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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