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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