBA, MS etc.
3. Courses conducted by CIMA – London, CPA in USA etc.
Maximum Permissible Amount of Loan
* For Studies in India - Rs.10.00* lakhs
* For Studies Abroad - Rs.20.00* lakhs
* Higher quantum of loan also can be considered in deserving and meritorious cases.
Place of availment
The loan can be availed from the branch nearest to the place of domicile.
Margin
* Upto Rs.4.00 lakhs - NIL
* Above Rs.4.00 lakhs
For Studies in India - 5%
For Studies Abroad - 15%
Rate of Interest
* Upto Rs.4.00 lakhs -12.50 % p.a. at present
* Rs.4.00 lakhs upto Rs.20 lakhs -13.00 % p.a. at present
* Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.
Holiday Period & Repayment
The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.
Repayable in 5– 7 years.
Insurance
Life Insurance cover available to the student borrowers under 'IB Jeevan Vidya' Insurance Scheme.
Security
Documents should be executed both by the student and parent / guardian as joint borrower.
1. Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3. Above Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.
* In case of receipt of application for more than one loan from students from a family, the 'family' as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
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IB Vidya Mandhir Scheme
Indian Bank Vidya Mandhir Scheme
Target Groups
Private / Aided Schools
Purpose
a) Construction of pucca building with Re-inforced Cement Concrete (RCC) roofing or b) Up gradation of thatched roofing of School Buildings with alternatives like Asbestos Cement Sheets, Fibre Glass, G I Sheets, Red mud plastic sheet.
Loan to be provided for Security Equipment/ Fire Alarm / Fire Extinguisher etc.
Loan Amount
For construction of pucca Building:
Max. Rs.10 lakh
For upgradation of thatched roofing:
Max. Rs.5 lakh
Pucca Construction: @ Rs.500 per sq.ft. (max.)
For upgradation of thatched roofing: Rs.200 per sq.ft. (max.)
Margin :
NIL up to Rs. 2 lakhs
10% for loan amount exceeding
Rs.2 lakhs.
Interest
BPLR + TP minus 3.00% i.e.10.50 %- Floating
Repayment Period
Not exceeding 84 EMIs - Repayment to be fixed based on the fee collection structure - with maximum holiday period/moratorium period of one year . Interest during holiday period to be recovered in equal instalments in the remaining loan period.
Security
Up to Rs.2 lakhs : Personal guarantee of Promoters.
For more than Rs. 2 lakhs: EM of School Building / other collateral securities
Other Terms:
* Estimation / Valuation from our Bank approved Engineer
* Legal Opinion for clear, valid and marketable title to the property given as security to Bank.
* Encumberance Certificate for 13 years
* Plan approval from appropriate local body viz. Panchayat, Municipality, Corporation etc.
* If any grant / aid is given for the same purpose, our loan amount should be reduced to that extent.
* Building insurance premium could be included in the loan component for the first year and thereafter the Institution should bear the same.
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Target Groups
Private / Aided Schools
Purpose
a) Construction of pucca building with Re-inforced Cement Concrete (RCC) roofing or b) Up gradation of thatched roofing of School Buildings with alternatives like Asbestos Cement Sheets, Fibre Glass, G I Sheets, Red mud plastic sheet.
Loan to be provided for Security Equipment/ Fire Alarm / Fire Extinguisher etc.
Loan Amount
For construction of pucca Building:
Max. Rs.10 lakh
For upgradation of thatched roofing:
Max. Rs.5 lakh
Pucca Construction: @ Rs.500 per sq.ft. (max.)
For upgradation of thatched roofing: Rs.200 per sq.ft. (max.)
Margin :
NIL up to Rs. 2 lakhs
10% for loan amount exceeding
Rs.2 lakhs.
Interest
BPLR + TP minus 3.00% i.e.10.50 %- Floating
Repayment Period
Not exceeding 84 EMIs - Repayment to be fixed based on the fee collection structure - with maximum holiday period/moratorium period of one year . Interest during holiday period to be recovered in equal instalments in the remaining loan period.
Security
Up to Rs.2 lakhs : Personal guarantee of Promoters.
For more than Rs. 2 lakhs: EM of School Building / other collateral securities
Other Terms:
* Estimation / Valuation from our Bank approved Engineer
* Legal Opinion for clear, valid and marketable title to the property given as security to Bank.
* Encumberance Certificate for 13 years
* Plan approval from appropriate local body viz. Panchayat, Municipality, Corporation etc.
* If any grant / aid is given for the same purpose, our loan amount should be reduced to that extent.
* Building insurance premium could be included in the loan component for the first year and thereafter the Institution should bear the same.
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Indian Bank Loan to Purchase Commercial Property
Loan for Purchase of Commercial Property
Target Group
Individuals, Professionals and Self-employed people, firms (registered partnership firms/companies) and businessmen for purchase of Office space and / or shops. The applicant should have been in the activity for a minimum period of 3 years
Purpose
* To purchase new commercial space/shops and also second hand purchase provided the residual life of the commercial space is not less than actual repayment period plus ten years
* Take over existing loan of standard asset category given for similar purpose, from other Banks/Financial Institutions.
* The applicant may acquire the property for running his own business activity and even for letting out to third party traders/entrepreneurs, provided rental income is routed through our loan account.
Age
Not more than 50 years of age at the time of availing the facility
Quantum of Loan
Individuals/professionals :
36 times of monthly gross income or 60 months net income whichever is higher
Self employed professionals : Gross income net of tax before deducting depreciation
Max Loan amount: Rs. 50 lakhs
* Income of co-borrower can be included in arriving at the quantum
* In case of firms/company, 5 times of the cash profit of immediately preceding financial year or four times of average cash profit for the last three years whichever is higher
Repayment Period :7 years (84 EMI)
Interest rate
Less than
36 months 10.50% floating
36 months & above 11.00% floating
* If the option is for Fixed rate, 0.50% over and above the applicable rate will be charged
Holiday Period
A maximum of 3 months for ready built commercial space and a maximum of 12 months from the date of first disbursement where property is under construction.
* Interest to be serviced during the holiday period
Prepayment Charges
2% of the drawing limit to be levied in case of take over by other Banks/Financial Institutions.
Processing Fee
0.50% of loan amount to be recovered alongwith charges for obtaining legal opinion and valuation report at the time of application
Margin
* Minimum 25% on the value of the property.
* For purchase of ready built commercial space, the borrower should bring in full margin amount prior to release of limits by the Bank
* Where construction is involved, it shall be on pro rata basis
Insurance
Property to be insured with Bank's clause at the borrower's cost
Security
* Equitable Mortgage of Commercial Property to be acquired
* Personal guarantee of a third party having Net Worth not less than the loan amount in case of individual borrowers.
* Personal guarantee of partners/directors in individual capacity
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Target Group
Individuals, Professionals and Self-employed people, firms (registered partnership firms/companies) and businessmen for purchase of Office space and / or shops. The applicant should have been in the activity for a minimum period of 3 years
Purpose
* To purchase new commercial space/shops and also second hand purchase provided the residual life of the commercial space is not less than actual repayment period plus ten years
* Take over existing loan of standard asset category given for similar purpose, from other Banks/Financial Institutions.
* The applicant may acquire the property for running his own business activity and even for letting out to third party traders/entrepreneurs, provided rental income is routed through our loan account.
Age
Not more than 50 years of age at the time of availing the facility
Quantum of Loan
Individuals/professionals :
36 times of monthly gross income or 60 months net income whichever is higher
Self employed professionals : Gross income net of tax before deducting depreciation
Max Loan amount: Rs. 50 lakhs
* Income of co-borrower can be included in arriving at the quantum
* In case of firms/company, 5 times of the cash profit of immediately preceding financial year or four times of average cash profit for the last three years whichever is higher
Repayment Period :7 years (84 EMI)
Interest rate
Less than
36 months 10.50% floating
36 months & above 11.00% floating
* If the option is for Fixed rate, 0.50% over and above the applicable rate will be charged
Holiday Period
A maximum of 3 months for ready built commercial space and a maximum of 12 months from the date of first disbursement where property is under construction.
* Interest to be serviced during the holiday period
Prepayment Charges
2% of the drawing limit to be levied in case of take over by other Banks/Financial Institutions.
Processing Fee
0.50% of loan amount to be recovered alongwith charges for obtaining legal opinion and valuation report at the time of application
Margin
* Minimum 25% on the value of the property.
* For purchase of ready built commercial space, the borrower should bring in full margin amount prior to release of limits by the Bank
* Where construction is involved, it shall be on pro rata basis
Insurance
Property to be insured with Bank's clause at the borrower's cost
Security
* Equitable Mortgage of Commercial Property to be acquired
* Personal guarantee of a third party having Net Worth not less than the loan amount in case of individual borrowers.
* Personal guarantee of partners/directors in individual capacity
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Indian Bank - Ind Mortagage scheme
Ind Mortagage scheme
Target
Salaried Class:
* Permanent Employees of Central/State Govt/Quasi Government Bodies/Public Limited Companies/. Reputed Private Ltd Companies with minimum 3 years of completed service.
* Employees of Indian Bank and other banks (PSU/Private/Foreign Co-op) are also eligible.
* Should have/open duly introduced account with us.
Others:
Self Employed/Professionals/ Traders/Businessmen are eligible
Income Criteria:
Salaried Class:
Regular income of Rs.15000/- p.m. (Minimum) - take-home after the proposed EMI should not be less than 40% of the Gross income.
Others:
Minimum income to be Rs.8000/- p.m. after proposed EMI.
Purpose
Any bona-fide purposes other than speculative purpose
Age Group
Salaried Class:
The applicant should not be aged more than 53 Years. Circle Head can relax upto 55 years.
Others:
The borrower should not be aged more than 55 years at the time of applying loan.
Place of Property
The property to be offered as security should be in Urbank and Metropolitan centres. The property can be either self occupied or let out.
Quantum of Loan
Minimum of Rs. 1 lakhs
Maximum of Rs. 10 lakhs
Repayment
Repayment not exceeding 84 EMI (No holiday period)
Margin
50% of the market value of the property offered as Security
Rate of Interest w.e.f 10.11.2008
Floating: BPLR+TP+1.50% i.e. 15.25% floating
Security
* EM of the property in the name of the applicant/s.
* In case the property is owned jointly, all the joint owners have to apply for loan or one of them can avail the loan with
1. NOC from other co-owners and
2. Co-owners to offer personal guarantee.
* Property owned by Karta of HUF should not be accepted as security.
Service Charges
* 1.15% on loan amount
Guarantor
* Suitable Guarantee from acceptable person/s.
* In case of Joint property, the guarantee of co-owners should be obtained.
* Guarantee by spouse of the owner of property is compulsory.
Insurance
Property to be insured at borrower’s cost with bank’s clause against fire, flood, earthquake, riot and other risks, which are normally covered by Insurance companies.
Others
Properties accepted as securities should be easily accessible, marketable, saleable and realisable . Proper approach road should be there. Regular income substantiated with cash flows should be ensured
Conditions for Sanction
Loan application complete in all respects, photo, proper introduction, income proof, Assets and Liabilities statement, Income tax assessment/returns copies (wherever applicable) etc. should be obtained by the branch manager and verified.
1. Applicant should own the property with free-hold rights.
2. In case of leasehold properties, the proposal should be referred to Head Office.
3. The property should be free from encumbrance. EC to be obtained before disbursement and 3 months after disbursement.
4. Agricultural properties, disputed properties, properties attached by any Tax Authorities not to be considered for this purpose.
5. The legal opinion by approved advocate should certify clear and marketable title.
6. In case of advance against tenanted property, the certified copy of the rent/lease agreement should be furnished. Applicant to produce affidavit that there is no dispute pending in any court of law in respect of the property (with tenants or with others).
7. In case of rented property, borrowers to undertake to deposit the entire rent/ portion of the rent equal to EMI, directly in the loan account. Branch to enquire about the relationship with the owner and tenant.
8. A fresh valuation of the property by an approved engineer to be obtained. The life of the building should be more than the repayment period by at-least 10 years.
9. Receipts of Upto date tax paid to local bodies such as Town Panchayat/ Municipality/Corporation/Any other bodies concerned to be obtained before disbursement and thereafter regularly as per stipulated periodically till full repayment of the loan.
10. The value of the property should be discreetly enquired and accepted. This is apart from the valuation received from the approved valuer.
11. a. The loan can be pre-closed without penalty from own resources/sale of the property. During the pendency of the loan, if the borrower wants to sell the property, the proposed buyer should deposit the sale proceeds in the loan account and then only the documents can be released.
b. Property owned in co-op society, apartment also can be accepted as security. In such case, the extant procedure of mortgage, transfer of share certificate in the name of the Bank, NOC from society etc will apply.
12. Proof of Income:
i. Salaried Class:
Pay slip/Certificate from Employer/Income Tax Form 16A.
ii. Others:
Income Tax Returns for immediate preceding 3 years.
13. As the loan is given against the security of land and building, Branches should not issue any certificate to Tax Authorities enabling the borrowers to seek any tax relief.
14. All the guidelines as applicable to lending against immovable properties as detailed in “Conventional Advances” manual should be followed.
15. Loan can also be considered by way of second mortgage in case the borrower is an employee in PSUs/ any Nationalised Bank / State & Central Govt. Organisation provided Employer gives NOC and cede second charge over the property in favour of Indian Bank and the first charge should rest only with the Employer for the housing loan taken and moreover the loan with the Employer should be in order and required margin is available / maintained.
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Target
Salaried Class:
* Permanent Employees of Central/State Govt/Quasi Government Bodies/Public Limited Companies/. Reputed Private Ltd Companies with minimum 3 years of completed service.
* Employees of Indian Bank and other banks (PSU/Private/Foreign Co-op) are also eligible.
* Should have/open duly introduced account with us.
Others:
Self Employed/Professionals/ Traders/Businessmen are eligible
Income Criteria:
Salaried Class:
Regular income of Rs.15000/- p.m. (Minimum) - take-home after the proposed EMI should not be less than 40% of the Gross income.
Others:
Minimum income to be Rs.8000/- p.m. after proposed EMI.
Purpose
Any bona-fide purposes other than speculative purpose
Age Group
Salaried Class:
The applicant should not be aged more than 53 Years. Circle Head can relax upto 55 years.
Others:
The borrower should not be aged more than 55 years at the time of applying loan.
Place of Property
The property to be offered as security should be in Urbank and Metropolitan centres. The property can be either self occupied or let out.
Quantum of Loan
Minimum of Rs. 1 lakhs
Maximum of Rs. 10 lakhs
Repayment
Repayment not exceeding 84 EMI (No holiday period)
Margin
50% of the market value of the property offered as Security
Rate of Interest w.e.f 10.11.2008
Floating: BPLR+TP+1.50% i.e. 15.25% floating
Security
* EM of the property in the name of the applicant/s.
* In case the property is owned jointly, all the joint owners have to apply for loan or one of them can avail the loan with
1. NOC from other co-owners and
2. Co-owners to offer personal guarantee.
* Property owned by Karta of HUF should not be accepted as security.
Service Charges
* 1.15% on loan amount
Guarantor
* Suitable Guarantee from acceptable person/s.
* In case of Joint property, the guarantee of co-owners should be obtained.
* Guarantee by spouse of the owner of property is compulsory.
Insurance
Property to be insured at borrower’s cost with bank’s clause against fire, flood, earthquake, riot and other risks, which are normally covered by Insurance companies.
Others
Properties accepted as securities should be easily accessible, marketable, saleable and realisable . Proper approach road should be there. Regular income substantiated with cash flows should be ensured
Conditions for Sanction
Loan application complete in all respects, photo, proper introduction, income proof, Assets and Liabilities statement, Income tax assessment/returns copies (wherever applicable) etc. should be obtained by the branch manager and verified.
1. Applicant should own the property with free-hold rights.
2. In case of leasehold properties, the proposal should be referred to Head Office.
3. The property should be free from encumbrance. EC to be obtained before disbursement and 3 months after disbursement.
4. Agricultural properties, disputed properties, properties attached by any Tax Authorities not to be considered for this purpose.
5. The legal opinion by approved advocate should certify clear and marketable title.
6. In case of advance against tenanted property, the certified copy of the rent/lease agreement should be furnished. Applicant to produce affidavit that there is no dispute pending in any court of law in respect of the property (with tenants or with others).
7. In case of rented property, borrowers to undertake to deposit the entire rent/ portion of the rent equal to EMI, directly in the loan account. Branch to enquire about the relationship with the owner and tenant.
8. A fresh valuation of the property by an approved engineer to be obtained. The life of the building should be more than the repayment period by at-least 10 years.
9. Receipts of Upto date tax paid to local bodies such as Town Panchayat/ Municipality/Corporation/Any other bodies concerned to be obtained before disbursement and thereafter regularly as per stipulated periodically till full repayment of the loan.
10. The value of the property should be discreetly enquired and accepted. This is apart from the valuation received from the approved valuer.
11. a. The loan can be pre-closed without penalty from own resources/sale of the property. During the pendency of the loan, if the borrower wants to sell the property, the proposed buyer should deposit the sale proceeds in the loan account and then only the documents can be released.
b. Property owned in co-op society, apartment also can be accepted as security. In such case, the extant procedure of mortgage, transfer of share certificate in the name of the Bank, NOC from society etc will apply.
12. Proof of Income:
i. Salaried Class:
Pay slip/Certificate from Employer/Income Tax Form 16A.
ii. Others:
Income Tax Returns for immediate preceding 3 years.
13. As the loan is given against the security of land and building, Branches should not issue any certificate to Tax Authorities enabling the borrowers to seek any tax relief.
14. All the guidelines as applicable to lending against immovable properties as detailed in “Conventional Advances” manual should be followed.
15. Loan can also be considered by way of second mortgage in case the borrower is an employee in PSUs/ any Nationalised Bank / State & Central Govt. Organisation provided Employer gives NOC and cede second charge over the property in favour of Indian Bank and the first charge should rest only with the Employer for the housing loan taken and moreover the loan with the Employer should be in order and required margin is available / maintained.
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Indian Bank - RentEncash Scheme
IB RENTENCASH
Target Group
Residential / Commercial building owners (individuals/ joint owners/ trusts/ societies/ corporates/ firms or any other entity*) who have / who propose to let their buildings to top notch Corporates / Public Sector Undertakings / State / Central Government Offices.
Purpose
Any purpose including repairs, renovation of buildings, marriage, education, household festivals, medical, or any bankable purpose.
Quantum of Loan
Maximum of 84 months' rent or rental value for the unexpired period (advance received from the tenant to be deducted to arrive at the loan amount) subject to a maximum of 60 % of the market value of property.
Maximum Loan : Rs.100 lakhs
Repayment
* Maximum of 84 months in EMI
* No holiday period.
* Repayment to commence from the month immediately following the month of loan availment.
Rate of Interest w.e.f 10.11.2008
BPLR+TP+1.00% i.e. 14.75% floating
Margin
40% on net rent receivables.
Service charges
1.15% on loan amount
Security
* Future Rent receivable during the loan period
* EM of free hold Property which is leased for monthly rentals.- EM by the owner only – EM by P.A. holder not permitted except where owners are impersonal entities.
* In places like Mumbai a negative lien in favour of the bank with necessary advice to the concerned society, as per the prevalent practice/procedure, where negative lien is applicable.
* Leasehold property on perpetual lease.
* Leasehold properties where the lessor is Govt./reputed body
Overdue Instalments
If any instalment becomes overdue a penalty of 2% p.a. on the overdue amount will be levied. If three EMIs are overdue the entire loan balance shall be recalled.
Important guidelines and other terms and conditions
Loan application complete in all respects, photo, proper introduction, income proof, Assets and Liabilities statement, Income Tax assessment/returns copies (wherever applicable), etc, should be submitted to the branch manager for verification.
1. Property should be free-hold. Agricultural properties not considered for this purpose.
2. Properties in socially vulnerable pockets / properties which are difficult to access in case of need to liquidate etc., not acceptable.
3. The borrower should agree to honour the monthly repayment commitments, in case, for any reason, rent is not being paid/remitted by tenant to the bank.
4. Tenancy act provisions will be taken into account. In case of properties under rent control the loan assessment will be based on the rent control value only
5. Up to date tax dues on account of Municipal / Local authorities taxes, water taxes, sewerage, developmental tax etc., should have been paid by the property owner and relative receipts to be submitted along with the documents. No dispute shall persist on account of governmental dues. Till the pendency of loan, the periodical taxes on account of Municipalities, Corporations, etc., should be paid and the relevant receipts should be submitted by the borrower on time.
6. During the pendency of loan, if the borrower wants to sell the property, the loan should be adjusted out of the sale proceeds and release of documents shall be made only after adjustment of loan.
7. Tripartite agreements between the tenant/property owner and the Bank to be entered into or Power of Attorney from the property owner to collect the rent directly from the tenants.
8. Acceptance from the tenants to directly pay the rent to the Bank.
*Trusts, Societies, Corporates, etc., should have proper authority to borrow / charge the assets as authorized by their bye-laws / trust deeds etc.,
Property must be located in Urban / Metropolitan areas.
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Target Group
Residential / Commercial building owners (individuals/ joint owners/ trusts/ societies/ corporates/ firms or any other entity*) who have / who propose to let their buildings to top notch Corporates / Public Sector Undertakings / State / Central Government Offices.
Purpose
Any purpose including repairs, renovation of buildings, marriage, education, household festivals, medical, or any bankable purpose.
Quantum of Loan
Maximum of 84 months' rent or rental value for the unexpired period (advance received from the tenant to be deducted to arrive at the loan amount) subject to a maximum of 60 % of the market value of property.
Maximum Loan : Rs.100 lakhs
Repayment
* Maximum of 84 months in EMI
* No holiday period.
* Repayment to commence from the month immediately following the month of loan availment.
Rate of Interest w.e.f 10.11.2008
BPLR+TP+1.00% i.e. 14.75% floating
Margin
40% on net rent receivables.
Service charges
1.15% on loan amount
Security
* Future Rent receivable during the loan period
* EM of free hold Property which is leased for monthly rentals.- EM by the owner only – EM by P.A. holder not permitted except where owners are impersonal entities.
* In places like Mumbai a negative lien in favour of the bank with necessary advice to the concerned society, as per the prevalent practice/procedure, where negative lien is applicable.
* Leasehold property on perpetual lease.
* Leasehold properties where the lessor is Govt./reputed body
Overdue Instalments
If any instalment becomes overdue a penalty of 2% p.a. on the overdue amount will be levied. If three EMIs are overdue the entire loan balance shall be recalled.
Important guidelines and other terms and conditions
Loan application complete in all respects, photo, proper introduction, income proof, Assets and Liabilities statement, Income Tax assessment/returns copies (wherever applicable), etc, should be submitted to the branch manager for verification.
1. Property should be free-hold. Agricultural properties not considered for this purpose.
2. Properties in socially vulnerable pockets / properties which are difficult to access in case of need to liquidate etc., not acceptable.
3. The borrower should agree to honour the monthly repayment commitments, in case, for any reason, rent is not being paid/remitted by tenant to the bank.
4. Tenancy act provisions will be taken into account. In case of properties under rent control the loan assessment will be based on the rent control value only
5. Up to date tax dues on account of Municipal / Local authorities taxes, water taxes, sewerage, developmental tax etc., should have been paid by the property owner and relative receipts to be submitted along with the documents. No dispute shall persist on account of governmental dues. Till the pendency of loan, the periodical taxes on account of Municipalities, Corporations, etc., should be paid and the relevant receipts should be submitted by the borrower on time.
6. During the pendency of loan, if the borrower wants to sell the property, the loan should be adjusted out of the sale proceeds and release of documents shall be made only after adjustment of loan.
7. Tripartite agreements between the tenant/property owner and the Bank to be entered into or Power of Attorney from the property owner to collect the rent directly from the tenants.
8. Acceptance from the tenants to directly pay the rent to the Bank.
*Trusts, Societies, Corporates, etc., should have proper authority to borrow / charge the assets as authorized by their bye-laws / trust deeds etc.,
Property must be located in Urban / Metropolitan areas.
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Indian Bank Loan to Lic Agents
Loan to LIC Agents
Target Group
LIC Agents in the Services of the Corporation for a period of not less than 5 years
Purpose
To meet Family Expenses, Medical, Education or any other personal needs
Quantum of Loan (maximum)
50% of the average of annual income by way of commission for the past 3 years, as reported in the IT Return/Form 16A with a maximum of Rs. 1 lakh. If spouse is employed in Government/public sector undertaking/Reputed Public Ltd. Organisations, then (50% of the average annual income for the last 3 years) spouse income can also be included to arrive at the quantum
Age : Minimum 21 years
Margin on loan : NIL
Interest rate w.e.f 10.11.2008
BPLR+TP+1.00% i.e. 14.75% floating
Repayment Period : 36 EMIs
Processing Fee : 0.30% on loan amount with minimum of Rs. 300
Documentation
1. DPN (D-1)
2. Agreement of Guarantee (D 57)
3. F-63 - Covering Letter for loans and advances
Disbursement
Disbursement under the loan will be made before the issue closing date by issue of Pay order or DD as required in the Share Application Form.
Security
1. Guarantee from suitable person with sufficient net worth acceptable to the Bank.
2. LIC Policies in the name of the applicant, worth not less than the loan amount to be assigned in favour of our Bank
3. Spouse guarantee to be obtained wherever his/her income is taken into account.
Other Terms
1. The commission payable by LIC to the agents should be routed through the SB account.
2. Post-dated Cheques (12 nos.) to be obtained.
3. Bank Statement for the last 6 months to be obtained at the time of appraisal of the loan proposal.
4. The loan to be availed at the Branch where the applicant is maintaining account with us.
5. Only one loan account to be maintained under this head at any point of time.
6. Judicious decision to be taken by the sanctioning authority as to whether the take home income is adequate to meet the domestic needs, after recovery of EMI for this loan
7. Loan Application applicable for Salaried Class Employees may be used and photograph of the borrower to be attached to the Application
8. Income Tax Return Copy for the past three years to be obtained
9. A & L Statement of Borrower and Guarantor
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Target Group
LIC Agents in the Services of the Corporation for a period of not less than 5 years
Purpose
To meet Family Expenses, Medical, Education or any other personal needs
Quantum of Loan (maximum)
50% of the average of annual income by way of commission for the past 3 years, as reported in the IT Return/Form 16A with a maximum of Rs. 1 lakh. If spouse is employed in Government/public sector undertaking/Reputed Public Ltd. Organisations, then (50% of the average annual income for the last 3 years) spouse income can also be included to arrive at the quantum
Age : Minimum 21 years
Margin on loan : NIL
Interest rate w.e.f 10.11.2008
BPLR+TP+1.00% i.e. 14.75% floating
Repayment Period : 36 EMIs
Processing Fee : 0.30% on loan amount with minimum of Rs. 300
Documentation
1. DPN (D-1)
2. Agreement of Guarantee (D 57)
3. F-63 - Covering Letter for loans and advances
Disbursement
Disbursement under the loan will be made before the issue closing date by issue of Pay order or DD as required in the Share Application Form.
Security
1. Guarantee from suitable person with sufficient net worth acceptable to the Bank.
2. LIC Policies in the name of the applicant, worth not less than the loan amount to be assigned in favour of our Bank
3. Spouse guarantee to be obtained wherever his/her income is taken into account.
Other Terms
1. The commission payable by LIC to the agents should be routed through the SB account.
2. Post-dated Cheques (12 nos.) to be obtained.
3. Bank Statement for the last 6 months to be obtained at the time of appraisal of the loan proposal.
4. The loan to be availed at the Branch where the applicant is maintaining account with us.
5. Only one loan account to be maintained under this head at any point of time.
6. Judicious decision to be taken by the sanctioning authority as to whether the take home income is adequate to meet the domestic needs, after recovery of EMI for this loan
7. Loan Application applicable for Salaried Class Employees may be used and photograph of the borrower to be attached to the Application
8. Income Tax Return Copy for the past three years to be obtained
9. A & L Statement of Borrower and Guarantor
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Indian Bank Indsmart Loan
Indian Bank Indsmart Scheme for Class I Officers in administrative service:
Eligibility
Class I Officers in administrative service in I.A.S., I.P.S., I.F.S. and I.R.S. Officials . Defence Personnel in the rank of Captain and above.
Purpose
To meet out expenses towards Educational/Purchase of equipments/vehicles/marriage/house hold/ other family functions/medical/Travel etc.
Maximum Loan Limit:
10 times the gross monthly Salary or Rs. 3 lakh whichever is less – Minimum Rs.50,000.
Nature of Loan :
Either as Term Loan or as Overdraft Facility.
Period of Loan:
3 years (max.)
Repayment
* If Term Loan : 36 Equated Monthly Instalments
* If OD : DL to be fixed for every month by reducing instalment amount and drawal to be allowed within DL. Interest to be serviced as and when charged.
Rate of Interest: 12.00% floating
Margin : NIL
Added features
* In case of OD account, any surplus amount on hand if parked temporarily will reduce the interest burden on loan and the amount can be drawn as and when needed.
* At par encashment of cheque upto Rs.10000 at any branch of Indian Bank.
* Free ATM Card, Free Demand Draft, Telegraphical Transfer (except payment of telegram charges & priority allotment of lockers).
Eligibility
Purpose
Class I Officers in administrative service in I.A.S., I.P.S., I.F.S. and I.R.S. Officials . Defence Personnel in the rank of Captain and above.
To meet out expenses towards Educational/Purchase of equipments/vehicles/marriage/house hold/ other family functions/medical/Travel etc.
Maximum Loan Limit
10 times the gross monthly Salary or Rs. 3 lakh whichever is less – Minimum Rs.50,000.
Nature of Loan
Either as Term Loan or as Overdraft Facility.
Period of Loan
3 years (max.)
Repayment
* If Term Loan : 36 Equated Monthly Instalments
* If OD : DL to be fixed for every month by reducing instalment amount and drawal to be allowed within DL. Interest to be serviced as and when charged.
Rate of Interest : 12.00% floating
Margin : NIL
Added features
* In case of OD account, any surplus amount on hand if parked temporarily will reduce the interest burden on loan and the amount can be drawn as and when needed.
* At par encashment of cheque upto Rs.10000 at any branch of Indian Bank.
* Free ATM Card, Free Demand Draft, Telegraphical Transfer (except payment of telegram charges & priority allotment of lockers).
Other Terms
* Salary Cheque to be credited in the account with us every month, wherever the account is maintained with our Bank. 40% take-home pay should be maintained, in case loan is availed in the form of Term Loan.
* Loan account will be transferred to the nearest branch at the place where the Official is transferred.
* Applicant to submit Application, Photo, Latest Salary Certificate, Assets & Liabilities Statement and undertaking letter to remit monthly instalments every month.
* Wherever operative accounts are maintained with us, the salary cheque will be credited to the loan account in case of OD Facility and withdrawal against cheque will be allowed within the Drawing Limit.
* In case of Term Loan, Salary Cheque to be credited to SB account and loan instalment will be recovered from SB as first debit.
* Demand Promissory Note to be executed by the borrower.
* Undertaking letter to be submitted by applicant for adjustment of loan account in full, in case the borrower leaves the service for any reason before adjustment of loan.
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Eligibility
Class I Officers in administrative service in I.A.S., I.P.S., I.F.S. and I.R.S. Officials . Defence Personnel in the rank of Captain and above.
Purpose
To meet out expenses towards Educational/Purchase of equipments/vehicles/marriage/house hold/ other family functions/medical/Travel etc.
Maximum Loan Limit:
10 times the gross monthly Salary or Rs. 3 lakh whichever is less – Minimum Rs.50,000.
Nature of Loan :
Either as Term Loan or as Overdraft Facility.
Period of Loan:
3 years (max.)
Repayment
* If Term Loan : 36 Equated Monthly Instalments
* If OD : DL to be fixed for every month by reducing instalment amount and drawal to be allowed within DL. Interest to be serviced as and when charged.
Rate of Interest: 12.00% floating
Margin : NIL
Added features
* In case of OD account, any surplus amount on hand if parked temporarily will reduce the interest burden on loan and the amount can be drawn as and when needed.
* At par encashment of cheque upto Rs.10000 at any branch of Indian Bank.
* Free ATM Card, Free Demand Draft, Telegraphical Transfer (except payment of telegram charges & priority allotment of lockers).
Eligibility
Purpose
Class I Officers in administrative service in I.A.S., I.P.S., I.F.S. and I.R.S. Officials . Defence Personnel in the rank of Captain and above.
To meet out expenses towards Educational/Purchase of equipments/vehicles/marriage/house hold/ other family functions/medical/Travel etc.
Maximum Loan Limit
10 times the gross monthly Salary or Rs. 3 lakh whichever is less – Minimum Rs.50,000.
Nature of Loan
Either as Term Loan or as Overdraft Facility.
Period of Loan
3 years (max.)
Repayment
* If Term Loan : 36 Equated Monthly Instalments
* If OD : DL to be fixed for every month by reducing instalment amount and drawal to be allowed within DL. Interest to be serviced as and when charged.
Rate of Interest : 12.00% floating
Margin : NIL
Added features
* In case of OD account, any surplus amount on hand if parked temporarily will reduce the interest burden on loan and the amount can be drawn as and when needed.
* At par encashment of cheque upto Rs.10000 at any branch of Indian Bank.
* Free ATM Card, Free Demand Draft, Telegraphical Transfer (except payment of telegram charges & priority allotment of lockers).
Other Terms
* Salary Cheque to be credited in the account with us every month, wherever the account is maintained with our Bank. 40% take-home pay should be maintained, in case loan is availed in the form of Term Loan.
* Loan account will be transferred to the nearest branch at the place where the Official is transferred.
* Applicant to submit Application, Photo, Latest Salary Certificate, Assets & Liabilities Statement and undertaking letter to remit monthly instalments every month.
* Wherever operative accounts are maintained with us, the salary cheque will be credited to the loan account in case of OD Facility and withdrawal against cheque will be allowed within the Drawing Limit.
* In case of Term Loan, Salary Cheque to be credited to SB account and loan instalment will be recovered from SB as first debit.
* Demand Promissory Note to be executed by the borrower.
* Undertaking letter to be submitted by applicant for adjustment of loan account in full, in case the borrower leaves the service for any reason before adjustment of loan.
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Wednesday, January 21, 2009
Indian bank Ind Share Schem (IPO) - For Retail Investors
Ind Share Schem (IPO) - For Retail Investors
Target Group
Resident Individuals or group of individuals consisting of not more than 3 persons.
The applicant should have sufficient disposal for servicing the loan on allotment.
Purpose
For subscribing to IPO offered by select companies
Eligible Amount
Maximum Rs. 1 lakh per issue with a cumulative exposure ceiling of Rs.5 lakhs and with a cap of subscription of 1000 shares per issue for which loan could be extended.
Cash Margin : 50%
Interest w.e.f 11.08.2008
For less than 36 months - BPLR i.e. 14.00% (floating)
36 months - BPLR+TP i.e. 14.50% (floating)
Repayment
The borrower should adjust the loan within a period of 25 days. Post dated cheque for the loan amount to be obtained from the borrower.
In case of successful allotment of shares, repayment period may be extended upto 36 months (<35 EMI) at the option of the borrower.
Security
Pledge of approved shares (in D-Mat form) allotted by marking lien with the Depository Participant(DP)
Depository Account
The applicant should have a D-Mat account with IBMBS and all the shares are to be purchased through this account only.
Documents
* Details of D-Mat account with IBMBS Ltd
* Post dated cheque for the loan amount for subscribing to (IPO)
Others
Branch should ensure that the disbursement under the loan is made before the issue closing date by issue of Pay Order or DD as required in the Share Application form.
Ind Share Scheme (ESOP)
Target Group
Employees/Officials of select companies, which are offering the Public Issue. (Directors/Promoters or any outsiders of the issuing companies are not eligible)
Purpose
For subscribing to the employee quota of public issue offered by the companies
Eligible Amount
10 months gross salary or Rs. 5 lakhs whichever is less, per individual
(only to the permanent employees of the company issuing the shares)
Margin
10% (Margin shall be on the purchase price of the issue)
Interest w.e.f 11.08.2008
On case to case basis
Repayment
Not exceeding 36 EMI commencing from the following month of disbursement or upto the residual service of the employee whichever is less
Security
Pledge of approved ESOP shares (in D-Mat form) allotted by marking lien with the Depository Participant(DP)
Depository Account
The applicant should have a D-Mat account with IBMBS or with any other DP.
Documents
* Employer undertaking to recover the EMI and remit to the Bank, for loan for purchase of ESOP shares.
Other Terms
The shares eligible for financing under this Scheme are those listed on the Bombay Stock Exchange BSE(Group A & B shares) & the National Stock Exchange NSE
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Target Group
Resident Individuals or group of individuals consisting of not more than 3 persons.
The applicant should have sufficient disposal for servicing the loan on allotment.
Purpose
For subscribing to IPO offered by select companies
Eligible Amount
Maximum Rs. 1 lakh per issue with a cumulative exposure ceiling of Rs.5 lakhs and with a cap of subscription of 1000 shares per issue for which loan could be extended.
Cash Margin : 50%
Interest w.e.f 11.08.2008
For less than 36 months - BPLR i.e. 14.00% (floating)
36 months - BPLR+TP i.e. 14.50% (floating)
Repayment
The borrower should adjust the loan within a period of 25 days. Post dated cheque for the loan amount to be obtained from the borrower.
In case of successful allotment of shares, repayment period may be extended upto 36 months (<35 EMI) at the option of the borrower.
Security
Pledge of approved shares (in D-Mat form) allotted by marking lien with the Depository Participant(DP)
Depository Account
The applicant should have a D-Mat account with IBMBS and all the shares are to be purchased through this account only.
Documents
* Details of D-Mat account with IBMBS Ltd
* Post dated cheque for the loan amount for subscribing to (IPO)
Others
Branch should ensure that the disbursement under the loan is made before the issue closing date by issue of Pay Order or DD as required in the Share Application form.
Ind Share Scheme (ESOP)
Target Group
Employees/Officials of select companies, which are offering the Public Issue. (Directors/Promoters or any outsiders of the issuing companies are not eligible)
Purpose
For subscribing to the employee quota of public issue offered by the companies
Eligible Amount
10 months gross salary or Rs. 5 lakhs whichever is less, per individual
(only to the permanent employees of the company issuing the shares)
Margin
10% (Margin shall be on the purchase price of the issue)
Interest w.e.f 11.08.2008
On case to case basis
Repayment
Not exceeding 36 EMI commencing from the following month of disbursement or upto the residual service of the employee whichever is less
Security
Pledge of approved ESOP shares (in D-Mat form) allotted by marking lien with the Depository Participant(DP)
Depository Account
The applicant should have a D-Mat account with IBMBS or with any other DP.
Documents
* Employer undertaking to recover the EMI and remit to the Bank, for loan for purchase of ESOP shares.
Other Terms
The shares eligible for financing under this Scheme are those listed on the Bombay Stock Exchange BSE(Group A & B shares) & the National Stock Exchange NSE
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Indian Bank Swarna Abharana Scheme
IB Swarna Abharana Scheme
Target Group
Salaried Class Women / Working Women employed in Organised Sector / Housewives, with minimum gross monthly income of Rs.10,000/-. Income of spouse can be added only in the case of housewives. The applicant should be properly introduced to the Bank.
For working women, income of the spouse can be taken for arriving the quantum of loan.
Purpose
Purpose For purchase of Gold Ornaments/ Jewellery
Age : 18 - 55 years
Quantum of Loan:
10 time the gross monthly income (max.)
Minimum Rs.10,000/- Maximum Rs 2 lakh
Repayment Period : 60 EMI
Interest rate
BPLR + TP minus 1% = 12.00% fixed
Services Charges
NIL upto Rs.50,000/-
0.50% for loans above Rs.50000/-
Security / Margin
No Cash Margin / Collateral for loan amount up to Rs.50000/- (Salary Credit / Undertaking from employer is must. Where the employer has tie-up arrangement with other Banks for salary disbursal, post dated cheques will be obtained.)
Additional security, as under, is a must For Limits above Rs.50,000/-
Margin Nil for Liquid assets like NSC / LIC policy of equal value is offered.
Margin 15% Immovable property is offered as security.
For House-wives, post-dated cheques from self / spouse (12 nos.)
Other Terms:
1. Jewellery/ gold ornaments must be purchased from established/ reputed shops only.
2. Payment should be made by way of crossed DD/ BPO.
3. Only one account should be outstanding at any point of time.
4. Proper bills (indicating the description of the jewels purchased) should be obtained and kept along with the documents.
5. No pre-payment charges are applicable.
6. The credentials of the borrower to be verified before granting the loan.
7. Declaration from the borrower to be obtained that she will not pledge the jewels purchased out of our loan or gift it to any body till the loan is adjusted.
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Target Group
Salaried Class Women / Working Women employed in Organised Sector / Housewives, with minimum gross monthly income of Rs.10,000/-. Income of spouse can be added only in the case of housewives. The applicant should be properly introduced to the Bank.
For working women, income of the spouse can be taken for arriving the quantum of loan.
Purpose
Purpose For purchase of Gold Ornaments/ Jewellery
Age : 18 - 55 years
Quantum of Loan:
10 time the gross monthly income (max.)
Minimum Rs.10,000/- Maximum Rs 2 lakh
Repayment Period : 60 EMI
Interest rate
BPLR + TP minus 1% = 12.00% fixed
Services Charges
NIL upto Rs.50,000/-
0.50% for loans above Rs.50000/-
Security / Margin
No Cash Margin / Collateral for loan amount up to Rs.50000/- (Salary Credit / Undertaking from employer is must. Where the employer has tie-up arrangement with other Banks for salary disbursal, post dated cheques will be obtained.)
Additional security, as under, is a must For Limits above Rs.50,000/-
Margin Nil for Liquid assets like NSC / LIC policy of equal value is offered.
Margin 15% Immovable property is offered as security.
For House-wives, post-dated cheques from self / spouse (12 nos.)
Other Terms:
1. Jewellery/ gold ornaments must be purchased from established/ reputed shops only.
2. Payment should be made by way of crossed DD/ BPO.
3. Only one account should be outstanding at any point of time.
4. Proper bills (indicating the description of the jewels purchased) should be obtained and kept along with the documents.
5. No pre-payment charges are applicable.
6. The credentials of the borrower to be verified before granting the loan.
7. Declaration from the borrower to be obtained that she will not pledge the jewels purchased out of our loan or gift it to any body till the loan is adjusted.
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Indian Bank Loan Against Securities
Loan against securities
Loan against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies
Target Group
All properly introduced customers after due appraisal of capacity to service loan and interest
Purpose
Any permitted bankable purposes such as Trade, Housing, Professional, Personal consumption and Educational purposes.
Processing charges
No processing fee for limits upto Rs.Ten lakhs. Only actual out of pocket expenses shall be recovered from the borrower. For loans above Rs.10.00 lakhs, the charges will be Rs.250/- per lakh or part thereof
Loan Limit :
Minimum loan amount - Rs.10,000/-
Interest (w.e.f 10.11.2008)
TERM LOAN
BPLR + TP minus 2.00% i.e. 11.75% floating
Margin
25% on Loan against Own NSC/KVP/LIC Policy/RBI Relief Bonds
50% on Loan against Own NSC/KVP/LIC Policy/RBI Relief Bonds, availed by entities other than individuals
Repayment
For NSC/Relief Bonds:Not exceeding 5 years from the date of advance
For Loan against Life Policies: Advance against LIC policies to be repaid in 6 years
Overdraft against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies
Loan Limit
Minimum - Rs.2.00 lakhs
Margin : 25% on Overdraft against Own NSC/KVP/LIC Policy/RBI Relief Bonds Rate of Interest (w.e.f. 10.11.2008)
OVERDRAFT LOAN
BPLR minus 1.00% i.e. 12.25% floating
Note : For Overdraft / Loans against NSC/ KVP/ Relief bonds/ SV of LIC Policy availed by entities other than individuals, interest rates will be applicable based on the purpose for which the loan is availed.
Overdraft/ Loans against third party securities do not come under the purview of the Scheme and such facilities and interest rates are to be considered based on the purpose of the loan.
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Loan against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies
Target Group
All properly introduced customers after due appraisal of capacity to service loan and interest
Purpose
Any permitted bankable purposes such as Trade, Housing, Professional, Personal consumption and Educational purposes.
Processing charges
No processing fee for limits upto Rs.Ten lakhs. Only actual out of pocket expenses shall be recovered from the borrower. For loans above Rs.10.00 lakhs, the charges will be Rs.250/- per lakh or part thereof
Loan Limit :
Minimum loan amount - Rs.10,000/-
Interest (w.e.f 10.11.2008)
TERM LOAN
BPLR + TP minus 2.00% i.e. 11.75% floating
Margin
25% on Loan against Own NSC/KVP/LIC Policy/RBI Relief Bonds
50% on Loan against Own NSC/KVP/LIC Policy/RBI Relief Bonds, availed by entities other than individuals
Repayment
For NSC/Relief Bonds:Not exceeding 5 years from the date of advance
For Loan against Life Policies: Advance against LIC policies to be repaid in 6 years
Overdraft against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies
Loan Limit
Minimum - Rs.2.00 lakhs
Margin : 25% on Overdraft against Own NSC/KVP/LIC Policy/RBI Relief Bonds Rate of Interest (w.e.f. 10.11.2008)
OVERDRAFT LOAN
BPLR minus 1.00% i.e. 12.25% floating
Note : For Overdraft / Loans against NSC/ KVP/ Relief bonds/ SV of LIC Policy availed by entities other than individuals, interest rates will be applicable based on the purpose for which the loan is availed.
Overdraft/ Loans against third party securities do not come under the purview of the Scheme and such facilities and interest rates are to be considered based on the purpose of the loan.
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Indian Bank Loan Scheme for Salaried Class
Indian Bank loan for Salaried
Target Group
Those in permanent employment with minimum service/experience of three years with
* Government/Semi-Government Boards
* Endowments
* Reputed companies
* Corporate Industrial Establishments etc.
with regular monthly income with minimum take-home pay of 40% of the gross salary.
Purpose
For meeting Marriage/Educational and Medical expenses, to celebrate family functions and for other household expenses
Interest rate(w.e.f. 10.11.2008 for fresh accounts) : 15.00% fixed
For Existing Loans under fixed rate, the existing contracted rate shall continue.
Service Charges : * 0.50% on loan amount with minimum of Rs. 500 .
Eligible Amount
* Maximum Amount: Rs.1,00,000 for Employer Sponsored (with undertaking for recovery) and Rs.50,000 for salaried class account-holder with us
* Minimum Loan Amount: Rs.5,000.
* Eligible loan amount calculated at five times the gross monthly salary for non sponsored category and 7 times of gross salary for sponsored category
Repayment
* Repayment in 36 Monthly equated Instalments
Note: conditions apply
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Target Group
Those in permanent employment with minimum service/experience of three years with
* Government/Semi-Government Boards
* Endowments
* Reputed companies
* Corporate Industrial Establishments etc.
with regular monthly income with minimum take-home pay of 40% of the gross salary.
Purpose
For meeting Marriage/Educational and Medical expenses, to celebrate family functions and for other household expenses
Interest rate(w.e.f. 10.11.2008 for fresh accounts) : 15.00% fixed
For Existing Loans under fixed rate, the existing contracted rate shall continue.
Service Charges : * 0.50% on loan amount with minimum of Rs. 500 .
Eligible Amount
* Maximum Amount: Rs.1,00,000 for Employer Sponsored (with undertaking for recovery) and Rs.50,000 for salaried class account-holder with us
* Minimum Loan Amount: Rs.5,000.
* Eligible loan amount calculated at five times the gross monthly salary for non sponsored category and 7 times of gross salary for sponsored category
Repayment
* Repayment in 36 Monthly equated Instalments
Note: conditions apply
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Indian Bank Consumer Loan
Indian Bank Consumer Loan
Target Group
Salaried class, Pensioners, Professionals, Self Employed business persons and other individuals who have regular income
Purpose
For purchasing consumer durables and white goods like TV, VCR, VCP, Air-conditioners, Refrigerators, Personal Computers and accessories etc.
Eligible Amount
* Maximum eligible amount is Rs.50,000/-
* Salaries class/Pensioners: 5 times the gross monthly salary of self and spouse
* Professionals/Businessmen: Based on their repaying capacity assessed based on the proof of income earned by self and spouse, furnished by them
Interest rate : 12.5% Fixed
Margin : 20%
Repayment
* Repayment in 48 monthly equated instalments (EMI).
* For non-salaried class, post-dated cheques for six months to be given.
Service Charges : Rs.250/- (one time)
Security : Hypothecation of goods purchased out of the loan amount
Response time
Sanction in 48 hours in all focus branches, if the application is complete in all respects.
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Target Group
Salaried class, Pensioners, Professionals, Self Employed business persons and other individuals who have regular income
Purpose
For purchasing consumer durables and white goods like TV, VCR, VCP, Air-conditioners, Refrigerators, Personal Computers and accessories etc.
Eligible Amount
* Maximum eligible amount is Rs.50,000/-
* Salaries class/Pensioners: 5 times the gross monthly salary of self and spouse
* Professionals/Businessmen: Based on their repaying capacity assessed based on the proof of income earned by self and spouse, furnished by them
Interest rate : 12.5% Fixed
Margin : 20%
Repayment
* Repayment in 48 monthly equated instalments (EMI).
* For non-salaried class, post-dated cheques for six months to be given.
Service Charges : Rs.250/- (one time)
Security : Hypothecation of goods purchased out of the loan amount
Response time
Sanction in 48 hours in all focus branches, if the application is complete in all respects.
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Indian Bank Vehicle Loan
Indian Bank Vehicle Loan
Scheme Highlights
Target Group
Salaried class, Professionals, Businessmen and Self-employed persons
Purpose
For purchasing new/second hand two/four wheelers. Age of second-hand vehicle should not be more than 3 years and vehicle to be certified by Automobile Association of India/reputed Automobile Engineer/Valuer acceptable to the Bank as to the market value.
Eligible Amount
* Maximum Amount:
Two wheelers : Rs.50,000
Four wheelers : Rs.7,50,000
( For high net worth individuals with good repayment capacity, higher loan amount with a maximum of Rs.15 lakhs for Four wheelers may be considered )
* Minimum gross monthly income/salary for availing loan for purchase of car should be Rs.20,000/-
* Salaried class: 20 times the gross monthly income (income of spouse also can be included with personal guarantee of spouse)
* Professionals/Businessmen: Based on their income earned and capacity/ability to repay the loan. Pensioners and Bank Employees are not eligible for the loan.
Margin :
* For Two Wheelers only
Minimum 15%
* For Four Wheelers only
New Vehicles - Minimum 10%
Used Vehicles - Minimum 40%
(age of used Four wheeler not to exceed 3 years)
Interest rate(w.e.f. 12.11.2008 for fresh accounts)**
* For Two Wheelers only
13.25% fixed - irrespective of the tenor not exceeding 60 EMIs.
* For Four Wheelers (New Cars)
12.00% fixed
* For Four Wheelers (Used Cars)
13.00% Fixed
**IB Vehicle Loan Fixed Rates are subject to reset clause; Interest reset at the end of every two years on the basis of Fixed vehicle loan rates prevailing then.
Loan Value
New Four Wheelers: Cost of Vehicle (In case of need, one time Road Tax, Registration Fee, Insurance premium and accessories can be added to cost of vehicle for finance) minus Margin as above.
Used Four Wheelers: Certified Market Value minus margin
Repayment
* Repayment in 60 equated monthly instalments (on Equated Monthly Instalment basis).
* For non-salaried class, post-dated cheques for twelve months to be given.
Service Charges
Rs.250 per lakh or part thereof (subject to revision shortly)
Security
Up to Rs. 7.50 lakhs: Hypothecation of Vehicle
Beyond Rs. 7.50 lakhs: For the portion of loan beyond Rs, 7.50 lakhs, 100% collateral security in the form of EM of Properties / NSC / Fixed Deposits
or Surrender Value of LIC Policies to be stipulated.
Insurance :
Insurance of vehicle with Bank clause at borrower's cost, to be renewed annually
Response Time :
Sanction in 48 hours in all focus branches, if the application is complete in all respects.
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Scheme Highlights
Target Group
Salaried class, Professionals, Businessmen and Self-employed persons
Purpose
For purchasing new/second hand two/four wheelers. Age of second-hand vehicle should not be more than 3 years and vehicle to be certified by Automobile Association of India/reputed Automobile Engineer/Valuer acceptable to the Bank as to the market value.
Eligible Amount
* Maximum Amount:
Two wheelers : Rs.50,000
Four wheelers : Rs.7,50,000
( For high net worth individuals with good repayment capacity, higher loan amount with a maximum of Rs.15 lakhs for Four wheelers may be considered )
* Minimum gross monthly income/salary for availing loan for purchase of car should be Rs.20,000/-
* Salaried class: 20 times the gross monthly income (income of spouse also can be included with personal guarantee of spouse)
* Professionals/Businessmen: Based on their income earned and capacity/ability to repay the loan. Pensioners and Bank Employees are not eligible for the loan.
Margin :
* For Two Wheelers only
Minimum 15%
* For Four Wheelers only
New Vehicles - Minimum 10%
Used Vehicles - Minimum 40%
(age of used Four wheeler not to exceed 3 years)
Interest rate(w.e.f. 12.11.2008 for fresh accounts)**
* For Two Wheelers only
13.25% fixed - irrespective of the tenor not exceeding 60 EMIs.
* For Four Wheelers (New Cars)
12.00% fixed
* For Four Wheelers (Used Cars)
13.00% Fixed
**IB Vehicle Loan Fixed Rates are subject to reset clause; Interest reset at the end of every two years on the basis of Fixed vehicle loan rates prevailing then.
Loan Value
New Four Wheelers: Cost of Vehicle (In case of need, one time Road Tax, Registration Fee, Insurance premium and accessories can be added to cost of vehicle for finance) minus Margin as above.
Used Four Wheelers: Certified Market Value minus margin
Repayment
* Repayment in 60 equated monthly instalments (on Equated Monthly Instalment basis).
* For non-salaried class, post-dated cheques for twelve months to be given.
Service Charges
Rs.250 per lakh or part thereof (subject to revision shortly)
Security
Up to Rs. 7.50 lakhs: Hypothecation of Vehicle
Beyond Rs. 7.50 lakhs: For the portion of loan beyond Rs, 7.50 lakhs, 100% collateral security in the form of EM of Properties / NSC / Fixed Deposits
or Surrender Value of LIC Policies to be stipulated.
Insurance :
Insurance of vehicle with Bank clause at borrower's cost, to be renewed annually
Response Time :
Sanction in 48 hours in all focus branches, if the application is complete in all respects.
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Indian Bank NRIs Site Loan
NRIs Site Loan
Eligible Applicants:
* NRIs gainfully employed with a residual contract period / service of atleast 3 years
* NRI professionals with regular monthly income.
Age criteria:
* Minimum Age : 21years; Maximum Age : 50 years
Purpose of Loan:
* For purchase / construction of House / Flat Building Plan approved by competent authority to besubmitted.
Minimum Margin to be brought in by the applicant: (on Fresh Home Loan & Take Over of Home Loan)
36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
Maximum Repayment Period:
* Loans for purchase / construction of House / Flat : 15 years (including holiday period)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
Rate of Interest w e f 17.11.2008:
All our Home Loan Floating interest rates are linked to our BPLR (presently 13.25%)
Floating Rate of Interest for NRI Home Loans for construction/purchase of House/Flat (for both
existing accounts and fresh accounts):
Interest is calculated on daily reducing balance basis, compounded quarterly and charged to the loan account on monthly basis, from the date of disbursement.
NRI Home Loans are offered on floating rate basis only.
Service Charges:
Processing Charges : 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Administrative Fees : 0.32 % on Loan amount (at the time of acceptance of sanction)
Engineer valuation fee and legal opinion charges to be borne by the Applicant.
Pre-closure charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable
Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Security:
* Equitable Mortgage of the property.
* If the home loan property could not be
offered as security for valid reasons, alternate property, the value of which is more than 2 time of the loan amount may be accepted.
Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
Group Insurance cover (IB Griha Jeevan): At the option of the applicant, Group Insurance
Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
The applicant can opt for including the premium amount as part of Home Loan Project Cost.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt /Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen &
Self employed
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Patta
Loan for purchase of House Sites by NRIs is given with interest rate at 10.50% floating and margin of 33%. Maximum Loan amount is Rs.10 lakhs and max. repayment period is 10 years. Age at the time of availing loan Max.50 years and at the end of loan period max. 60 years.
Note: RBI guidelines in force from time to time are applicable.
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Eligible Applicants:
* NRIs gainfully employed with a residual contract period / service of atleast 3 years
* NRI professionals with regular monthly income.
Age criteria:
* Minimum Age : 21years; Maximum Age : 50 years
Purpose of Loan:
* For purchase / construction of House / Flat Building Plan approved by competent authority to besubmitted.
Minimum Margin to be brought in by the applicant: (on Fresh Home Loan & Take Over of Home Loan)
36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
Maximum Repayment Period:
* Loans for purchase / construction of House / Flat : 15 years (including holiday period)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
Rate of Interest w e f 17.11.2008:
All our Home Loan Floating interest rates are linked to our BPLR (presently 13.25%)
Floating Rate of Interest for NRI Home Loans for construction/purchase of House/Flat (for both
existing accounts and fresh accounts):
Interest is calculated on daily reducing balance basis, compounded quarterly and charged to the loan account on monthly basis, from the date of disbursement.
NRI Home Loans are offered on floating rate basis only.
Service Charges:
Processing Charges : 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Administrative Fees : 0.32 % on Loan amount (at the time of acceptance of sanction)
Engineer valuation fee and legal opinion charges to be borne by the Applicant.
Pre-closure charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable
Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Security:
* Equitable Mortgage of the property.
* If the home loan property could not be
offered as security for valid reasons, alternate property, the value of which is more than 2 time of the loan amount may be accepted.
Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
Group Insurance cover (IB Griha Jeevan): At the option of the applicant, Group Insurance
Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
The applicant can opt for including the premium amount as part of Home Loan Project Cost.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt /Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen &
Self employed
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Patta
Loan for purchase of House Sites by NRIs is given with interest rate at 10.50% floating and margin of 33%. Maximum Loan amount is Rs.10 lakhs and max. repayment period is 10 years. Age at the time of availing loan Max.50 years and at the end of loan period max. 60 years.
Note: RBI guidelines in force from time to time are applicable.
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Indian Bank Resident Individuals-site Loan
Indian Bank Resident Individuals-site Loan
Eligible Applicants:
Applicants having sufficient, regular and continuous source of income for servicing the loan under the following categories:
* Salaried Class with minimum service of three years
* Businessmen, Professionals and Self-employed with minimum experience of three years
* Pensioners with repayment capacity
Age criteria:
* Maximum permissible age at the time of applying : 50years
* Maximum permissible age at the end of repayment period : 60 years
Relaxable by 10 years, if found viable by Bank
Purpose of Loan:
* For purchase / construction of House / Flat Building Plan approved by competent authority to be submitted
Minimum Margin to be brought in by the applicant:\ (on Fresh Home Loan & Take Over of Home Loan)
For Repairs and renovation : 30 %
Quantum of Loan:
* 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* Spouse income can be included for calculating eligible loan amount, provided he/ she has steady income
Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.
Disbursement:
For outright purchase of ready-built house / flat : Lump sum directly to the seller / builder
For construction: In stages as under:
a) Purchase of Land / upto basement : 30%
b) Upto Lintel : 20%
c) Upto Ceiling : 20%
d) on completion : 30%
Maximum Repayment Period:
* Loans for purchase / construction of House / Flat : 20 years (including holiday period) for floating rate loans and 10 years (including holiday period) for fixed rate loans
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
Rate of Interest w e f 17.11.2008:
All our Home Loan Floating interest rates are linked to our BPLR (presently 13.25%)
Floating Rate of Interest for Home Loans for construction/purchase of House/Flat (for both existing accounts and fresh accounts) :
For Repair & Renovation - Maximum Loan amount : Rs. 5 lakhs Maximum Repayment period : 5 years
*Loan amount would mean original loan amount.
Interest is calculated on daily reducing balance basis, compounded quarterly and charged to the loan account on monthly basis, from the date of disbursement.
Fixed Rate of interest (for fresh accounts w e f 17.11.2008):
* For Fixed Rate Home Loans the maximum repayment period is restricted to 10 years.
* Fixed Rate Home Loans will be subject to reset clause – Interest reset at the end of every two years.
Service Charges:
Processing Charges : 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Administrative Fees : 0.32 % on Loan amount (at the time of acceptance of sanction)
Engineer valuation fee and legal opinion charges to be borne by the Applicant.
Pre-closure charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Security:
* Equitable Mortgage of the property.
* If the home loan property could not be offered as security for valid reasons, alternate property, the value of which is more than 2 time of the loan amount may be accepted.
Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located
Group Insurance cover (IB Griha Jeevan):
At the option of the applicant, Group Insurance Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant). The Applicant may opt for including the premium amount as part of Home Loan Project Cost.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Patta
Loan for purchase of House Sites is given with interest rate at 10.50% floating and margin of 33%. Maximum Loan amount is Rs.10 lakhs and max. repayment period is 10 years. Age at the time of availing loan Max.50 years and at the end of loan period max. 60 years.
Note: RBI guidelines in force from time to time are applicable.
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Eligible Applicants:
Applicants having sufficient, regular and continuous source of income for servicing the loan under the following categories:
* Salaried Class with minimum service of three years
* Businessmen, Professionals and Self-employed with minimum experience of three years
* Pensioners with repayment capacity
Age criteria:
* Maximum permissible age at the time of applying : 50years
* Maximum permissible age at the end of repayment period : 60 years
Relaxable by 10 years, if found viable by Bank
Purpose of Loan:
* For purchase / construction of House / Flat Building Plan approved by competent authority to be submitted
Minimum Margin to be brought in by the applicant:\ (on Fresh Home Loan & Take Over of Home Loan)
For Repairs and renovation : 30 %
Quantum of Loan:
* 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* Spouse income can be included for calculating eligible loan amount, provided he/ she has steady income
Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.
Disbursement:
For outright purchase of ready-built house / flat : Lump sum directly to the seller / builder
For construction: In stages as under:
a) Purchase of Land / upto basement : 30%
b) Upto Lintel : 20%
c) Upto Ceiling : 20%
d) on completion : 30%
Maximum Repayment Period:
* Loans for purchase / construction of House / Flat : 20 years (including holiday period) for floating rate loans and 10 years (including holiday period) for fixed rate loans
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
Rate of Interest w e f 17.11.2008:
All our Home Loan Floating interest rates are linked to our BPLR (presently 13.25%)
Floating Rate of Interest for Home Loans for construction/purchase of House/Flat (for both existing accounts and fresh accounts) :
For Repair & Renovation - Maximum Loan amount : Rs. 5 lakhs Maximum Repayment period : 5 years
*Loan amount would mean original loan amount.
Interest is calculated on daily reducing balance basis, compounded quarterly and charged to the loan account on monthly basis, from the date of disbursement.
Fixed Rate of interest (for fresh accounts w e f 17.11.2008):
* For Fixed Rate Home Loans the maximum repayment period is restricted to 10 years.
* Fixed Rate Home Loans will be subject to reset clause – Interest reset at the end of every two years.
Service Charges:
Processing Charges : 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Administrative Fees : 0.32 % on Loan amount (at the time of acceptance of sanction)
Engineer valuation fee and legal opinion charges to be borne by the Applicant.
Pre-closure charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Security:
* Equitable Mortgage of the property.
* If the home loan property could not be offered as security for valid reasons, alternate property, the value of which is more than 2 time of the loan amount may be accepted.
Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located
Group Insurance cover (IB Griha Jeevan):
At the option of the applicant, Group Insurance Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant). The Applicant may opt for including the premium amount as part of Home Loan Project Cost.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Patta
Loan for purchase of House Sites is given with interest rate at 10.50% floating and margin of 33%. Maximum Loan amount is Rs.10 lakhs and max. repayment period is 10 years. Age at the time of availing loan Max.50 years and at the end of loan period max. 60 years.
Note: RBI guidelines in force from time to time are applicable.
This information is brought to you by Harmony Infotech.
Contact us if you are looking for a Website Builder.
Indian Bank Home Loan to NRIs
HOME LOAN to N R Is :
Eligible Applicants:
* NRIs gainfully employed with a residual contract period / service of atleast 3 years
* NRI professionals with regular monthly income.
Age criteria:
* Minimum Age : 21years; Maximum Age : 50 years
Purpose of Loan:
* For purchase / construction of House / Flat Building Plan approved by competent authority to besubmitted.
Minimum Margin to be brought in by the applicant: (on Fresh Home Loan & Take Over of Home Loan)
36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
Maximum Repayment Period:
* Loans for purchase / construction of House / Flat : 15 years (including holiday period)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
Rate of Interest w e f 17.11.2008:
All our Home Loan Floating interest rates are linked to our BPLR (presently 13.25%)
Floating Rate of Interest for NRI Home Loans for construction/purchase of House/Flat (for both
existing accounts and fresh accounts):
Interest is calculated on daily reducing balance basis, compounded quarterly and charged to the loan account on monthly basis, from the date of disbursement.
NRI Home Loans are offered on floating rate basis only.
Service Charges:
Processing Charges : 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Administrative Fees : 0.32 % on Loan amount (at the time of acceptance of sanction)
Engineer valuation fee and legal opinion charges to be borne by the Applicant.
Pre-closure charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable
Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Security:
* Equitable Mortgage of the property.
* If the home loan property could not be
offered as security for valid reasons, alternate property, the value of which is more than 2 time of the loan amount may be accepted.
Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
Group Insurance cover (IB Griha Jeevan): At the option of the applicant, Group Insurance
Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
The applicant can opt for including the premium amount as part of Home Loan Project Cost.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt /Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen &
Self employed
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Patta
Loan for purchase of House Sites by NRIs is given with interest rate at 10.50% floating and margin of 33%. Maximum Loan amount is Rs.10 lakhs and max. repayment period is 10 years. Age at the time of availing loan Max.50 years and at the end of loan period max. 60 years.
Note: RBI guidelines in force from time to time are applicable.
This information is brought to you by Harmony Infotech.
Contact us if you are looking for a Commercial Website.
Eligible Applicants:
* NRIs gainfully employed with a residual contract period / service of atleast 3 years
* NRI professionals with regular monthly income.
Age criteria:
* Minimum Age : 21years; Maximum Age : 50 years
Purpose of Loan:
* For purchase / construction of House / Flat Building Plan approved by competent authority to besubmitted.
Minimum Margin to be brought in by the applicant: (on Fresh Home Loan & Take Over of Home Loan)
36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
Maximum Repayment Period:
* Loans for purchase / construction of House / Flat : 15 years (including holiday period)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
Rate of Interest w e f 17.11.2008:
All our Home Loan Floating interest rates are linked to our BPLR (presently 13.25%)
Floating Rate of Interest for NRI Home Loans for construction/purchase of House/Flat (for both
existing accounts and fresh accounts):
Interest is calculated on daily reducing balance basis, compounded quarterly and charged to the loan account on monthly basis, from the date of disbursement.
NRI Home Loans are offered on floating rate basis only.
Service Charges:
Processing Charges : 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Administrative Fees : 0.32 % on Loan amount (at the time of acceptance of sanction)
Engineer valuation fee and legal opinion charges to be borne by the Applicant.
Pre-closure charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable
Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Security:
* Equitable Mortgage of the property.
* If the home loan property could not be
offered as security for valid reasons, alternate property, the value of which is more than 2 time of the loan amount may be accepted.
Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
Group Insurance cover (IB Griha Jeevan): At the option of the applicant, Group Insurance
Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
The applicant can opt for including the premium amount as part of Home Loan Project Cost.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt /Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen &
Self employed
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Patta
Loan for purchase of House Sites by NRIs is given with interest rate at 10.50% floating and margin of 33%. Maximum Loan amount is Rs.10 lakhs and max. repayment period is 10 years. Age at the time of availing loan Max.50 years and at the end of loan period max. 60 years.
Note: RBI guidelines in force from time to time are applicable.
This information is brought to you by Harmony Infotech.
Contact us if you are looking for a Commercial Website.
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