home > Products Palette
All products << back <<

IB Clean Loan (to Salaried Class)
Purpose / ObjectiveFor meeting Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses
Target GroupPermanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
EligibilityPermanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
Amount of LoanEligible amount is calculated @ five times the gross salary (maximum of Rs.50000/-) for account holders whose salary is credited in the branch account or @7 times of gross salary (maximum Rs.1 lakh) with employer sponsorship with undertaking letter from the employer to recover EMI from salary and remit to Bank.
MarginNil
Interest RatesPlease see the Lending Rates link on Bank website home page
Processing fee0.50% on the loan amount with min of Rs 500/-
Repayment36 Equated Monthly Instalments (EMI)
Securitya). Employer's sponsorship (b). Authorisation to debit SB account or (c). Third party guarantee and/or Encashable collateral security, (d)Post dated cheques
Documents to be submitted for processing the application Proof of employment and salary certificate (salary credit to SB account with branch or employer's undertaking to recover EMI and remit to bank)

-----------------------
The following documents to be obtained in case of individual borrowers who approach for loan under this scheme directly without employer sponsorship or salary credit . Salary Certificate for self for 6 months IT returns/Form 16 for 3 years from the individual borrowers.. Statement of account for the past 6 months. Post dated cheques to be obtained. Suitable third party guarantee is desirable.



 
icon : Branch Network Branch Network
icon : Internet Banking Internet Banking
icon : ATM Network ATM Network
icon : IndMobile Banking Mobile Banking
icon : Phone Banking Phone Banking
icon : Credit Cards Credit Card
icon :  Debit Cards Debit/ATM Card
icon : Prepaid Cards Prepaid Cards
  Newsroom  
 » Notifications
 » Deposit Rates
 » Lending Rates
 » Service Charges / Forex Rates
 Products Palette
 » Educational Loan
 » Wealth Management Services
 Info
 » Basel-II Disclosures
 » Right to Information Act
 » Customer Centric Services
 » Best Practices Code
Press-Release  |  Tenders/Bids/Auction  |  Careers  |  Downloads  |  Disclaimer  |  Feedback  | Online Customer Complaints (SPGRS)