Sunday, December 20, 2009

INDIAN BANK- LOAN/OD AGAINST DEPOSITS

Salient Features: For any bankable purpose.

Eligibility: Term Deposit Holder of our Bank.

Quantum of Loan: 90% of accrued value of deposit.

Margin: 10% on accrued value of deposit.

Repayment Period: * Flexible.
* Maximum upto date of maturity of deposit.

Prepayment charges:Interest Rate: 2% over the applicable rate for the Term Deposit pledged.

Security:Pledge of Term Deposit.

* BPLR = 12.00 %

This information about the loan is gathered from the bank's web site.

Monday, December 7, 2009

INDIAN BANK- VEHICLE LOAN

Salient Features:

For purchase of New Two Wheeler or New / Used Four Wheeler(Used four wheeler should not be more than 3 years and should be certified by reputed automobile engineer / valuer)

Eligibility:

* Salaried Class with minimum service of three years.
* Businessmen, Professionals and Self-employed with minimum experience of three years.
* Pensioners with repayment capacity.
* Minimum Gross monthly income for purchase of Four wheeler should be Rs.20,000/-.

Quantum of Loan:

* 20 times of Gross Monthly Income Spouse Income can be included for calculating eligible amount if 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.
* For Businessmen, Professionals & self-employed, based on their average income earned in the last 3 years and capacity / ability to repay the loan.
* Maximum Loan amount for purchase of Two Wheeler : Rs.50,000/-.
* Four Wheeler: Rs. 15,00,000/-"

Margin: * 10% for New Vehicle.
* 40% for used vehicle (Four wheeler).

Processing fee: 0.30% of loan with a minimum of Rs. 300/-

Repayment Period: Not exceeding 60 EMIs (No Holiday Period).

Security:

* Hypothecation of Vehicle to be purchased out of Loan.
* If the loan amount exceeds Rs. 7.50 lakhs, additional security equivalent to amount exceeding Rs. 7.50 lakhs to be provided in the form of Fixed Deposit Receipts / NSCs / LIC Policy (with surrender value equivalent to the security to be provided) / Mortgage of immovable property.

Documents to be submitted for processing the application:

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. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Copy of Driving Licence.
11. Quotation for Vehicle to be purchased from the authorized dealer.