आईबी क्लीन लोन (वेनतभोगी वर्ग के लिए)

Eligibility	Permanent Employees with minimum service/ experience of 2 years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc.
Purpose	For meeting Marriage/Educational and medical expenses, to celebrate family functions, for other household expenses or any other bankable purpose, but not for speculative purposes.
Age	Minimum Entry Age 21 years
Margin	Nil
Net Take Home Pay	Take home pay (after proposed EMI) should not be less than 40% of the gross salary
Interest Rates	Click here
Processing fee	Click here
Guarantee	Guarantee of spouse (wherever applicable) and or PF/Gratuity/NPS Nominee
Takeover of Liability	If salary is credited with us, takeover is permitted subject to compliance of norms of the Bank
Closure of loan	Repayment tenor will be fixed such that the loan is getting closed 3 months prior to superannuation
Documents to be submitted by the applicant	· Proof of income (last six months’ Salary Slips showing all deductions or latest Form 16) duly attested by the employer · Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc) · Form 16 / ITR · PAN Card (mandatory) · KYC documents (like – Passport, Aadhar Card, Ration Card, Election ID, Driving License etc). · Authorization to debit SB account / ECS / NACH mandate.

Category 1: Salary of the employee is credited in Indian Bank and no Check-off/ Undertaking is available:

Term Loan:
- Maximum of 20 times of the monthly GROSS salary
- Repayment tenor: Max 84 months
Overdraft:
- Limit equal to 1 month’s gross salary of the applicant subject to maximum of Rs.2.00 Lakh
- Limit is valid for a period of one year
Maximum limit is capped at Rs.50.00 lakhs (Term Loan and Overdraft together)
Subject to the condition that the employer will obtain NOC from us for change of salary account

Category 2: Salary of the employee may or may not be credited in Indian Bank and Check-off / Undertaking is available (or) Customer has already availed Home Loan with us, account is regular, and salary is credited in our Bank:

Term Loan / Overdraft: Maximum of 20 times of monthly GROSS salary
Maximum limit: No cap
Repayment tenor of Term Loan: Max 84 months
Overdraft under this category is sanctioned on a monthly reduction basis with Repayment Tenor of:
- For limits upto Rs.5 lakhs – Max 60 months
- For limits above Rs.5 lakhs – Max 84 months
At any point in time a customer is allowed to take either term loan or overdraft and cannot have both the facilities at the same time.